The Insolvency and Bankruptcy Code, 2016 (IBC) and the Prevention of Money Laundering Act, 2002 (PMLA) are landmark legislation, enacted with separate objectives. The IBC aims to consolidate and resolve insolvency processes within a specific time frame to maximise asset value. The PMLA is concerned with identifying and attaching the proceeds of crime, ensuring criminal…
Supertech delivers 6,000 homes amid insolvency, 15,000 still pending propnewstime.com Read the original article here
The company argued that though all relevant laws were considered, yet, IBC was simply overlooked by the government while formulating and drafting Manual for Procurement of Works, 2022. The Delhi High Court has asked the Centre to revisit its bid conditions that impose blanket ban on the companies having undergone corporate insolvency resolution process in…
There were 14 company insolvencies registered in Northern Ireland in July, which was down 30% on the same month last year, data from the Insolvency Service shows. The total number of company insolvencies was comprised of one compulsory liquidation (this happens when a company is forced to close when it cannot pay money owed to…
Retailer Smiths City has “temporarily” closed all of its stores after being placed in voluntary administration. Smiths City staff were called into a meeting at 9am on Tuesday and informed of the decision. All nine remaining Smiths City stores across New Zealand and its online shop have now been “temporarily closed for business” to assess…
A petition to wind up Sizzler Pizza Ltd, which trades from 19 Church Street in Wellington, was lodged by creditors in August, before the firm went into voluntary liquidation on August 20. The take-away offers a range of kebas, pizzas and American style “smash burgers” along with sides, milkshakes and deserts, and also sells via…
Newtown Creative Ltd traded under the name Teals Prairie International, advertising as “expert gift builders”. It sold products such as personalised wooden boxes through Amazon and Etsy. But during a meeting on August 4 at its principal address in Saltpans, Charlestown, it was decided that the company would be voluntarily wound up. Joe Whiley, of Insolvency Direct Limited in…
SG cinema chain Cathay Cineplexes shuts down, enters into voluntary liquidation marketech apac Read the original article here
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Christchurch retail institution Smiths City placed into administration ThePost.co.nz Read the original article here