Audio-visual technology supplier and distributor ActiveVision NZ has gone into liquidation after an attempt to reach a compromise with creditors appears to have failed or been abandoned. According to a document posted to the Companies Office, the company owed around $1.2 million after proposing a deal whereby creditors would receive 70% of what they were…
Gregor Heard is ACM’s national grains industry reporter, based in Horsham, Victoria.He has a wealth of knowledge surrounding the cropping sector through his 15 years in the role.Prior to that he was with the Fairfax network as a reporter with Stock & Land.Some of the major issues he has reported on during his time with…
The owners of Christchurch’s London Canteen have let their customers know with “heavy hearts” the cafe at Oderings Garden Centre in Barrington has gone into liquidation. The canteen is under the company Table Bloom with directors listed as Simon Suffolk and Jisuk (Julie) Han who are shareholders with Edmund Tanner. Christchurch liquidator Brenton John Hunt…
The National Company Law Tribunal (NCLT), Hyderabad Bench-I, has approved the Rs 67 crore resolution plan submitted by Delta Sourcing for Trident Sugars Limited (Corporate Debtor). The plan had received unanimous approval with 100% voting share from the Committee of Creditors (CoC). Approved Resolution Plan Details: Successful Resolution Applicant (SRA): Delta Sourcing, a proprietorship firm…
AMSC Advances Towards Final Liquidation with Shareholder Payment Expected TipRanks Read the original article here
The National Company Law Tribunal (NCLT) Mumbai bench of Justice V.G Bisht, (Retd). and Prabhat Kumar (Technical Member ) has held that even in the absence of a NeSL certificate, an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 can be admitted if the disbursal of the loan amount and occurrence of…
The Delhi bench of the National Company Law Appellate Tribunal (NCLAT) quashed a resolution plan for Twenty-First Century Castings Pvt. Ltd., noting violations of the Insolvency and Bankruptcy Code (IBC), 2016, and failure to settle statutory dues owed to the Gujarat State Tax Department. The main issue in this case was whether government tax dues…
The National Company Law Appellate Tribunal, Principal Bench, New Delhi, comprising Justice Rakesh Kumar Jain (Member-Judicial) and Naresh Salecha (Member-Technical), has allowed an appeal filed by the operational creditor. The issue before the tribunal was whether the threshold has to be seen at the time of filing of the application or at the time of…
The fall of Hudson’s Bay and Saks Fifth Avenue Canada may give the impression that one of the hottest trends this year is the distressed look, but retail and insolvency experts say the company’s demise is part of a now-annual pitter-patter they expect to continue. Since the COVID-19 pandemic, they’ve seen hundreds of retail businesses…
The global financial crisis has pushed many businesses into a state of instability. When companies are struggling with difficult choices, Deloitte Legal can assist with suggesting options to help recovery, such as restructuring outside of insolvency proceedings, a structured sale or provide assistance with judicial insolvency proceedings. We work with companies in distress as well…