This paradigm shifted with the introduction of the IBC, which provided a much-needed mechanism to address insolvency issues in a time-bound and efficient manner. Passed in May 2016, it has played a transformative role in the Indian economy. At the time of its enactment, we were grappling with a twin balance sheet crisis, where banks’…
1. In Commercial Tax Department v. Teena Saraswant Pandey, (Company Appeal (AT) (Ins.) No. 1265 of 2022), the NCLAT observed that commercial tax department could not be treated as ‘secured creditor’ in relation to the taxes owed by the corporate debtor under Madhya Pradesh VAT Act, 2002 (“MPVAT”). To arrive at the conclusion, NCLAT relied on…
Guernsey-registered GBG Insurance Ltd was placed into administration by the Royal Court last December, pre-empting the collapse of the US-headquartered Global Benefits Group earlier this year. Audited accounts showed that the business was in good health but directors discovered that declared assets representing more than $70m. did not exist. Efforts were made during 2023 to…
Liquidator gives first glimpse of SolarZero’s collapse BusinessDesk Read the original article here
Christchurch-based Aether Pacific Pharmaceuticals (APP) is facing liquidation with creditors owed nearly NZ$9 million. The company formerly known as Medical Kiwi, which operates a cultivation facility and a clinical network, called in administrators last month after hitting financial difficulties. The Press reports the firm’s liabilities include $63,000 owed to staff in wages and holiday pay,…
To use this website, cookies must be enabled in your browser. To enable cookies, follow the instructions for your browser below. Facebook App: Open links in External Browser There is a specific issue with the Facebook in-app browser intermittently making requests to websites without cookies that had previously been set. This appears to be a…
Trade creditors with security are owed $3.1m. There are 598 unsecured creditors who are owed just over $34.9m. This includes $4.1m owing to trade creditors and $24.4m in intercompany payables. “At this stage, it is unknown if there will be any funds available to make payment to unsecured creditors,” the report said. AdvertisementAdvertise with NZME.…
A beloved Las Vegas liquidation store has opened a new location. Nellis Outlet, the second location of Nellis Auction, opened Nov. 29 inside the Meadows Mall at 4000 Meadows Lane. The liquidation stores buy and resell returned items from places such as Amazon at highly discounted rates. The store is open from Friday to Tuesday,…
Liquidator’s report shows SolarZero creditors are owed $40 million Stuff Read the original article here
CHPT3, the cycling clothing brand founded by former pro racer David Millar, has entered liquidation and ceased trading with immediate effect. The brand’s website now just displays a statement communicating the news, the notice saying that Wilson Field Limited has been instructed to assist in the liquidation and CHPT3 has “now ceased to trade”. It…