New Delhi: The high-level panel tasked with identifying issues in implementation of the insolvency law has sought suggestions from stakeholders as the government works on ways to iron out practical difficulties. The first meeting of the 14-member Insolvency Law Committee, chaired by Corporate Affairs Secretary Injeti Srinivas, was held on 8 December, where the panel…
Sub-contractors affected by a prominent local building companys financial woes appear set to receive some monetary relief. An administrator at the time estimated that the company owed between $4 million and $6 million of creditors. More than 200 creditors are reportedly affected. However, the building contractor will emerge from administration after having secured the support of creditors earlier this week…
Sub-contractors affected by a prominent local building companys financial woes appear set to receive some monetary relief. Edwards Constructions (NSW) Pty Ltd – which was building the new Bellambi Bunnings – went into administration in October. An administrator at the time estimated that the company owed between $4 million and $6 million of creditors. More than 200 creditors are reportedly affected. …
Credit: NBN National Broadband Network (NBN) retail service provider (RSP), Tellnet, has been placed into liquidation owing $330,000 to secured and unsecured creditors. Tellnet registered with the Australian Securities and Investments Commission (ASIC) in August 2013. It offers NBN plans for both business and personal use. For business users, Tellnet also offers a full range…
Credit: NBN National Broadband Network (NBN) retail service provider (RSP), Tellnet, has been placed into liquidation owing $330,000 to secured and unsecured creditors. Tellnet registered with the Australian Securities and Investments Commission (ASIC) in August 2013. It offers NBN plans for both business and personal use. For business users, Tellnet also offers a full range…
The government may remove the blanket ban on corporate guarantors of failed businesses bidding for stressed assets during the resolution process as it seeks to soften some of the rigidities in a recent ordinance amending the Insolvency and Bankruptcy Code (IBC). It may also create a carveout for smaller insolvent firms to allow their promoters…
Sherri Parker Chapman and Susan Parker are launching Southern Estate Liquidations, a revolutionary estate liquidation company. Southern Estate Liquidations will be pioneering the way for estate owners across the Southeast with its finger is on the pulse of the most aggressive buyers and sellers. This cutting edge company is ready to revolutionize the “Mom and…
Manoj K Singh The Insolvency and Bankruptcy Code (IBC), 2016, has been enacted to reorganise and provide for the insolvency resolution of corporate persons, partnership firms and individuals in a time bound manner inter alia for maximisation of value of assets. The Corporate Debtors, Operational Creditors, Financial Creditors, Insolvency Professionals and other persons involved in the…
TNN | Dec 13, 2017, 04:00 IST The Chennai bench of the NCLT (National Company Law Tribunal) has dismissed as “withdrawn” the corporate insolvency resolution process against Trivitron Healthcare, a leading medical devices maker, under IBC (Insolvency and Bankruptcy Code), following its compromise with RNB Design Arc Systems. RNB initiated insolvency proceedings against Trivitron in…
Almost 5000 companies were reported to the corporate regulator for insolvent trading in 2017 and high cash burn or inadequate cash flow was the main reason for corporate death. Regulator ASICs 2016-2017 insolvency report found administrators reported 4878 cases of insolvent trading. The next two major forms of misconduct were not undertaking director duties carefully…