In a recent decision, the Supreme Court used its powers under Article 142 of the Constitution to record consent between Lokhandwala Kataria and Nisus Finance and Investment Manager. This was a case under the Insolvency and Bankruptcy Code (IBC) filed by the former after losing the case in the National Company Law Tribunal (NCLT)…
For more than 140 years, the furnace men at A&G Price’s Thames jobbing foundry have begun the day with a shower of sparks. They found out on Wednesday that those days are now over. Around 100 people have lost their jobs with A & G Price Limited in Thames announcing that the engineering company has…
Mumbai: Just seven months after the operationalization of the Insolvency and Bankruptcy Code (IBC), it has been tested by the apex court. The Supreme Court on Monday ruled that a settlement can be considered and a case can be withdrawn after insolvency proceedings have started against a company. More From Livemint » It was hearing…
Image copyright PA Scotland’s business minister has blamed “continuing austerity” for a sharp rise in personal insolvencies. The last quarter saw insolvencies rise year-on-year by 17.3% to 2,839, according to official figures. Paul Wheelhouse claimed there was “no question” austerity had led to “more people suffering the anxiety and distress of insolvency”. The Scottish Conservatives…
East of England businesses are now at greater risk of insolvency than at the start of 2017, according to new research by the Eastern branch of restructuring and insolvency trade body R3. Julys figures, compiled using Bureau Van Dijks Fame database, show that over one in four businesses in the region 27.9 per cent are…
The number of corporate insolvencies in Scotland was down 24 per cent in the three months to June compared with last year, largely from a 32 per cent drop in compulsory liquidations, official figures show. Latest figures from the Accountant in Bankruptcy (AiB) show 200 companies went into insolvency receivership, compulsory liquidation and creditors voluntary…
THE countdown has begun on Canning-based Mias Bakerys fight for survival following its entry into voluntary administration earlier this month. Conrad Mias, whose family has owned Mias Bakery since 1950, said the bakery was placed into administration with WA Insolvency Solutions on July 12 and had 28 days to prove its viability. Mr Mias, who…
Troubled menswear brands Rhodes & Beckett and Herringbone will live to fight another day after a management buyout was secured with support from a Hong Kong-based private equity firm, in a resolution administrators say they are very pleased with. The brands had 140 employees across 29 stores when administrators were appointed in February, when high…
One of Australia’s largest private training colleges has collapsed, leaving 15,000 students in limbo and plunging 1000 staff into unemployment. The embattled Careers Australia was placed into voluntary administration late on Thursday – six weeks after it was stripped of federal funding due to dismal completion rates and aggressive recruitment practices. Classes have been suspended…
AUSTRALIAN mining and transport group Rivet, the reincarnation of McAleese, has placed a number of businesses into administration just months after their establishment. Australian Road Express and Rivet Mining Services East, which collectively employs more than 200 people across Australia, were put on notice, with receivers McGrathNicol entering on July 17. However, 48 hours after…