Corporations – insolvency – voluntary administration – deed of company arrangement – standing to bring application under ss445D and 447A of Corporations Act 2001 (Cth) – whether administrators had a conflict of interest

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In Habrok (Dalgaranga) Pty Ltd v Gascoyne Resources Ltd [2020] FCA 1395 (29 September 2020) the plaintiff, Habrok, sought orders under ss445D and 447A of the Corporations Act 2001 (Cth) (Act) terminating a deed of company arrangement (DOCA) executed by the first to seventh defendants (GCY Group) and the eighth defendant (administrators/FTI). Background After the…

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Sara Lee goes into voluntary administration in Australia with FTI Consulting appointed as voluntary administrators

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After 50 years of manufacturing frozen cheesecakes, pies, crumbles and ice cream in Australia, Sara Lee Holdings has gone into voluntary administration. Key points: Vaughan Strawbridge, Kathryn Evans and Joseph Hansell of FTI Consulting have been appointed as voluntary administrators The administrators are seeking to restructure or sell the business while its operations continue  Sara Lee was…

Insolvency Plea Admitted against Kraft Paper Manufacturer: NCLT Finds Debt and Default Proven u/s 9 IBC [Read Order]

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The National Company Law Tribunal (NCLT), Bengaluru Bench, has admitted an insolvency petition filed by the applicant under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016. The tribunal found that the debt and default were clearly established, noting that the corporate debtor failed to pay operational dues exceeding ₹ 1.96 crore despite statutory demand notices and acknowledged liability, thereby warranting initiation of…

Financial Distress No Shield: NCLT Admits Sec. 9 Plea, Initiates CIRP and Moratorium Against Corporate Debtor [Read Order]

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In a recent ruling, the National Company Law Tribunal (NCLT), Bengaluru Bench, has admitted an insolvency petition filed by the petitioner under Section 9 of the Insolvency and Bankruptcy Code, 2016, after finding that the corporate debtor’s plea of financial distress could not absolve it from repayment obligations. The operational creditor sought initiation of the Corporate Insolvency…

Commentary – Business Insolvency Demography 2015 to 2025

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This publication uses company insolvency data from the monthly Company Insolvency Statistics, combined with the Office for National Statistics’ (ONS) Inter-Departmental Business Register (IDBR), which provides demographic information about businesses. Since multiple companies can be related to one business, these statistics are not comparable with the Insolvency Service’s other statistics publications. We have defined a…

Absence of genuine dispute leads to CIRP against paper mill over ₹1.25 crore operational debt: NCLT admits insolvency plea under Sec. 9 IBC [Read Order]

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The National Company Law Tribunal (NCLT), Chennai Special Bench‑II, has admitted an insolvency petition filed by the petitioner under Section 9 of the Insolvency and Bankruptcy Code, 2016, initiating the Corporate Insolvency ResolutionProcess (CIRP) over an operational debt of ₹1.25 crore. The petitioner, Arjun Saikumar, engaged in coal trading and supplied “non‑cooking steaming coal” to the Coimbatore‑based paper…