“The director advised the company was placed into liquidation due to the Covid-19 pandemic and the company’s main contractor cancelling the contract on a short notice,” the liquidator’s first report said. Zhang told the Herald the software firm had been inactive for around 18 months by the time of his appointment. The only significant potential…
Equity Commonwealth (NYSE: EQC) has completed the sale of its final property, 1225 Seventeenth Street in Denver, Colorado, for $132.5 million ($124.4 million net after credits) on February 25, 2025. This marks a significant milestone in the company’s liquidation process. Following shareholder approval of the Plan of Sale and Dissolution…
Prepared by Giulio Nicoletti, Ralph Setzer, Mika Tujula and Peter Welz Published as part of the ECB Economic Bulletin, Issue 2/2022. 1 Introduction The coronavirus (COVID-19) crisis was a major shock for the non-financial corporate (NFC) sector. The pandemic and the associated containment measures translated into a large drop in sales for firms. The rapid pace…
According to section 60(5) of the code, the NCLT has the authority to decide any matter pertaining to priorities, laws, or facts that arise from or are connected to the settlement of the corporate debtor’s insolvency The National Company Law Appellate Tribunal (NCLAT) has held that the National Company Law Tribunal (NCLT) is empowered to…
Hyvia announced in a brief statement that the Court of Economic Activities of Versailles had converted the insolvency proceedings, which had been ongoing for several weeks, into a court-ordered liquidation on 18 February. The reason given by the joint venture is that the insolvency administrator had not come across a “credible takeover offer” in his…
After going into a brief trading halt on Monday, New Zealand medical cannabis company Greenfern Industries emerged to announce it was going into receivership. The brief statement said in part: “Damien Grant and Adam Botterill of Waterstone Insolvency have been appointed as receivers and managers over Greenfern Industries Limited (NZX: GFI). This appointment has been…
Rob Shelton | Lehi Free Press In a devastating blow to local crafters and DIY enthusiasts, JOANN Fabric and Crafts announced Sunday the closure of all 800 stores nationwide, including the American Fork location in Utah. The American Fork store, situated in a shopping center that recently lost Big Lots, will begin liquidation sales immediately.…
MicroStrategy is down over 55% from peak, fueling forced liquidation concerns MSN Read the original article here
ITSL had filed the insolvency petition against CDEL in September 2023 claiming that the latter had defaulted on a payment of over ₹228 crore. As per the petition, IDBITSL the financial creditor (FC) in the case, and CDEL, the corporate debtor, entered into a Debenture Trust Deed in 2019. The FC agreed to subscribe to…
The Calcutta High Court bench of Justice Shampa Dutt (Paul) has held that gratuity dues are statutorily protected under the Payment of Gratuity Act, 1972, and do not form part of the liquidation estate of the Corporate Debtor under the Insolvency and Bankruptcy Code, 2016 (IBC). The court held that gratuity payments are outside the…