The Insolvency and Bankruptcy Board of India (IBBI) has proposed a statutory mechanism that will allow a company to withdraw from the process of voluntary liquidation at any point after its initiation. Unlike the corporate insolvency resolution and liquidation process of a stressed company, voluntary liquidations are not supervised by a committee of creditors or…
By Loyiso Sidimba 7h ago Share this article: Share Tweet Share Share Share Email Share Johannesburg – Seven companies owned by controversial Gupta lieutenants Eric Wood and Salim Essa will be wound down following a South Gauteng High Court order. Trillian Management Consulting, Trillian Capital Partners, Trillian Securities, Trillian Nominees, Trillian Shared Services, Trillian Property…
A Coast builder who lost his licence last year says he has not had a hand in a unit development, that he launched before his firm collapsed. Travis Drenth Constructions Pty Ltd went into liquidation in December last year owing $1.8 million to creditors, employees’ superannuation and the tax office. Travis Drenth said he stopped…
In Re Ando Credit Limited [2020] HKCFI 2775 (Re Ando), the Hong Kong Companies Court recently appointed provisional liquidators over a Hong Kong company, Ando Credit Limited, in novel circumstances with potentially significant consequences. According to the Courts written reasons dated November 11, 2020 (published in light of the unprecedented nature of the decision), the…
Daniel Patchett received a 10-year ban for managing a company when bankrupt, while his wife, Yasmin Patchett has been disqualified for six years. Their company, DRP Distribution Ltd, was incorporated in November 2016, and provided storage and distribution services, working with several courier companies. However, it was wound up by the courts in May 2019.…
Lenders to Lavasa Corporation, a bankrupt hill city near Pune, have been left disappointed as none of the bidders for the company submitted a viable financial plan TopicsCoronavirus|tarun gogoi|Lavasa BS Web Team Last Updated at November 24, 2020 07:17 IST Serum Institute, Bharat Biotech gear up to export Covid-19 vaccine shots Indian vaccine makers are…
Approximately 100 advisers will be forced to seek new network authorisation as Harwood Wealth Management puts its network services arm into voluntary administration. As of Monday 23 November, Wolverhampton-based Network Direct Limited has been forced into administration, causing potential disruption for advisers, staff and clients. Harwood Wealth acquired the network of financial advisers in 2016,…
Daniel Ross Patchett (32) received a 10-year ban for managing a company when bankrupt, while his wife, Yasmin Patchett (30) has been disqualified for 6 years. Husband and wife, from Kingthorpe, Lincolnshire, are banned from acting as directors or directly or indirectly becoming involved, without the permission of the court, in the promotion, formation or…
PUBLISHED: 19:31 22 November 2020 Angus Williams The Manor House pub in Wortham which has recently shut down. (C) Archant 2020 The former director of a popular pub and takeaway forced the business into liquidation after he took a 100,000 loan from the business and did not repay it, according to liquidators. Email this article…
Luxury fashion brand alice McCALL has now gone into voluntary administration, sadly following a long line of retailers that have had to shut up shop due to COVID-19. Fashion designer behind the brand Alice McCall herself gave a statement to 9News discussing her need to edit down the business and rework into a more sustainable…