The Melbourne Star observation wheel is facing a multimillion-dollar debt bill after it was forced to close, becoming the latest high-profile casualty of the COVID-19 pandemic. MB Star Properties Pty Ltd announced earlier this month the company was going into liquidation because travel restrictions and lockdowns had exacerbated financial struggles and made it impossible to…
The official liquidator for the defunct Fund Management Companies (FMCs) will on Thursday, September 23 have an investor class meeting with customers of some defunct FMCs. A statement by the Registrar-General stated that all the creditors of the under listed companies are being invited to a virtual first creditor meeting on the scheduled time for…
While hearing a challenge to the Tribunal Reforms Act, 2021, the Supreme Court came down heavily on the government of India. A bench headed by Chief Justice of India (CJI) N V Ramana observed that National Company Law Tribunals (NCLT), and the National Company Law Appellate Tribunal (NCLAT) are hamstrung by vacancies not being filled…
The Telangana High Court had passed an interim direction suspending the order of National Company Law Tribunals Special Bench of Hyderabad which rejected the Resolution Plan presented by M/s CFM Asset Reconstruction Private Limited. The Resolution Plan was presented in a matter involving Viceroy Hotels Limited and Union Hotels Private Limited. A Bench of Acting…
International Finance Service Centre (IFSC) at Gujarat International Finance Tec (Gift) City, a Special Economic Zone (SEZ), was conceptualised to create an offshore jurisdiction in India. The plan was to capture some of the business that was being carried out in Singapore, Mauritius, Dubai, Hongkong, London and similar centres of global finance. A host of…
The Supreme Court has held that moratorium under provisions of IBC which restrains initiation of any fresh proceedings applies only to the Corporate Debtor but does not protect the promoters TopicsSupreme Court|IBC|Corporate growth The Supreme Court has held that moratorium under provisions of Insolvency and Bankruptcy Code (IBC) which restrains initiation of any fresh proceedings…
Date published: 16 September 2021 Equality screening in regard toThe Corporate Insolvency and Governance Act 2020 (Coronavirus) (Amendment of Schedule 11) Regulations (Northern Ireland) 2021. Read the full article at: https://www.economy-ni.gov.uk/publications/corporate-insolvency-and-governance-act-2020-coronavirus-amendment-schedule-11-regulations-northern
The Supreme Court on Wednesday said that principal object of the Insolvency and Bankruptcy Code (IBC) is revival of corporate debtor and to make it a going concern and every attempt should be made to revive it with liquidation being the last resort. The top court dismissed an appeal filed by an ex-employee of a…
The Supreme Court of India The Supreme Court on Wednesday said that principal object of the Insolvency and Bankruptcy Code (IBC) is revival of corporate debtor and to make it a going concern and every attempt should be made to revive it with liquidation being the last resort. The top court dismissed an appeal filed…
The UK government has announced that temporary restrictions on creditor action introduced in the Corporate Insolvency and Governance Act 2020 are to be phased out. These temporary restrictions were put in place to protect businesses in financial distress, as a result of the coronavirus (COVID-19) pandemic, from being forced into insolvency. The current restrictions on…