GVK Power and Infrastructure Ltd (GVKPIL) will face insolvency proceedings for failure to pay loans to lenders, a corporate insolvency court has said. The Hyderabad bench of National Company Law Tribunal (NCLT) issued the order on a petition of lenders’ group led by ICICI Bank Ltd, GVKPIL said in a stock exchange filing. The loan…
Scottish specialist accounting, tax, and audit firm Wbg has advised shareholders planning on using business asset disposal relief (BADR) through a members voluntary liquidation (MVL) process to consider acting sooner rather than later. The advice follows figures from the Office for National Statistics (ONS) showing that UK government borrowing hit a higher than expected £3.1…
A fall in the number of monthly company insolvencies in England and Wales reflects an improvement in local trading conditions, with a growing quantity of struggling businesses able to be rescued rather than closed down. This is according to the Midlands branch of insolvency and restructuring body R3 and follows latest monthly statistics published by…
A staggering 2,349 constrcution firms have collapsed in the past year – with fears more may fall soon. A “perfect storm” of high interest rates, soaring material costs and an ongoing worker shortage across the Aussie industry have sent tradies into freefall. Insolvencies in the construction industry have reached an annual record this year, according…
EY-Parthenon teams were appointed as insolvency administrators in March 2021. From the start, a unique aspect to this engagement was the media attention. Given the size and impact of this bankruptcy, this was a hurdle both Abengoa and EY-Parthenon had to overcome and engage with regularly throughout the process. Loan requests Initially, the EY-Parthenon teams…
NCLT has allowed Jammu & Kashmir Bank’s plea for default of a corporate guarantee. (Representative image) 3 min read Last Updated : Jun 09 2024 | 10:47 PM IST The National Company Law Tribunal (NCLT) has directed initiating insolvency proceedings against Himalayan Mineral Waters, allowing Jammu & Kashmir Bank’s plea for default of a…
Whilst barely a fortnight goes by when a well-known Australian company doesn’t bite the bullet to stay afloat these days, recent statistics revealed by the corporate regulator paint a grim picture of the situation with a 36 per cent spike in the number of businesses that entered voluntary administration in the nine months to 3https://www.businessnewsaustralia.com/1…
New Delhi: The Bengaluru bench of the National Company Law Tribunal (NCLT) Tuesday allowed the Board of Control for Cricket in India’s insolvency plea against ed-tech firm Byju’s parent company Think and Learn Pvt Ltd for defaulting on Rs 158.9 crore. BCCI moved against Think and Learn after their Indian cricket team’s jersey sponsorship deal fell…
Corporate and personal insolvencies both fell, during the month of July, compared with the previous month, new insolvency statistics reveal. However, on a year-on-year basis, the news was not as cheery, The level of corporate failures decreased by 7.3% in England and Wales to a total of 2,191 compared with June’s total of 2,363, and…
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