Small business restructuring booms amid economic strain – Adelaide Advertiser
Small business restructuring booms amid economic strain Adelaide Advertiser Read the original article here
NCLT recalls insolvency order against Logix Infra, cites ’fraudulent and mala fide’ intentions
New Delhi, Feb 9 (PTI) In a rare move, NCLT has recalled and set aside its own order directing insolvency proceedings against realty firm Logix Infrastructure in July 2023, saying the plea was initiated with “fraudulent and mala fide intentions” and a collusive petition was filed by the financial creditor. NCLT said “there is a…
Building company collapses owing millions
NSW builder Clarke Homes, which formerly traded as Hotondo Homes, has been placed in administration following a meeting with creditors held on Wednesday. Picture: Facebook NSW builder Clarke Homes, which formerly traded as Hotondo Homes, has been placed in administration following a meeting with creditors held on Wednesday. Documents reveal the company owes employees wages…
A decade strong: Apptrade marks 10 years of providing liquidation services, auctioneering, and surplus trading – BusinessWorld Online
A decade strong: Apptrade marks 10 years of providing liquidation services, auctioneering, and surplus trading BusinessWorld Online Read the original article here
Melbourne firm UGC enters liquidation
The Australian Securities and Investments Commission (ASIC) said creditors have resolved to wind-up UGC and David Stimpson of SV Partners has been appointed as a liquidator. UGC withdrew its application regarding the cancellation of its Australian financial services licence, which was cancelled on 31 July, and the Administrative Appeals Tribunal (AAT) dismissed that application. An…
IBBI Floats Plan For Coordinated Resolution, But Experts Say More Clarity Needed
Though the paper talks about insolvency resolution for interconnected entities, it doesn’t provide for consolidation of assets and resolution as a whole, which is the essence of a group insolvency process. Srivastava said that it is pertinent that any amendments for introduction of group insolvency must include consolidation of assets and combination of creditors’ committees…
Corporate Debtor Cannot Be Prosecuted After Successful IBC Resolution For Offences Committed Prior To Commencement Of CIRP: Delhi HC
The Delhi High Court has ruled that a Corporate Debtor that has undergone a successful resolution process under Section 31 of the Insolvency and Bankruptcy Code, 2016 (IBC), cannot be prosecuted for offences committed prior to the commencement of the Corporate Insolvency Resolution Process (CIRP). The Single Bench of Justice Manmeet Pritam Singh Arora made…
Taranaki companies not expected to see money owed to them by Le Dejeuner – The Post
Taranaki companies not expected to see money owed to them by Le Dejeuner The Post Read the original article here
Abbey Marketing Communications in liquidation
Abbey Marketing Communications and connected company Spirit DM have gone into liquidation. Notices published today (7 February) on The Gazette said liquidators were appointed at Abbey Marketing Communications Limited and Spirit D M Limited on 30 January. Nedim Ailyan and Ben Stanyon, both of FRP Advisory Trading in Orpington are listed as the joint liquidators…
New Mechanism for Corporate Insolvency Resolution Process – GKToday
February 7, 2025 The Insolvency and Bankruptcy Board of India (IBBI) has proposed a new framework aimed at enhancing the efficiency of the Corporate Insolvency Resolution Process (CIRP). This initiative addresses the challenges faced by interconnected corporate entities undergoing insolvency. The discussion paper released by IBBI marks various inefficiencies and conflicts that arise when multiple…