It was quite uncertain as to whether the preference of an Appeal under Sec.37 of the Arbitration and Conciliation Act, 1996 against the dismissal of the objection under Sec.34 would amount to an existence of dispute which debars initiation of Corporate Insolvency Process under Sec.9(1) of the I & B Code, and equally unclear about…
Almost 100 jobs have been lost after a Dundee electrical and mechanical contracting firm collapsed. Provisional liquidator Johnston Carmichael are understood to have been brought into Scottish Electric Group (SEG) on Monday, but the bank holiday meant their formal appointment as administrators was delayed. The Courier understands that SEG, based at Dundee Technology Park, has…
Embattled gold junior Pamodzi Gold on Tuesday advised shareholders that a final liquidation order was granted against the company in the North Gauteng High Court in Pretoria. Pamodzi said last month that it would not oppose the liquidation application lodged against the company by the Industrial Development Corporation. The company owes the IDC more than…
David Koch explains how to pick a policy that’s right for you The companies operated tours across Australia, including to the Northern Territory. Picture: iStock HUNDREDS of holiday-makers have had their travel dreams dashed and may be thousands of dollars out of pocket with the collapse of two popular tour group operators. M J Reed…
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,…
Mumbai, August 30: Consumption demand, going forward, is likely to remain robust on the back of expected normal south-west monsoon and possible implementation of the Seventh Central Pay Commission at the State level, apart from the gathering pace of remonetisation, according to Reserve Bank of Indias latest annual report. Further, the thrust of the Union…
Related Story: ACCC takes training company to court over alleged misleading conduct Defunct company Get Qualified Australia has been ordered to pay $8 million after it was found to have contravened Australian Consumer Law through misleading and unconscionable conduct. The Federal Court issued the penalty one of the highest ever awarded…
By Andy Mukherjee If the very first resolution of corporate debt distress by India’s national company law tribunal is any indication, lenders should probably just write off their bad loans. With a recovery rate of 6 percent, why even jostle to get on creditor committees or pay fat legal bills? That’s the uncharitable conclusion to…
The fall out continues after the shock announcement by Western Downs based construction company Ostwald Brothers that they have been placed into Voluntary Administration. After the announcement was made yesterday, all staff were stood down for 48 hours while the administrators, Price Waterhouse Coopers who have been called in to take over the running of…
ONE of Dalby’s largest employers Ostwald Bros., announced this morning they are placing themselves into voluntary administration. In a statement this morning, Managing Director, Brendand Ostwald said a “downturn in mining and infrastructure” lead to the decision. “It is with deep regret we announce, we are placing Ostwald Bros Group and Ostwald Construction Materials into…