The court applied the principles outlined in the 1990 case of Guinness v Saunders rather than the more recent decision in Global v Hale in finding that the directors had acted in breach of their fiduciary duty to act in the best interest of the creditors. They misapplied the company’s assets for their own benefit…
India is on the cusp of a major shift in its recovery, insolvency, and bankruptcy jurisprudence post introduction of Insolvency and Bankruptcy Code 2016 (hereafter, the Code). Several well established concepts are being challenged and at the same time, new concepts are being evolved. For instance, it is a well-known principle of law that every…
The Publican Group business was quietly placed into voluntary administration at the end of last year, after selling off all of its assets to Australian Venue Co. The Australian Securities and Investments Commission published that Richard Albarran, Cameron Shaw and Carl Huxtable of Chadwick Hall were appointed as administrators of the Publican Group in mid-December.…
To further ease the insolvency and bankruptcy process and streamline the acquisition of stressed assets, Union Finance Minister Arun Jaitley may do away with no-objection certificates required for asset transfers. This comes under Section 281 of the Income-Tax Act, and it will be waived for transactions between companies under insolvency…
MUMBAI: Essar Steel promoters Shashi and Ravi Ruia are working toward setting up a consortium to bid for the company that’s in the midst of bankruptcy proceedings at the National Company Law Tribunal (NCLT), said several people aware of the matter. However, the move is expected to come under scrutiny as a recent amendment to…
A British company that is part of a P3 agreement with the Saskatchewan government to build and maintain a new hospital in North Battleford has gone into liquidation. In a statement released Monday, Carillion PLC, which employs more than 6,000 people in Canada, said it had no choice but to liquidate. It has been struggling…
Carillion Collapse: What To Know About Its Liquidation | Fortune What You Need To Know About the Collapse of Carillion, a U.K. Construction Giant Search Read the full article at: http://fortune.com/2018/01/15/what-you-need-to-know-about-the-collapse-of-carillion-a-u-k-construction-giant/
David Birne, insolvency partner at chartered accountants H W Fisher & Company said in a statement that it is extremely unusual for a company of Carillion’s size to opt for liquidation rather than administration. “It suggests there is little, if anything, of value within the company to be saved. Almost every big insolvency in…
The UKs Pension Protection Fund (PPF) is preparing to take on pension schemes linked to UK construction company Carillion, which entered liquidation this morning. The companys management were in talks with lenders and stakeholders over the weekend in a bid to save the company, but these failed. Carillion had a combined debt of more than…
Image copyright Google Image caption Carillion has a base in Belfast’s Titanic Quarter Northern Ireland staff working for the construction firm, Carillion, are meeting union representatives after it was announced it is to be liquidated. Carillion is the second biggest construction company in the UK and its liquidation is threatening thousands of jobs. It is…