Category Archives: Liquidation

VerSe initiates personal insolvency proceedings against Marathi producer Akshay Bardapurkar, ET LegalWorld

VerSe Innovations Private Limited, a reputed Bangalore-based technology company, formally files the application initiating personal insolvency proceedings under Section 95(1) of the Insolvency and Bankruptcy Code, 2016 against Akshay Bardapurkar, a producer from the Marathi film industry and the face of Planet Marathi, alleging serious financial default and breach of contractual commitments. The matter relates…

Resolution Professional Can File Liquidation Application U/S 33 Of IBC If CIRP Period Expires Without Approved Resolution Plan: NCLAT

The National Company Law Appellate Tribunal (NCLAT) New Delhi bench of Justice Rakesh Kumar Jain (Judicial Member) and Mr. Naresh Salecha (Technical Member) has held that when the extended Corporate Insolvency Resolution Process (CIRP) period has expired and no resolution plan has been approved, it is incumbent upon the Resolution Professional to file an application…

Article: Corporate restructuring and the role of the board in Ghana

As established in the Ghanaian landmark case Salomon v. Salomon , when a company is incorporated, it becomes a separate legal entity with perpetual succession. This means the company continues to exist even if its members or officers leave, due to death or other reasons. However, companies can face challenges and may need assistance to…

Developer of 112 South Auckland units at Wattle Park liquidated, estimated to owe $4.6m

He was referring to American business Arena, which loaned money for Wattle Park. The liquidators said the company owes $3.6m to Kiwibank as the first-ranking mortgagee and $1.09m to Inland Revenue. The IRD debt is unpaid GST on apartment sales, including interest and penalties being charged for outstanding amounts, they noted. Arena is the second-ranking…

Atradius experts: corporate insolvencies on the rise in Europe and Romania

Against the backdrop of global economic instability, the number of insolvencies worldwide recorded a 19% increase in 2024 compared to the previous year, according to the latest Atradius report “Insolvencies normalise, but trade war brings new risks”, published in April 2025. The analysis, covering 29 global markets, highlights a trend toward a return to pre-pandemic levels,…

Promoter behind Timeless Summer Tour and Juicy Fest NZ enters liquidation

79496 Following reports that purchasers of tickets for the cancelled Juicy Fest NZ and Timeless Summer Tours had been frustrated in obtaining ticket refunds, the festival promoter behind the tours has entered liquidation. Juicy Festival Limited, Timeless Events New Zealand and Timeless Events Australia Limited were placed into liquidation as of last Friday, with Blacklock…

Austria on Course for New Record Year of Corporate Bankruptcies

9.04.2025 11:17 (Akt. 9.04.2025 11:17) Österreich ist erneut auf einem Firmenpleiten-Rekordjahr-Kurs. ©Canva (Sujet) Austria is facing its third consecutive year of record insolvencies in 2025. In the first quarter, 1,134 corporate insolvencies were recorded, representing an increase of 3.94 percent compared to the same period in the record… Read the original article here