Federal Court gives voting rights to creditor of company in voluntary administration

Justice Derrington issued freezing orders against various parties as requested, upon seeing some arguable basis for the plaintiff’s allegations that:  the first defendant’s directors engaged in deliberately misleading conduct to induce the plaintiff to invest funds  significant, wilful misinformation also aided the investment  the plaintiff still owned the money transferred to the…

Esoteric Festival Enters Voluntary Administration

Esoteric Festival has called time.  After a rollercoaster year for the beloved fest, which was forced to its cancel 2025 edition at the eleventh hour, festival co-founder and direct Sam Goldsmith confirms the worst.  Esoteric Festival Pty Ltd, he explains, has entered voluntary administration with effect from June 11th 2025. “This is by far the…

Upholds Section 10A Bar [Read Order]

The National Company Law Appellate Tribunal (NCLAT) has dismissed an appeal filed by VPR Mining Infrastructure Pvt. Ltd., upholding the order of the National Company Law Tribunal (NCLT), NCLAT Indore Bench, which had rejected a Section 9 application filed under the Insolvency and Bankruptcy Code, 2016. The appellant had approached the NCLAT against the NCLT’s…

Resolution Plan does not discriminate based on Type of creditors to give preference to secured creditors both having first charge or having residual charges: NCLAT [Read Order]

The New Delhi bench of the National Company Law Appellate Tribunal( NCLAT) has held that the resolution plan does not discriminate based onType of creditors to give preference to secured creditors both having first charge or having residual charges. The Appellants i.e. Shankar Mukherjee & Badri Kumar Tulsyan who are the Suspended Board of Directors…

Singapore private club 1880 suddenly closes under layers of debt; founders accused of holidaying in the past month

[SINGAPORE] Private members’ club 1880 suddenly announced its permanent closure effective Tuesday (Jun 17), with its holding company 38 Degrees and operating company 1880 Pte Ltd placed into provisional liquidation. This follows the abrupt closure of its Hong Kong branch on May 30. It was also building a six-storey beachside hotel in Bali that never…