The trucking company found responsible for a crash on the Eastern Freeway that killed four police officers will never pay the $2.31 million fine it received over the incident because it has been placed into liquidation. The company, Connect Logistics, will also never repay the $90,000 in legal costs incurred by the National Heavy Vehicle…
SPQR closed its doors in July. Photo: RNZ / Melanie Earley It’s been a tough year for businesses around the country. In November, company liquidations were up 27 percent year-on-year, according to Centrix. Businesses large and small suffered – and even some big names did not make it. Here are some of the prominent businesses…
Case Note on Siti Networks Ltd. v. Rajiv Suri Facts: Parties Involved: The case involves Siti Networks Ltd. (formerly Siticable Network Ltd.), represented by its Resolution Professional Rohit Ramesh Mehra (Appellant). Rajiv Suri, a businessman (Respondent). Background: The Appellant is undergoing a Corporate Insolvency Resolution…
Date published: 30 December 2024 The Department for the Economy (the Department) has accepted disqualification undertakings from the directors of a company involved in other business support activities not elsewhere classified. The undertaking was received for six years from Brian Donaghy (41) of Tandragee Road, Pomeroy, Dungannon, and for four years from Roddy Baxter (45)…
The first major review of Australia’s corporate insolvency regime in more than 30 years, the Federal Government’s Parliamentary Joint Committee on Corporations and Financial Services (‘Committee’) has announced a “root and branch” overhaul of the structures regulating corporate insolvency within Australia (‘Inquiry’). Why now? With the last major review of Australia’s corporate insolvency regime occurring…
Southern Archipelago Initiates Subsidiary Liquidation TipRanks Read the original article here
What’s behind this acceleration? The recession in corporate revenues is gaining traction amid lower pricing power and weaker global demand: As of Q2 2023, the revenue recession has been broad-based across all regions for the first time since mid-2020 (-1.9% y/y). This combined with continued high costs is squeezing profitability. As a result, liquidity positions…
Germany faces high corporate default risk in 2025, Bundesbank says Reuters Read the original article here
As the year 2024 nears its end, LiveLaw brings to you a summary of important Supreme Court judgments of the year rendered in connection with the Insolvency and Bankruptcy Code, 2016. The same are as follows: 1. IBC – Is Dissenting Financial Creditor Entitled To Minimum Value Of Security Interest? Supreme Court Refers To Larger…
Vertical farming is a less common method for intensive agriculture. (File photo). Photo: 123rf Hamilton business Greenleaf Fresh is being put into voluntary administration, after what it says were “recent financial challenges” affecting the company’s operations. Greenleaf Fresh is behind Greengrower, a vertical farm operation that received $3.5 million in public funding last year for…