Owner distress as companies plunge into administration – The North West Star
Owner distress as companies plunge into administration The North West Star Read the original article here
ATO debt won’t prevent insolvency guru schooling accountants
Posted By: Peter Gosnell 17 November 2023 de Jonge Read founder and executive director Henry ‘Hank’ de Jonge. At first glance, schooling accountants on saving businesses when one of your own companies is hopelessly insolvent would seem presumptuous. But maybe insights that cannot be acquired without enduring the stigma of unmanageable indebtedness imbue one with…
NCLAT Orders ED to Lift PMLA Attachment on Corporate Debtor’s Asset Citing SRA Protection u/s 32A of IBC
The SRA is entitled to the relief of extending the protection under Section 32-A to lift the attachment by the Enforcement Directorate over the Corporate Debtor’s assets The Delhi bench of the National Company Law Appellate Tribunal ( NCLAT ) has directed the Enforcement Directorate (ED) to lift the PMLA attachment on the corporate debtor’s…
China’s bankruptcy law system moves toward maturity
It took 12 years to bring China’s Enterprise Bankruptcy Law into existence, with it finally being enacted on 1 June 2007. On 16 April 2024, during the 23rd Chairman’s Meeting of the Standing Committee of the 14th National People’s Congress, the first revisions to the Enterprise Bankruptcy Law, agreed over a full six years, will…
Adani Power gets NCLT nod to to acquire Lanco Amarkantak Power for ₹4,101 crore – MSN
Adani Power gets NCLT nod to to acquire Lanco Amarkantak Power for ₹4,101 crore MSN Read the original article here
Business News, Strategy, Finance and Corporate Insight
Shares of Adani Power (APL) surged 2% in the morning trade on the NSE today after the company received approval from the Hyderabad Bench of the National Company Law Tribunal (NCLT) for its ₹4,101 crore resolution plan for acquisition of power generation firm Lanco Amarkantak (LAPL). APL shares opened at ₹687 today and hit a…
Remaining Mesh Direct assets to be liquidated as ATO steps in
The administrator for Mesh Direct has decided to liquidate the remainder of the company after Insane Signs purchased the majority of the company’s assets last week. The decision to wind up Mesh Direct Media Pty Limited and place it into liquidation was made at the second creditors meeting on Friday, exactly one month after the…
‘Smart’ cookware brand Zega falls into voluntary administration
The Zega Cookware pot and app. Source: supplied. The company behind a range of ‘smart’, bluetooth-enabled cookware has entered voluntary administration two years after it launched its first products. Tim Heesh and Mark Everingham of TPH Advisory have been appointed as voluntary administrators of Zega Intelligent Cookware on March 18 and are now seeking urgent…
Sushi Bay: Beloved Aussie sushi restaurant chain that collapsed last year racks up $21million debt – after it was found to be underpaying staff
An Australian sushi restaurant chain that collapsed last year and was found to be underpaying staff has now racked up a debt worth $21million. Sushi Bay and companies owned by the business went into liquidation over a few months early last year, with all but one of its 13 stores across NSW, the Northern Territory…
Redflow Limited Faces Voluntary Administration
Redflow Limited (AU:RFX) has released an update. Redflow Limited, an Australian energy storage company, has entered voluntary administration due to difficulties in securing the necessary equity funding for a strategic plan involving a new factory for large-scale battery manufacturing. Despite confirmed governmental support and commercial interest in their X10 battery, the company failed to attract…