However, those commitments required Redflow to match the government funding on offer, and attempts to raise equity support did not bear fruit, Redflow said last week (23 August). “In the absence of such support, the Directors believe that Redflow is unable to continue as a going concern and have no option but to place the…
The NCLAT Bench of Justice Rakesh Kumar Jain, Member (Judicial) and Arun Baroka, Member (Technical) has held that the dispute regarding payment of GST dues is not a “pre-existing dispute” between the parties that would preclude the initiation of Corporate Insolvency Resolution Process (CIRP) under Section 9 of the Insolvency & Bankruptcy Code, 2016 (IBC).…
Cambria Africa eyes AIM delisting as it plots liquidation of assets MSN Read the original article here
New Delhi, Aug 27 (KNN) The Insolvency and Bankruptcy Board of India (IBBI) has put forward a significant amendment to corporate insolvency regulations, specifically targeting support for micro, small, and medium enterprises (MSMEs). This move comes as part of ongoing efforts to streamline the insolvency resolution process and create a more inclusive environment for smaller…
Corporate insolvencies decreased by 7.3 per cent in England and Wales in July 2024 to a total of 2,191 compared to June’s total of 2,363 and increased by 15.9 per cent compared to July 2023’s figure of 1,890. Corporate insolvencies increased by 8.9 per cent from July 2022’s total of 2,012 and increased by 52.2…
Restructuring and insolvency laws are adapting with more innovative approaches toward bankruptcy case management. here we look at developments and analysis from three major jurisdictions China’s bankruptcy law system moves toward maturity It took 12 years to bring China’s Enterprise Bankruptcy Law into existence, with it finally being enacted on 1 June 2007. On 16…
Shuang Yun Holdings Limited (HK:1706) has released an update. Shuang Yun Holdings Limited has announced that trading of its shares remains suspended as the company works to comply with the resumption guidance issued by the Stock Exchange. The Group has ceased operations following the court-ordered liquidation of its subsidiaries and is in the process of…
The Supreme Court recently in Bharti Airtel Limited and Anr. v. Vijay Kumar Iyer and Ors[1] [“Bharti Airtel Judgement”] has settled the issue on the applicability of the principle of setoff under Insolvency and Bankruptcy Code, 2016 [“IBC”]. The Division bench of Supreme Court of India comprising of Justice Sanjiv Khanna and Justice S.K.V Bhatti…
By Freddy Pawle For Daily Mail Australia Published: 13:53 AEST, 27 August 2024 | Updated: 13:53 AEST, 27 August 2024 A sports tour company has collapsed owing more than $3million, leaving young cricketers and coaches out of pocket for overseas trips. Calypso Destinations was placed into administration in April after the company collapsed under the…
A selection of Kester Black nail polishes from a December 2023 campaign. Source: Facebook/Kester Black. Investors in cosmetics brand Kester Black say they were only told of the company’s financial hardships weeks after it entered voluntary administration, surprising those who contributed to its $2.1 million equity crowdfunding raise three years ago. The ethical beauty label…