Key disability provider goes under. Is COVID to blame or government neglect? – Crikey

Liquidation

Disability Services Australia is headed into voluntary administration, leaving questions about how much the disability support sector can take in the pandemic. (Image: Adobe) One of Australias largest disability service providers, Disability Services Australia (DSA), has gone into voluntary administration following financial constraints compounded by COVID-19. National Disability Insurance Scheme (NDIS) participants and support companies…

Pandemic blamed as disability service provider enters voluntary administration – Sydney Morning Herald

Liquidation

The pandemic has taken its toll on one of Australias largest disability service providers with the organisation calling in administrators and leaving thousands of staff and participants across NSW in limbo. Disability Services Australia called in KPMG to oversee its voluntary administration on Wednesday, but moved to reassure participants and staff the organisation would continue…

Staff at India’s Jet Airways challenge consortium’s revival – ch-aviation

Liquidation

Cabin crew and ground staff at Jet Airways (JAI, Mumbai Int’l) have united to challenge the Kalrock-Jalan consortiums proposal to revive the airline, expressing concerns about unpaid salaries and retirement benefits, and have filed a petition on the matter to the National Company Law Appellate Tribunal (NCLAT), the Press Trust of India reported. The Jet…

IBC is a road under construction, says IBBI chairperson M S Sahoo – Business Standard

Liquidation

Business Standard Referring to the pre-pack scheme of insolvency resolution for micro, small and medium enterprises (MSMEs), he says it takes three-six months for the market to understand a new framework TopicsInsolvency and Bankruptcy Code|IBBI|bankruptcy proceedings Insolvency and Bankruptcy Board of India (IBBI) Chairperson M S SAHOO says 90 per cent of companies applying for…

Centre mulls new rules on financial resolution plans – Hindustan Times

Liquidation

The government is considering objective and transparent guidelines for committee of creditors (CoC) mainly banks and financial institutions — signing off on resolution plans under Indias bankruptcy code, after some excessive haircuts agreed to by such CoCs were questioned by the National Company Law Tribunal and even a parliamentary panel, two people familiar with the…

More directors seeking voluntary liquidation, says expert from R3 – Daily Echo

Liquidation

A RISING number of bosses have decided to close their businesses after spending well over a year trying to survive the pandemic, an insolvency expert says. Corporate insolvencies fell slightly in July compared with the previous month, but year-on-year figures were up substantially for the third month in a row. Southampton-based Mike Pavitt, immediate past…

Tax assessment of IBC cases: IRPs, RPs and liquidators can appear before taxman, rules CBDT – BusinessLine

Liquidation

Interim resolution professionals (IRPs) and resolution professionals (RPs) have now got the formal recognition of income tax authorities for dealing with the tax matters of the corporates that are undergoing Corporate Insolvency Resolution Process (CIRP) of the Insolvency and Bankruptcy Code (IBC). The Central Board of Direct Taxes (CBDT) in the Finance Ministry has made…