Joann is urging customers to steer clear of fraudulent websites posing as the crafting chain’s official outlet as it continues its nationwide liquidation. The company, which filed for Chapter 11 bankruptcy and began closing its 800 stores in March, disabled all online purchases on March 5. Despite this, Joann has received multiple reports of fake…
The liquidator is required by section 36(2) to hold the liquidation estate for the benefit of the creditors The New Delhi bench of the National Company Law Appellate Tribunal (NCLAT) has ruled that, in accordance with Section 36 of the Insolvency and Bankruptcy Code, 2016 (Code), all assets shown on the corporate debtor’s balance sheet…
Jervois Global Enters Voluntary Administration with KPMG at Helm TipRanks Read the original article here
News One of Canberra’s last fully bulk-billed clinics has entered voluntary administration after struggling to cover costs and attract enough GPs. The Interchange Health Co-operative clinic in Canberra was placed into voluntary administration this week after experiencing ‘intense pressure’. Another general practice has been forced to shut its doors…
Clients of a controversial online “brand building” company which shut last week were told to pay up by March 31 – the day its founder announced its liquidation. FBA Brand Builder founder Darren Campbell announced via social media last week the company would be no more, blaming a fall in revenue caused by negative coverage…
The tribunal held that no liability can be fastened on the corporate debtor for default committed during Section 10A period. The adjudicating authority has, therefore, not committed any error in holding the Section 9 application as non-maintainable The Adjudicating Authority cannot suo moto change the date of default specified in the insolvency application unless an…
Although the primary aim of the Insolvency and Bankruptcy Code, 2016 (IBC), is to revive financially distressed entities and ensure their continued operation, its practical application often diverges from this goal. Creditors frequently leverage IBC proceedings to secure favourable settlements and maximise debt recovery, bypassing the conventional judicial process. Faced with the prospect of insolvency,…
CCI Approval Mandatory for Resolution Plan Approval by Coc Lexology Read the original article here
The Tribunal held that if the Corporate Debtor had genuinely contested the revocation, they would have referred to payments made towards the entire settlement amount or demanded their NDC The bench of the National Company Law Appellate Tribunal (NCLAT) in New Delhi has ruled that financial creditors who have signed a settlement agreement with the…
The Australian former master franchisee for multinational discount retailer Miniso will face a winding up hearing in the Supreme Court of New South Wales on Thursday, less than 12 months after the business was placed in voluntary administration for the second time. According to a notice published by the Australian Securities and Investments Commission (ASIC),…