Kadhim Shubber in London January 26, 2018 The administrators who sold a once-highflying British technology start-up to the companys directors for £2m have been removed by a court following accusations they botched the sale. The High Court case, which ended this week, has shone a light on controversial pre-pack administrations that allow companies to go…
Cases such as Jaypee Infratech Ltds which involved 50,000 homebuyers, set off a discussion on whether IBC needs to be amended to give special treatment to certain classes of creditors such as homebuyers. Photo: Hindustan Times The Insolvency and Bankruptcy Code has now been in force for more than a year and given its ambitious…
The company behind the Wanderlust festivals in Australia and New Zealand has been placed into liquidation. And there is no calming the burgeoning group of creditors who claim they are owed tens of thousands of dollars. scenestr has been contacted by local suppliers and small busnesses claiming they are owed from $300 to upwards of…
After filing for bankruptcy last fall, Toys R Us plans to close a fifth of its US stores to make the business viable again. To guide the store closure process, the company has hired two teams of consultants, Hilco Global-Gordon Brothers and Tiger Capital Group-Great American Group. Their tasks include clearing out store merchandise, overseeing…
Supreme Court of India on Thursday directed Gujarat High Court not to enter into the debate pertaining to the validity of the Insolvency and Bankruptcy Code, 2016 or the constitutional validity of the National Company Law Tribunal. The Bench of Chief Justice Dipak Misra and Justices AM Khanwilkar and DY Chandrachud was hearing a petition…
By Australian Associated Press Published: 13:53 AEDT, 25 January 2018 | Updated: 13:53 AEDT, 25 January 2018 e-mail Discount supermarket chain NQR Grocery Clearance Stores has gone into voluntary administration but its 18 Victorian outlets will stay open. Administrators from restructuring and insolvency firm Cor Cordis were appointed on Thursday and said stores would continue…
Carillion placed into liquidation after six-month battle to get on top of its £1.5 billion debt pile. Construction giant employs 19,500 people and is a major government contractor. The government is stepping in to pay Carillion staff working on government contracts. LONDON Crisis-hit construction firm Carillion on Monday announced it is going into liquidation after…
Patrick Jenkins, Financial Editor January 24, 2018 Senior City of London figures have issued an impassioned plea that the collapse of Carillion and the crisis of confidence in public-sector outsourcing it has caused should not spell the end of collaboration between government and business through the private finance initiative. Carillion was put into liquidation last…
Written by Kate McDonald on 24 January 2018. Dose Innovations, which distributes the Rowa automated dispensary and inventory management system from Becton Dickinson (BD) to Australian pharmacies, has called in the administrators. The Brisbane firm, which set up by pharmacist Robert Allen in 2012 and has installed over 100 robotic systems in community pharmacies around…
The Insolvency and Bankruptcy Code (Amendment) Ordinance, 2017, dated 23 November 2017, was promulgated by President RN Kovind to amend the provisions relating to the insolvency resolution process contained in the Insolvency and Bankruptcy Code, 2016. The ordinance has made several amendments in order to bring clarity to the resolution process under the code. Some…