THERE will be deep concerns in many communities after news yesterday that Darling Downs civil construction company Ostwald Bros has had to call in administrators PriceWaterhouseCoopers. The decision to go into voluntary administration has put nearly 500 jobs at risk. Over the past 27 years the family-owned and operated company has been a major employer…
A HOME care service which provides 300 hours of work per week across Clydebank has gone into liquidation leaving an uncertain future for its 80 staff. M&J Care provides around 27 full care packages with a number of smaller packages being offered to residents throughout the West Dunbartonshire area. However, in an unusual step, the…
GEELONG based transport company Transtex Logistics PTY LTD has been placed into liquidation, notifying all drivers of the change Sunday afternoon. The liquidation was today confirmed by Romanis Cant Chartered Accountants who were appointed to liquidate the overnight delivery company. A notice to employees, allegedly sent via text message informed drivers that they…
A DARLING Downs civil construction company has gone into voluntary administration, putting nearly 500 jobs at risk. Dalby-based Ostwald Bros made the announcement this morning after it handed the reins to administrators PriceWaterhouseCoopers. It is understood the decision was mainly based on the company’s ongoing contractual disputes with Nexus Infrastructure and works on the Toowoomba…
Hemant Mishra/Mint The corporate insolvency and resolution process (CIRP) initiated against Jaypee Infratech Ltd under the Insolvency and Bankruptcy Code, 2016, has triggered an amendment in the insolvency code itself. Earlier, the code did not include homebuyers of under-construction projects as creditors under any category. However, according to the amendment carried out on 16 August,…
In a recent National Company Law Appellate Tribunal (NCLAT) ruling of Neelkanth Township and Construction Pvt. Ltd. v. Urban Infrastructure Trustees Ltd.[1] (11.08.2017), several issues with regard to the Insolvency and Bankruptcy Code, 2016[2] (IBC) were discussed. One of the issues for consideration before the NCLAT was whether the application under Section 7 of the…
Homebuyers in Delhi-NCR are preferring ready to move flats in the wake of recent developments in which thousands of investors were not handed over their units by the builders. While more than 32000 investors are facing uncertainty following Jaypee Infratech becoming bankrupt, the process for corporate insolvency resolution under the insolvency and bankruptcy code is…
Bad loans have now increased by 135 per cent from Rs. 2, 61,843 crores in the last two years. A non-performing asset, or merely NPA, is well-defined as a credit facility for which the interest or the instalment of principal or both, has remained overdue for a specified period of time. In other words, an…
Two businesses connected to David J. Brown, the startup founder ousted from ad tech startup Ve Interactive, have gone into liquidation with hundreds of thousands of pounds owed to staff and HMRC. The two firms are boutique shop Clerkenwell London, and high-end furniture maker Tree Couture. Their insolvency marks the continued unravelling of Browns business…
The insolvency proceedings launched against Jaypee Infratech (JIL) have left over 30,000 people who invested in apartments spread across 27 projects of the real estate firm standing on shaky ground. This vulnerability stems from the fact that homebuyers figure very low in the creditors order for payment of dues under the Insolvency Code. Once the…