Category Archives: Liquidation

Insolvency and arbitration: A landmark judgment in Sian Participation Corp v Halimeda International Ltd [2024] UKPC 16 | Canada | Global law firm

Introduction The Privy Council has considered an appeal from the Court of Appeal of the Eastern Caribbean Supreme Court, originating from the courts of the British Virgin Islands (BVI), and delivered a landmark judgment in Sian Participation Corporation (In Liquidation) v Halimeda International Ltd [2024] UKPC 16. This decision engages the competing public…

Crooked House: Owner’s firm HEL goes into liquidation

Himley Environmental Ltd (HEL), which owns the Oak Farm Quarry and Landfill site adjacent to the pub, which was gutted in a fire nearly two years ago, has been wound up voluntarily, according to Companies House. George Adam Taylor was a previous director of HEL and is currently a director of ATE Farms Limited, the firm…

NCLAT exceeded jurisdiction in DHFL insolvency case: Supreme Court

The case arose from the insolvency resolution process initiated in December 2019 against DFHL, when the Reserve Bank of India (RBI) superseded its board due to financial irregularities. The Committee of Creditors (CoC), comprising major banks and financial institutions, approved Piramal Capital’s resolution plan with a 93.65 per cent majority in January 2021. However, 63…

Select Fashion collapses following the closure of 35 stores

A massive high-street brand has officially gone bust, according to reports. Select Fashion LTD’s liquidation follows 35 Select stores shutting down across the UK last month. Read more: Select Fashion update as 48 stores to be SAVED by mystery company The brand issued a notice to confirm that insolvency firm, Moorfields, had been appointed to…

No push from Hudson’s Bay lenders toward receivership yet

Open this photo in gallery: Hudson’s Bay in Richmond Centre shopping centre, on March 27. Hudson’s Bay stores are proceeding with clearance sales, which are expected to last 10 to 12 weeks and to conclude by mid-June.Isabella Falsetti/The Globe and Mail Senior lenders to Hudson’s Bay Co. have not yet acted on a previous claim…

Applications Filed For “Fraudulent & Wrongful Trading” Carried On By Corporate Debtor Can’t Be Termed As “Avoidance Applications” Under IBC

The Supreme Court held that the Applications filed in respect of “Fraudulent and Wrongful trading” carried on by the Corporate Debtor (CD) cannot be termed as “Avoidance Applications” under the Insolvency and Bankruptcy Code, 2016 (IBC). The Court held thus in a batch of Civil Appeals in which one of the Appeals was filed by…

Land Sold by Third Parties to Corporate Debtor Cannot be Held Liable u/s 66 of IBC

An application under Section 66 of IBC may be maintainable against the persons who were responsible for the management of the corporate debtor The National Company Law Tribunal (NCLT), New Delhi bench has held that third parties who sold land to the Corporate Debtor cannot be said to fall within the ambit of expression “any…

Brindabella Christian College to close Norwest campus after voluntary administration decision

The troubled Brindabella Christian College will close one of its campuses from Friday next week, after it was put under voluntary administration last month by Deloitte. A spokesperson for Deloitte said administrators decided to “consolidate” BCC’s two campuses, with Norwest students joining the Lyneham campus for at least Term 2 of 2025. “A total of…