Corporate insolvencies fell month-on-month and year-on-year in October despite ‘high numbers’ of directors winding down solvent companies before the Budget. The number of corporate insolvencies decreased by 10.4% in October 2024 to a total of 1,747 compared to September’s total of 1,950 and decreased by 23.8% compared to October 2023’s figure of 2,293. Corporate insolvencies…
When Swoop Aero touted a $100 million buyout in 2022, it was meant to signal that the drone delivery startup’s brightest days were ahead. Instead, it marked the beginning of the end. Last Tuesday, the company was placed into liquidation, just a month after co-founder Eric Peck entered the company into voluntary administration, hoping for…
Tuesday, 26 November 2024, 7:02 pmPress Release: SolarZero Today, Tuesday 26 November, 2024 the directors of SolarZero Limited (in liquidation) have requested its senior lenders take enforcement action and appoint the standby servicer, Verofi, as replacement servicer, and that its shareholder appoint a liquidator. SolarZero’s customers will not be affected by today’s announcement. Ahead of…
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File photo. SolarZero directors say the company explored a range of options for a restructure, but were unable to find a viable solution. Photo: lighthunter/123RF Solar power company SolarZero has been put into liquidation, leaving some customers worried about the contracts they have signed with the company. The company – which offers customers solar power…
The NCLAT New Delhi bench of Mr. Justice Ashok Bhushan (Chairperson), Mr. Barun Mitra (Technical Member) and Mr. Arun Baroka (Technical Member) has held that share application money deposited with the corporate debtor cannot be treated as financial debt under section 5(8) of the IBC. In this case, share application money was given for the…
New Delhi: The government is working on an integrated platform for the insolvency ecosystem covering key stakeholders that will also help speed up resolution processes. The Insolvency and Bankruptcy Code (IBC), which came into force in 2016, aims to provide market-linked and time-bound resolution of stressed assets. However, there have been delays in the resolution…
New Delhi: The government is working on an integrated platform for the insolvency ecosystem covering key stakeholders that will also help speed up resolution processes. The Insolvency and Bankruptcy Code (IBC), which came into force in 2016, aims to provide market-linked and time-bound resolution of stressed assets. However, there have been delays in the resolution…
The National Company Law Appellate Tribunal (NCLAT) has dismissed a plea initiated to begin insolvency proceedings against Amazon Wholesale (India). This decision upholds the earlier ruling by the National Company Law Tribunal (NCLT), which had denied the insolvency request submitted by Multiplier Brand Solutions. Multiplier Brand Solutions claimed a default of Rs 3.7 crore…
Alex Wong/Getty Images News Xiaodi Hou, the co-founder and former chief executive of TuSimple (OTC:TSPH) has sent a letter to the board, asking for immediate liquidation of the self-driving trucking company. Hou, who is the largest shareholder of the company, said it has been disappointing to Read the original article here