The Insolvency Appellate Tribunal has stated that statutory bodies, including the Employees’ Provident Fund Organisation (EPFO), can initiate assessment proceedings once the liquidation process begins for any insolvent company under the Insolvency and Bankruptcy Code (IBC). Importantly, the tribunal also underscored that during the moratorium period triggered by the insolvency proceedings, no such assessment…
Staff realised it was no ordinary day at work when they turned up at their Melbourne offices to find they could no longer access the building. Men in suits told them the company had gone into administration and it was now under their control. The locks had been changed. For a few days, the 20…
Big Lots has managed to save up to 400 stores in the 11th hour after striking a deal with Gordon Brothers and Variety Wholesalers. This deal has saved the former retail giant from completely liquidating its assets. Let’s take a look at the details of this save. Big Lots’ 11th-Hour Deal According to USA Today,…
FlexShares® Announces Liquidation of an Exchange Traded Fund Business Wire Read the original article here
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NCLAT Fortnightly: Important orders on IBC (November 1 – November 15, 2024) Bar & Bench – Indian Legal News Read the original article here
Documents lodged on the UK Government’s Companies House website on Christmas Eve show that the process of liquidating the joint venture between Powys County Council and Kier construction is now underway and will take a year to finish. HOWPS conducted repairs and maintenance on Powys’ housing stock – 5,400 homes and 630 other properties including…
Many businesses are scrambling to keep debt collectors at bay, as the ATO begins chasing down money owed following the pandemic. The ATO and other creditors currently pose the greatest ‘threat’ to cash-strapped small and medium-sized businesses, says Insolvency Australia, which has just released its latest Corporate Insolvency Index. It comes as a popular West…
The National Company Law Tribunal (NCLT) Kolkata bench comprising Justice Bidisha Banerjee (Judicial Member) and Shri Balraj Joshi (Technical Member) has held that an application under Section 95(1) of the Insolvency and Bankruptcy Code (IBC) for initiating insolvency proceedings against a personal guarantor is not maintainable before the NCLT if no Corporate Insolvency Resolution Process…
St. Louis-born Galera Therapeutics sidesteps liquidation, acquires New York biotech company The Business Journals Read the original article here