FTI noted the company failed the cash-flow test since it generated no income and it also failed the balance sheet test because it was in a negative net asset position. Unless Nevhouse receives a standstill from its creditors and has a reasonable prospect to pay these creditors, Nevhouse is insolvent, the draft report said. Nevhouse…
The government has announced it intends to make temporary amendments to the effects of corporate insolvency and governance legislation for an additional year. The government laid the regulations out on 11 February 2021 in Parliament ahead of the power expiring on 30 April 2021. Additionally, the government has also announced that companies and other qualifying…
Laura Theophilus (42), from Cambridge, was the sole director of CIS UK PAY Limited. Incorporated in February 2012, the company provided combined office administrative services. The company was VAT registered shortly after its incorporation and Laura Theophilus submitted VAT returns for five consecutive quarters from January 2017 to January 2018, paying just over 273,000. In…
McNally Sayaji Engineering, an unlisted subsidiary of the Khaitain family-run McNally Bharat Engineering, is facing corporate insolvency proceedings. The insolvency process was admitted after ICICI Bank, a financial creditor, moved to the National Company Law Tribunal (NCLT). McNally Sayaji was granted loans by ICICI Bank to the tune of 50 crore. Nearly half of the…
On 12 February 2021, the Supreme Court of South Australia handed down its penalty decision that Peter Ivan Macks liquidator registration be suspended for a period of three years, commencing on a date yet to be fixed. Mr Macks suspension will begin when His Honour Justice Doyle hands down final orders. Pursuant to the decision,…
By Wayne Robinson | 17 February 2021 The administrators at one of Melbournes major large format print businesses, Magnify Media, has pulled the plug, with the company set for liquidation after racking up debts approaching $5m. Magnify liquidated: John Duplock The business operated by well-known industry identity John Duplock has been under administration since Christmas…
Guest comment: Expected surge in Covid-19 insolvencies may mask true health of DB landscape Despite several recent high-profile corporate failures, and some of the most challenging operating circumstances imaginable for many companies throughout 2020, insolvencies in the UK have remained relatively subdued. This is widely expected to change once the government support measures introduced in…
Vancouver, British Columbia–(Newsfile Corp. – February 16, 2021) – North American Nickel Inc. (TSXV: NAN) (OTCBB: WSCRF) (CUSIP: 65704T 108) (the “Company” or “NAN“) is pleased to announce that Premium Nickel Resources (“PNR“) has been selected as the preferred bidder for the Botswana nickel-copper-cobalt (Ni-Cu-Co) assets, currently in liquidation, and formerly operated by BCL Limited.…
The ruling highlighted the potential for a group of different lease creditors to be grouped together to vote on a scheme of arrangement or restructuring plan proposed by a tenant company and which could have the effect that the landlords are forced to accept revised lease arrangements on less favourable terms. The High Court case…
Jet Airways, the Indian carrier that has been grounded since April 2019, has posted a net loss ofRs28.4 billion ($391 million) for the 2019-20 fiscal year ended 31 March 2020. This compares to a loss of Rs55.4 billion in the same period during FY2018-19. The carrier also reported a total income of Rs3.5 billion for…