In the case involving Alora Davies Developments 104 Pty Ltd, a company in liquidation, the plaintiff liquidator established a ‘de facto’ director claim enabling the liquidator to pursue recovery for an insolvent trading claim and other voidable transactions. The decision highlights the necessity of appropriate evidence being cited by liquidators to ensure that de…
Lenders of Jaiprakash Associates have extended the deadline for submission of resolution plan to June 24 on request of prospective bidders. In a regulatory filing, Jaiprakash Associates Ltd (JAL), which is facing insolvency process, said the Committee of Creditors (CoC) has approved the deadline extension. In terms of the invitation for expression of interest, the…
AGI Greenpac Limited has raised fresh concerns with the committee of creditors (CoC) over the acquisition of Hindusthan National Glass & Industries Limited (HNGIL) by Independent Sugar Corporation Limited (INSCO), alleging procedural lapses . In its latest, AGI’s letter to the CoC has alleged that INSCO’s Green Channel approval under Combination Registration is invalid. AGI…
The courts are generally reluctant to interfere with the outcomes of creditors’ meetings at which resolutions are voted on and passed. After all, such resolutions are decided and voted on by the creditors, thereby representing the wants of the majority. In the case of Zipmex Pte v Zipmex Asia Pte and another and another matter…
Popular hospitality group All Are Welcome owes almost a quarter of a million dollars in superannuation to its current and former employees, with many staff feeling worried and concerned they won’t see the money they are owed. The Insta-famous bakery — with locations in Melbourne’s Northcote, Thornbury and East Ivanhoe — entered voluntary administration in…
In an attempt to repay part of his debts, Cross has entered into an Individual Voluntary Arrangement, a legally binding agreement where he has committed to making regular payments to an insolvency practitioner. Rob Cross Darts Limited was set up in May 2017 for the darts player to receive his earnings and prize money, the…
High Court Judge Francis Gikonyo has ordered the liquidation of Redhouse Group, a Kenyan marketing communications firm, after failed attempts to rescue the company from insolvency. The judge appointed an official receiver as provisional liquidator following a report from the court-appointed administrator who declared efforts to revive the company unsuccessful. The administrator had been in…
Liquidation of struggling electrolyser maker McPhy delayed to allow it more time to find a buyer Hydrogen Insight Read the original article here
Louis Leonard Gerber and Matthew Wright, from court-appointed liquidators Leonard Curtis, are winding up the affairs of Hurel Ltd, the company which RG Falla became shortly before it was placed into liquidation in March 2023. They have taken their case to the Royal Court, claiming that the defendants failed in one or more of their…
CCIC Singapore forced into liquidation and staff cuts after US sanctions freeze bank accounts The Online Citizen Read the original article here