The practice, known as phoenixing, is where companies are placed into insolvency but the business and its assets are transferred over to a new, identical company, leaving creditors unpaid. This includes suppliers, customers and HMRC, which lost £836 million to small‑business phoenixing in the 2022-23 tax year, the latest year for which data is available.…
Supreme Court Examines ‘Hallucinated Citations’ By NCLT & NCLAT In Essel Infraprojects Insolvency Case BW Legal World Read the original article here
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An Aussie mum has redirected customers to a “dupe” of her own failed travel business while owing thousands to creditors and facing liquidation. Australian travel accessories business Kooshy Kids was ordered into liquidation in the Supreme Court last week after Ireland-based lenders Wayflyer Finance successfully applied to wind up the company. The Gold Coast-based company…
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Online retailer Oz Goods Depot has announced it will cease trading and begin winding down operations, marking the end of its business after what it described as “an incredible journey” serving customers across Australia. In a closure notice posted on its website, the company said it had shipped more than 25,000 orders during its trading…
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