Tongaat gets three-month reprieve as state eyes solution for SA’s sugar albatross – News24
Tongaat gets three-month reprieve as state eyes solution for SA’s sugar albatross News24 Read the original article here
No Cookies | The Advertiser
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Fleeing conman’s firm placed in liquidation
A Dunedin businessman who fled the country while subject to an Immigration investigation has now had his business placed in liquidation, owing more than $50,000. Dalliston Dias and his company Level Up Decorators Ltd were repeatedly hauled before the Disputes Tribunal over recent years over substandard or incomplete work. The Otago Daily Times spoke to a string…
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NCLAT reaffirms project-specific insolvency proceedings against realty firms, ETLegalWorld
The National Company Law Appellate Tribunal has reaffirmed that insolvency proceedings initiated by homebuyers against realty firms must remain confined to the specific project where default has occurred and cannot extend to other projects of the corporate debtor. The appellate tribunal highlighted that putting all other projects of the realty firms, which are unrelated to…
Jobs lost East Kilbride Merchant City Distributors Limited collapses
Merchant City Distributors Limited, based in Kelvin Industrial Estate, ceased trading and made all 18 of its employees redundant. The closure follows 25 years in business and has been blamed on “detrimental supply chain issues” that left the company with no viable future. James Stephen and Ben Peterson of BDO have been appointed as joint…
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Creditors to meet after major SA winery fails to find a buyer – Stock Journal
Creditors to meet after major SA winery fails to find a buyer Stock Journal Read the original article here
Faster insolvency process proposed with creditor-led resolution framework
A compact process proposed to speed up insolvency resolution can be initiated only by financial creditors having a combined share of at least 51% in debt, according to the draft regulations floated by the bankruptcy regulator. The defaulting firm in such cases must respond within 30 days to lenders’ notice seeking proceedings under the Creditor-initiated…
NCLT orders insolvency proceedings against Venugopal Dhoot as personal guarantor
New Delhi: The National Company Law Tribunal (NCLT) has directed initiation of insolvency proceedings against Videocon’s former chairman and MD Venugopal Dhoot for defaulting on loans of Rs 6,157.57 crore, as a personal guarantor of two group companies. Admitting a plea from State Bank of India (SBI), NCLT said Venugopal Dhoot has “committed defaults in…