From December 1, 2016 till the end of September last year, total 4,008 CIRPs (Corporate Insolvency Resolution Processes) have commenced under the IBC. The ground seems to be ready to experiment new options for resolution of stress and the market is anticipating a hybrid framework between a court-supervised insolvency framework and an out-of-court restructuring schemes,…
Biopac India Corporation announced that the National Company Law Tribunal (NCLT), Ahmedabad Bench has passed an order on 04 December 2020 for liquidation of the Company under Section 33 of the Insolvency and Bankruptcy Code, 2016. In view of the above, the company has request to stop trading of the company’s shares on BSE. Powered…
What are the main Jersey insolvency procedures for a Jersey company? What is the effect of commencement of Jersey insolvency procedures? What are the powers of the liquidators or the viscount? What transactions can be set aside? How are assets distributed on a creditors’ winding up or dsastre? Insolvency and Jersey trusts Insolvency and Jersey…
2020 marked a retail apocalypse with many major retailers across the country forced to close their doors amid economic pain spurred on by the pandemic and a changing retail space. MOSAIC SHUTS HUNDREDS OF STORES A major retailer to be hit in 2020 was Mosaic Brands, which owns well-known fashion outlets including Rivers, Katies, Rockmans,…
With 2020 coming to an end we look back on the articles that had our Facebook followers clicking that comment, like and share button. When it comes to The Chronicle articles, there were some that were made to be shared on social media. The Chronicle Facebook page has more than 68,000 followers and with that…
A training college for China Southern Airlines pilots operating from Perth’s Jandakot Airport has gone into voluntary liquidation, with more than 60 local staff losing their jobs. Key points: The training college for China Southern Airlines had employed 62 local staff A liquidator hopes to sell the college’s 37 planes and Merredin Airport The Wheatbelt…
Theres a sizable gap between what a company is worth in liquidation and what its worth while still operating, according to University of California at Berkeleys Amir Kermani and Chicago Booths Yueran Ma. Companies going through Chapter 11 restructuring are worth about twice as much when they are going concerns rather than liquidated, they write.…
Advertisement: Two of Australias big aviation stories in 2020 were the collapse of Virgin Australia and the grounding of Qantas international fleet. Both happened earlier in the year. One of the stories has played out. But the other still has some while to go. Virgin Australian collapsed and Qantas grounded its international fleet in 2020.…
High-profile construction group, Ganellen, placed one of its companies into administration last week, midway through a court battle over defects and only days after it was fined over the worksite death of a young apprentice. The Ganellen construction group was founded in 1998 by building magnate-turned-television star Peter Maneas. One of its entities traded for…
A national insolvency firm has announced the launch of its dedicated Asia desk, designed to provide Australian-Asian businesses with specialised advice and expertise. Jirsch Sutherland has launched the Asia Desk, which comprises a multinational team of high-calibre insolvency, restructure and recovery specialists who have a strong knowledge of both local and Asian business cultures, practices…