ET Bureau| Feb 01, 2018, 12.23 AM IST Under Section 29A of the Insolvency and Bankruptcy Code promoters of any defaulting company are ineligible to be a resolution applicant. NEW DELHI: The government is considering amending the Insolvency and Bankruptcy Code (IBC) to allow a person who acquires an insolvent asset that has a subsidiary…
Dr M.S. Sahoo, chairperson of Insolvency and Bankruptcy Board of India. Photo: Indranil Bhoumik/Mint New Delhi: Insolvency resolution process seeks to ensure that a company exists and the intention is not to sell it in pieces, Insolvency and Bankruptcy Board of India (IBBI) chairperson M.S. Sahoo said on Wednesday as he asserted that liquidation is…
The Jersey arm of the UK’s second-largest construction company is being plunged into liquidation after buckling under a £200 million debt pile. The English domiciled Carillion PLC went into liquidation in 15 January 2018. Jersey law firm Carey Olsen have been appointed as the liquidators. They appeared in the Royal Court on Friday 26 January.…
Image: Shutterstock The nervousness amongst the taxpayers from the Budget 2018 must have belied by now, but at the same time many hopes and expectations remain unfulfilled. But isnt that the case with all the post Budget euphoria. Or is it a case of unreasonable expectations? Two such cases are that of companies undergoing…
The Jersey arm of the UK’s second-largest construction company is being plunged into liquidation after buckling under a £200 million debt pile. The English domiciled Carillion PLC went into liquidation in 15 January 2018. Appointed to advise, a partner in offshore law firm, Carey Olsen, then appeared in the Royal Court of Jersey on Friday…
OSBORNE Park builder Choice Living Homes has entered voluntary administration. Building Commissioner Ken Bowron temporarily suspended its building contractor registration last week because of concerns about its financial position and late yesterday announced it had voluntary agreed to external administration. Richard Lawrence from Hall Chadwick has been appointed as the administrator of the company, which…
Related Story: ‘Unusual’ trial against Linc Energy over alleged contamination in Queensland Linc Energy was aware it was causing environmental damage to parts of Queensland’s Western Downs, but allowed operations to continue, a District Court jury has heard. The gas company has pleaded not guilty to five counts of causing serious…
THE company overseeing The Outdoor Furniture Specialists chain has gone into administration amid increasingly tough times for the retail sector. The Brisbane-based company is the head franchisor for 46 stores across Australia and claims to be the largest specialist outdoor furniture retailer in the country. Franchise store operators contacted yesterday said they were continuing to…
The Australian government’s proposed director identification number is just one weapon in the war against company phoenixing. By Michelle Lindsay In December 2013, Australian designer jeans label Ksubi was placed into receivership after 13 years in business, putting around 60 employees out of work. While on the surface this was simply a story of…
FTI Consulting, administrators of ailing Australian etailer Surfstitch, has released an update of the second creditors meeting, where the fate of the company will ultimately be decided. In a statement to the market, the administrators stated the creditors will determine the future of the company and the outcome of the voluntary administration at the meeting.…