The interests of banks, financial institutions and other lenders and recovery of loans advanced by them is at the heart of the insolvency framework introduced by the Insolvency and Bankruptcy Code, 2016 (code). Although the code has been brought into being to protect the interests of the lenders, no lender wants a transaction to enter…
Under the Insolvency and Bankruptcy Code, 2016, the corporate insolvency resolution process (CIRP) can be initiated by an operational creditor if there is no dispute in relation to the default on the part of the corporate debtor. Abhishek DuttaAureus Law Partners The application filed with the National Tribunal (NCLT) must be preceded, under section 8,…
The judgment came on an appeal by Ruchi Soyas suspended director Vijay Kumar Jain. (File/Reuters) The Supreme Court on Thursday held that the suspended board of directors of a company undergoing insolvency proceedings and its operational creditors must be given all the documents of a resolution plan (RP) as their say in the repayment of…
Weak consumer demand, pressure on household budgets and a range of economic uncertainties have all contributed to a ten per cent year-on-year rise in corporate insolvencies across the UK. New figures from the Insolvency Service have revealed that, excluding bulk insolvencies, 16,090 businesses entered insolvency in 2018, the highest recorded annual figure since 2014. And…
Pretoria High Court acting judge, Nante Diedericks handed down the judgement even though Daniel claimed that the business could be rescued. Diedericks gave interested parties until July 11 to show cause as to why the order should not be made final.During the period between the granting of a provisional and final order, notice of the…
Australian makeup retailer Napoleon Perdis has fallen into voluntary administration, appointing administrators Simon Catho, Chris Cook and Ivan Glavas of Worrells Solvency Accountants. The retailers directors have been trying to sell the business for several months, but hope to do so through the administration process, or that the brand will be restructured. The brand is…
The National Company Law Tribunal (NCLT) has asked to initiate insolvency proceedings against real estate firm Emaar MGF Land after two home buyers filed petition against the company for a huge delay in delivery of their housing units. Admitting the pleas of two of its home buyers, a two member bench headed by NCLT President…
AUSTRALIAN cosmetics empire Napoleon Perdis Group has gone into voluntary administration, putting jobs and 56 local stores at risk. This includes stores in Joondalup, Hillarys, Midland, Booroogoon, Cockburn and Rockingham. Company directors had been trying to find a buyer for months. The struggling brand was created in 1995 by Australian makeup artist Napoleon Perdis, who…
The new FE insolvency regime is designed to improve the sustainability of the FE sector, says Stephanie Mason, who explains what colleges need to know On 31 January 2019 the further education insolvency regime comes into force, meaning that for the first time it will be possible for colleges to fail and be placed into…
A DALBY business has been left $1.6million out of pocket after the French government-owned company, Areva Solar KCP, went into liquidation weeks after it was ordered by a Supreme Court to pay hundreds of thousands of dollars. Father and son duo Hermes and Steven Speziali own the family business Nortask and were embroiled in a…