Escalating cost pressures and assertive Tax Office collection activities is driving small businesses into insolvency, according to the latest ScotPac SME Growth Index Report. ScotPac has released the latest version of its SME Growth Index report, indicating that thousands of Australian SMEs were facing a ‘survival test’ as rising costs and ATO collections accelerate insolvencies.…
The Supreme Court set aside an Order of the Karnataka High Court in a writ petition interdicting the Corporate Insolvency Process. The Court reiterated that the Insolvency and Bankruptcy Code is a complete code in itself, having sufficient checks and balances, remedial avenues and appeals. The appeals before the Apex Court were filed under Article…
Canoo Inc. (NASDAQ: GOEV), the electric vehicle (EV) startup that has faced mounting challenges since its inception, is now confronting one of its most significant crises yet. Following employee furloughs, a halt in production, and the auctioning off of critical manufacturing equipment, the company is struggling to stay afloat. These financial difficulties have severely impacted…
The National Company Law Appellate Tribunal (NCLAT) has ruled that there is no prohibition on assessment proceedings by statutory authorities, including the Employees’ Provident Fund Organisation (EPFO), after the liquidation process begins under the Insolvency and Bankruptcy Code (IBC). However, the tribunal clarified that during the moratorium period, once insolvency proceedings are initiated, EPFO cannot…
The insolvency appellate tribunal has held that there is no bar against assessment proceedings by statutory authorities, including the EPFO, once the liquidation process starts against any debt-ridden company under the IBC. However, it also clarified that once a debt-ridden company is protected under moratorium after the initiation of insolvency proceedings against it, the Employees’…
The administrators of Safe Hands Plans, the pre-paid funerals company whose collapse has left 46,000 customers with a combined £60 million shortfall, have succeeded in appointing liquidators to a Cayman Islands company where customer money was funnelled. The appointment of independent insolvency practitioners over Navigator in the offshore tax haven was made after concerns about…
The NCLAT has ruled that EPFO can initiate assessment proceedings during liquidation of a company under IBC. This clarifies the scope of moratorium provisions under the IBC. New Delhi, Jan 3 (PTI) The insolvency appellate tribunal has held that there is no bar against assessment proceedings by statutory authorities, including the EPFO, once the liquidation…
The insolvency appellate tribunal has held that there is no bar against assessment proceedings by statutory authorities, including the EPFO, once the liquidation process starts against any debt-ridden company under the IBC. However, it also clarified that once a debt-ridden company is protected under moratorium after the initiation of insolvency proceedings against it, the Employees’…
New Delhi, Jan 3 (PTI) The insolvency appellate tribunal has held that there is no bar against assessment proceedings by statutory authorities, including the EPFO, once the liquidation process starts against any debt-ridden company under the IBC. However, it also clarified that once a debt-ridden company is protected under moratorium after the initiation of insolvency…
The Insolvency Appellate Tribunal has stated that statutory bodies, including the Employees’ Provident Fund Organisation (EPFO), can initiate assessment proceedings once the liquidation process begins for any insolvent company under the Insolvency and Bankruptcy Code (IBC). Importantly, the tribunal also underscored that during the moratorium period triggered by the insolvency proceedings, no such assessment…