The Supreme Court on Friday affirmed the Central governments November 15, 2019 notification which enabled financial institutions to proceed against the promoters in their capacity as personal guarantors of the defaulting corporate debtor. The court ruling will clear the decks for creditors to recover the remaining debt from personal guarantors after the conclusion of the…
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The Supreme Court on Friday upheld the constitutionality of the Centre’s November 15, 2019, notification that had allowed financial institutions to pursue proceedings against personal guarantors, commonly promoters, of stressed companies facing insolvency. The apex court’s order will clear the decks for lenders to recover their remaining debt from personal guarantors following the conclusion of…
The former operator of swim school franchise Jump Loops, which operated a number of local outlets, has been fined $23m for falsely telling franchisees they would be up and running within 12 months. However the fine is unlikely to be paid, with the business now in liquidation. The federal Court has found Jump Loops promised…
The former chief executive of failed van Eyk Research has been charged with four counts of dishonestly using his position within the firm for personal advantage. Mark Thomas appeared in Downing Centre Local Court earlier this week, facing several allegations from ASIC. Thomas was chief executive of van Eyk – and its largest shareholder –…
The sources said NBCC’s bid was found to be non-compliant with certain provisions of the insolvency law. On Wednesday, construction firm NBCC and Suraksha group submitted their final resolution plans to acquire Jaypee Infratech Ltd (JIL) in the fourth round of corporate insolvency resolution process. The sources said that a virtual meeting of the Committee…
The collapse of construction and property company, Pindan Group, which has gone into administration owing up to $100-million to workers, subcontractors and creditors mainly in WA shows the urgent need for statutory trusts and security of payment laws for the construction industry. This is according to the CFMEU Construction & General union, which has called…
Mr Joyce said the pandemic had hurt Qantas far more than any other local company, estimating the airline, which has received JobKeeper, has lost an estimated $16 billion in revenue since the outbreak of COVID-19. Slowly turning the corner Qantas is aiming to reduce its cost base by $1 billion a year, and Mr Joyce…
A new framework will be introduced for the cooperation between the courts of Hong Kong and Mainland China on cross-border corporate insolvency. The Secretary for Justice, Ms Teresa Cheng SC, and Vice-president of the Supreme Peoples Court (SPC), Mr Yang Wanming, signed a Record of Meeting in Shenzhen on 14 May 2021 to signify the…
The companies have also improved their offers, which were submitted to the Committee of Creditors (CoC) on Tuesday. Construction firm NBCC submitted its bid just before midnight while Mumbai-based realty firm Suraksha submitted its resolution plan on Tuesday afternoon, sources said. The deadline to submit the bids was Tuesday. A meeting of the CoC will…