A notice in the London Gazette explained Loughton Tyres, had appointed liquidators earlier this month. Based in the Loughton Seedbed Centre on Langston Road they have been serving the community since 1987. The firm has appointed liquidators after entering Members Voluntary Liquidation (MVL), the notice said. MVL is the formal process entered into to wind…
Corporate guarantee liability is “financial debt” under IBC: Supreme Court Bar and Bench Read the original article here
The Commercial Court of Pointe-à-Pitre has ordered the judicial liquidation of Air Antilles. The ruling was handed down on Monday, April 27. It explains the rejection of the takeover bids submitted since the company was placed under receivership on February 2. “During the observation period, the administrator concluded that it was impossible to present a…
A family-owned Australian mattress manufacturer has collapsed into voluntary administration after 126 years in business in what has been described as a “sad day for the industry”. Peter Lucas and Damien Lau, from P.A Lucas & Co, have been appointed joint administrators of the A.H. Beard, according to a published notice. The Daily Telegraph reports…
Born Clothing, an Irish retail chain, is set to shutter 15 stores after provisional liquidators were appointed to oversee the closure of the business. According to Irish broadcaster RTE, the High Court made the appointment after a hearing in which the retailer’s struggles with mounting debt, pandemic impact, minimum wage increases, and high business rates…
The Supreme Court on Tuesday held that liabilities arising from corporate guarantees fall within the definition of “financial debt” under the Insolvency and Bankruptcy Code (IBC), 2016 and lenders enforcing such guarantees are entitled to be treated as financial creditors. [State Bank of India v. Doha Bank] A Bench of Justices PS Narasimha and Alok…
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In a significant verdict, the Supreme Court on Tuesday ruled that liabilities arising from corporate guarantees squarely constitute ”financial debt” under the Insolvency and Bankruptcy Code (IBC). A bench comprising justices P S Narasimha and Alok Aradhe upheld the validity and enforceability of corporate guarantees and recognised a consortium of banks led by State Bank…
US-based Air T will become the new owner of Regional Express Holdings after a second meeting of creditors voted in favour of a deed of company arrangement to keep the airline’s regional operations in the air. Creditors met via videolink this afternoon and voted in favour of the deal, which is expected to see REX…
A family-owned Australian mattress manufacturer has collapsed into voluntary administration. A family-owned Australian mattress manufacturer has collapsed into voluntary administration after 126 years in business in what has been described as a “sad day for the industry”. Peter Lucas and Damien Lau, from P.A Lucas & Co, have been appointed joint administrators of the A.H.…