Problems arise when companies enter formal winding up which are highlighted in mandatory online filing, therefore insolvent companies in any form of formal winding up or administration procedure are exempt from filing online. However this exemption does not apply to companies moving towards informal striking off or those entering a MVL. Risks can arise as…
Problems arise when companies enter formal winding up which are highlighted in mandatory online filing, therefore insolvent companies in any form of formal winding up or administration procedure are exempt from filing online. However this exemption does not apply to companies moving towards informal striking off or those entering a MVL. Risks can arise as…
Millions of dollars was funnelled out of the coffers of failed Victorian builder Watersun Homes and into entities related to its directors in the months before its collapse, liquidators believe. Former Watersun display homes held in the name of a separate company are being sold off but liquidators are unsure if the profits can be…
April 19, 17 by Staff Reporter (IDEX Online) Rockwell Diamonds Inc. has provided an update to the interim liquidation order against three subsidiaries of the company issued by a judge in Kimberley, South Africa, on March 23. The interim orders, which have yet to be confirmed in a final hearing, include Rockwell Resources RSA (Pty)…
Trade Colour Cards premises, 49 Stephen Rd, Dandenong South Melbourne trade printer Trade Colour Cards has gone into liquidation after 20 years in business and a meeting of creditors will be announced shortly. At a company meeting last week, Trade Colour director John Agarski whos also company secretary and the only shareholder decided to wind…
SECURE: Port Pirie Returned Services League sub-branch president Malcolm Bond stands beside a military mural in the clubrooms. Local veterans have evaded any fallout from the financial troubles being experienced by Returned Services League South Australia. The state branch has gone into voluntary administration as a result of financial problems. President of the Port Pirie…
A woman who admitted stealing almost £100,000 from her employers has been jailed for 18 months. Natalie Akinola, aged 32, of Owens Croft in Kings Norton, Birmingham, siphoned off payments into her own accounts – leaving the family-run ESS Electrical Contractors so deep in debt, it was forced into liquidation. Akinola began working for ESS…
The World Bank has ranked India 136 for insolvency resolution in 2017, down from its position in 2016 despite the Indian governments hard push towards new insolvency laws. A new regime to deal with insolvency and bankruptcy has been established. In theory, it looks great. But the ills that plague Indias corporate world have not…
Analysts say that faster resolution of smaller cases would encourage investments in startups. In what could come as good news at a time when many startups are shutting operations, the Insolvency and Bankruptcy Board of India (IBBI) is considering a proposal to expedite the resolution of smaller and less complicated cases. This also includes those…
The Insolvency and Bankruptcy Board of India (IBBI) is considering a proposal to expedite the resolution of smaller and less complicated cases, and those involving start-ups within 90 days.We are putting out a draft on this issue in a day or two, IBBI chairman MS Sahoo told FE. A final decision will be made in…