Months after struggling to secure a firm source of funding and of watching its shares lose value on an almost daily basis, the people behind Canoo decided Friday to park the EV venture, flat tires and all and filed for Chapter 7 bankruptcy. Since it’s not a reorganization or Chapter 11 bankruptcy filed…
Employees at the Oriel Hotel were reportedly told yesterday (January 17) that the venue had closed due to the firm going into liquidation. The Journal made attempts to contact the hotel, and received a recorded message stating the “hotel is now closed due to the company being in liquidation”. A hotel since the 1960s, the property was…
Aussie building company collapse leaves homeowners out-of-pocket MSN Read the original article here
Summary On 23 March 2020, the Federal Parliament passed the Coronavirus Economic Response Package Omnibus Bill 2020 (the COVID Act). The COVID Act received Royal Assent on 24 March 2020 which amended, amongst other things, the Corporations Act 2001, the Bankruptcy Act 1966 and the Bankruptcy Regulations 1996 to temporarily release directors from a risk…
Stacey Steele* The Singapore Government introduced temporary measures to relieve officers from new wrongful trading provisions as part of its response to COVID-19 in April 2020. The provisions establishing liability for wrongful trading are set out in the Insolvency, Restructuring and Dissolution Act 2018 (Singapore) (the “IRDA”) – which is yet to become effective. Singapore’s…
Mathew Gashi Maddocks Read the original article here
Real world: ‘Jim, we’re in bad nick’ as insolvencies rise The Australian Read the original article here
In short: More small businesses are choosing to close because of falling profits during the cost-of-living crisis but their numbers aren’t included in insolvency figures What’s next? The federal government and Reserve Bank have been asked to consider small operators as they continue to fight inflation Jessica Bailey has a strong record of conquering challenges in the…
The National Company Law Tribunal (NCLT), has ordered the liquidation of M/s Tulip Hotels Private Limited under the Insolvency and Bankruptcy Code (IBC), 2016. The decision comes after the failure of the Corporate Insolvency Resolution Process (CIRP) to yield a resolution plan within the prescribed timeline. The CIRP for Tulip Hotels began on May 16,…
Saturday, 18 January 2025, 7:41 pmArticle: RNZ Lucy Xia A liquidator’s initial report into an insolvent Auckland-based labour hire company – Prolink NZ – has estimated that the company owes about $4.01 million to creditors. The company remains the centre of a major investigation by Immigration New Zealand (INZ) that commenced as early as September…