The Centre must brace for a surge in fresh corporate bankruptcy filings after the ongoing pandemic-induced freeze lifts by the end of the financial year. The Insolvency and Bankruptcy Code (IBC) was suspended for six months from March last before being extended to December and subsequently for the full financial year. Latest Insolvency and Bankruptcy…
By Wayne Robinson | 10 February 2021 Luke Knights Adelaide sign printer Swift Signs is being liquidated, three months after it went into voluntary administration. Bucked off: Swift Signs in liquidation Swift was hit by a winding-up order from the ATO in October after failing to pay its tax bill, with the order coming on…
Two-thirds of GVP shareholders voted against continuation of the trust in July Associated Capital Group has claimed a vote to liquidate the Gabelli Value Plus+ Trust (GVP) would be short-sighted, as it confirmed it would abstain from voting on whether the trust should be discontinued and, ultimately, liquidated. The GVP board announced on Monday (8…
The decision will provide greater clarity for companies and insolvency practitioners seeking to implement restructuring plans under Part 26A of the Companies Act 2006. A restructuring plan is a new form of restructuring tool introduced in June 2020 by the introduction into law of the Corporate Insolvency and Governance Act. This is only the third…
Two-thirds of GVP shareholders voted against continuation of the trust in July Associated Capital Group has claimed a vote to liquidate the Gabelli Value Plus+ Trust (GVP) would be short-sighted, as it confirmed it would abstain from voting on whether the trust should be discontinued and, ultimately, liquidated. The GVP board announced on Monday (8…
KPMG believes Soar Aviation was insolvent a year before administration Each day, our subscribers are more informed with the right information. SIGN UP to the Australian Aviation magazine for high-quality news and features for just $99.95 per year Read the full article at: https://australianaviation.com.au/2021/02/kpmg-believes-soar-aviation-was-insolvent-a-year-before-administration/
There have been a couple of noteworthy pronouncements by the Supreme Court relating to the Insolvency and Bankruptcy Code 2016. These go to strengthen the Code, which an important measure, meant to prevent insolvency by reviving ailing businesses. The Code however, is not a recovery tool for creditors but a resolution mechanism to breathe life…
Faced with the prospect of dramatic rise in stressed assets of public sector banks (PSBs), about which the RBI warned in its recent report, the government is setting up yet another resolution mechanism. It proposes a bad bank under the ARC (Asset Reconstruction Company) and AMC (Asset Management Company) model in which ARC will aggregate…
A company with close links to John Delaney, and which has been the subject of inquiries by the Office of the Director of Corporate Enforcement (ODCE), is being wound up. John Flynn and Tom Finnan, directors and joint owners of Pillarview, are friends of Delaney, former chief executive of the Football Association of Ireland (FAI).…
Published on :06 Feb, 2021 , 11:47 am The Delhi High Court has issued notice in a petition by India Leprosy Foundation, a public Charitable Trust, against the initiation of insolvency proceedings against Dewan Housing Finance Corporation Limited (DHFL) [India Leprosy Foundation vs RBI]. A Bench of Chief Justice DN Patel and Justice Jyoti Singh…