There have been a couple of noteworthy pronouncements by the Supreme Court relating to the Insolvency and Bankruptcy Code 2016. These go to strengthen the Code, which an important measure, meant to prevent insolvency by reviving ailing businesses. The Code however, is not a recovery tool for creditors but a resolution mechanism to breathe life…
Faced with the prospect of dramatic rise in stressed assets of public sector banks (PSBs), about which the RBI warned in its recent report, the government is setting up yet another resolution mechanism. It proposes a bad bank under the ARC (Asset Reconstruction Company) and AMC (Asset Management Company) model in which ARC will aggregate…
A company with close links to John Delaney, and which has been the subject of inquiries by the Office of the Director of Corporate Enforcement (ODCE), is being wound up. John Flynn and Tom Finnan, directors and joint owners of Pillarview, are friends of Delaney, former chief executive of the Football Association of Ireland (FAI).…
Published on :06 Feb, 2021 , 11:47 am The Delhi High Court has issued notice in a petition by India Leprosy Foundation, a public Charitable Trust, against the initiation of insolvency proceedings against Dewan Housing Finance Corporation Limited (DHFL) [India Leprosy Foundation vs RBI]. A Bench of Chief Justice DN Patel and Justice Jyoti Singh…
Australias largest vehicle transporter Autocare Services has gone into voluntary administration, citing volatile market conditions, declining vehicle volumes and increasing operating costs as reasons. Big Rigs has asked parent company LINX Cargo Care Group for more details on what todays news means for the many truckies with Autocare, and exactly how they are impacted. An…
The Council of Australian Tour Operators (CATO) has acknowledged Tucan Travels contribution to the industry following the UK and Australian-owned companys collapse. The council said in a statement it was devastated to learn that Tucan Travel had been placed into voluntary administration due to the impact of COVID-19. [CATO] would like to acknowledge its 33-year…
Member Article A sting in the tail of the official annual corporate insolvency figures for 2020 could indicate that North East businesses can expect to face challenges in the year to come. Thats the view of Alexandra Withers, North East chair of insolvency and restructuring trade body R3, after the Insolvency Services official figures for…
British and Australian-owned tour operator Tucan Travel has become the latest industry player to succumb to the impact of COVID-19, ceasing to trade with immediate effect. No further bookings are being taken by the company, and customers with existing bookings will not be able to travel as planned, according to a statement on its website.…
Aussie car mover Autocare Services has entered into voluntary administration as volatile market conditions and low sales of new cars put enormous pressure on the businesses’ bottom line. Autocare Services specialise in shore-to-door vehicle delivery, which boils down to storing and distributing new cars to dealers, corporate clients and leasing companies. The business employs almost…
Date: 04.02.2021 Vehicle logistics service feels pinch from car market downturn The company says Covid-19 has also contributed to market volatility Intermodal operator Linx Cargo Care Groups (LCCGs) car-carrying arm, Autocare Services, is placed into voluntary administration. In a statement, LCCG notes the decision to place Autocare Services into voluntary administration was necessary due to…