Owner distress as companies plunge into administration – The Canberra Times
Owner distress as companies plunge into administration The Canberra Times Read the original article here
NLUD, CTCL, Insolvency And Bankruptcy, Law Practice & Regulations
The Centre for Transnational Commercial Law (“CTCL”) is a constituent unit and specialized research centre of the National Law University Delhi established in 2008 by Act No. 1 of 2008 of Delhi. Since its establishment in 2016, CTCL has actively undertaken various initiatives to promote research and scholarship in the area of commercial laws. CTCL…
Owner distress as companies plunge into administration
Officials from Australia’s corporate watchdog told a parliamentary inquiry into the cost-of-living crisis that 11,053 businesses entered external administration in the 2023/24 financial year. ASIC commissioner Kate O’Rourke said while the proportion of businesses going into administration was not the highest, the past year had the most overall. “The highest number in terms of proportion…
Indonesian airline ‘flying high’: High Court confirms foreign entity immunity from winding up
Greylag Goose Leasing 1410 Designated Activity Company v P.T. Garuda Indonesia Ltd [2024] HCA 21 per Gageler CJ, Gordon, Edelman, Steward, Gleeson, Jagot, Beech-Jones JJ Key takeaways The High Court of Australia has upheld the New South Wales Court of Appeal decision that foreign state immunity extends to a national airline subject to a winding…
Cryptocurrency – The part it plays in Bankruptcy and Corporate Insolvency and Recent News
What is Cryptocurrency? Cryptocurrency (Crypto) is a virtual currency or a “digital asset” that was originally designed to work as a medium of exchange, much like the Australian dollar. Do I need to declare Crypto to my Bankruptcy Trustee? Yes. Like any other asset, a Bankrupt must disclose ownership or interest in Crypto to the…
Formal Insolvency Appointments – William Buck
Formal Insolvency Appointments William Buck Read the original article here
NCLT admits SKIL Infrastructure under corporate insolvency process
Mumbai: The Mumbai bench of the National Company Law Tribunal (NCLT) has admitted listed infrastructure development company SKIL Infrastructure under the corporate insolvency resolution process (CIRP) following an application filed by its financial creditor Amluckie Investment Company. The tribunal has also appointed Purusottam Behera as its resolution professional. “The moratorium shall have effect from the…
Insolvencies off to ‘rocky’ start in new FY, warns Insolvency Australia
The latest Corporate Insolvency Index has revealed that while insolvencies are likely to remain at high levels for a while, more businesses are considering restructuring as an option. The 2024 financial year was a “wild ride” on the insolvency front with the ATO turbocharging its debt collection activities while economic headwinds such as the cost…
colliers Homes goes into liquidation after more than 60 years.
One of WA’s biggest and best-known residential building companies has collapsed, with Collier Homes collapsing into liquidation after more than 60 years in business. The Australian Securities and Investments Commission revealed on Tuesday that the company would be wound up, and that it had appointed Robert Brauer and Linda Smith from McGrathNicol as liquidators. Read…
French open access co-operative Railcoop heading for liquidation
Railcoop had been planning on relaunching services between Lyon and Bordeaux. Credit: trabantos/Shutterstock.com French open-access rail co-operative Railcoop has confirmed reports that it is likely to enter liquidation after a restructuring… Read the original article here