The National Company Law Tribunal (NCLT), Kolkata Bench, has in its recent ruling in the case of Parker Hannifin India Private Limited v/s Prowess International Private Limited, ruled on the aspect of withdrawal of insolvency petition based on a settlement arrived at between the disputant parties after it has been admitted under the provisions of…
In recent months, a few incidents have come to light where vendors or trade creditors to a company sought criminal action and government intervention when the firm failed to pay their dues. The issue appears to be gaining ground considering that many distressed companies and startups are becoming potential targets for mergers and acquisitions. Vendors…
THE operator of a Perth restaurant chain has been fined nearly $40,000 for underpaying the foreign workers she employed. The operator and franchise owner of several well-known Hans Cafe restaurants, Tram Hoang Han, and several companies she was a sole director of, have been fined a total of $37,500 in the Federal Court of Australia. Hans…
The resounding success story of Hans Cafe has ended in heartache with the management company going into liquidation amid unpaid tax, staff underpayments and claims of domestic violence. Ian and Tram Hoang Han, who met in a Thai refugee camp, built Perths most successful chain of Asian restaurants which at one stage had 20 cafes.…
THE resounding success story of Hans Cafe has ended in heartache with the management company going into liquidation amid unpaid tax, staff underpayments and claims of domestic violence. Ian and Tram Hoang Han, who met in a Thai refugee camp, built Perths most successful chain of Asian restaurants which at one stage had 20 cafes.…
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As part of their 2017 global partnership rounds, offshore law firms Maples and Calder and Conyers Dill & Pearman elect new partners in Hong Kong and the Cayman Islands, respectively. Offshore law firms Maples and Calder and Conyers Dill & Pearman hav… Read the full article at: https://www.cdr-news.com/categories/people-and-firms/7315-offshore-partner-promotions
One of Australia’s largest private training colleges has collapsed, leaving 15,000 students in limbo and plunging 1000 staff into unemployment. The embattled Careers Australia was placed into voluntary administration late on Thursday – six weeks after it was stripped of federal funding due to dismal completion rates and aggressive recruitment practices. Classes have been suspended at the…
Murray Wilson/ Fairfax NZ. The Palmerston North City Council has stopped legal action to get liquidators removed from administering a property company. The Palmerston North City Council has abandoned plans to get liquidators booted from controlling a property company that is set to leave creditors more than $700,000 out of pocket. The issues relate to Farm…
Under the Insolvency and Bankruptcy Code, 2016 (Code), an operational creditor can initiate a corporate insolvency resolution process (CIRP) of the corporate debtor by filing an application before the relevant National Company Law Tribunal (NCLT/ Adjudicating Authority) upon occurrence of a default in payment of its operational debt. However, the operational creditor must first send…