Insolvency Guardian Media Centre
A Management Consultant who secured two Covid Bounce Back Loans – totalling £80,000 – having twice significantly overstated his company’s turnover has been disqualified for 11 years.
Romain McLean was the sole director of RMC Associates Limited, registered at Kingston Road in Wimbledon. He applied for a £30,000 Covid Bounce Back loan for his business in May 2020, when it was only entitled to around £12,000.
An Insolvency Service investigation found that he had overstated the turnover of his company by more than £100,000 to secure the initial loan.
In an interview during the investigation, Mr McLean admitted exaggerating his turnover to secure the loan, stating that he ‘just wanted to get as much money as he…
Read the original article here
Gensol Engineering insolvency: NCLT admits Ireda’s plea on ₹510 crore default Mint
Read the original article here
On May 7, the Securities Appellate Tribunal (SAT) refused to stay SEBI’s interim order. The Appellate Tribunal directed Gensol to file its reply to the interim order passed by SEBI and further directed the markets regulator to pass a final order within four weeks of hearing Gensol.
On May 28, NCLT ordered for freezing of bank and demat accounts, restrained trading of securities and directed asset disclosures of Gensol Engineering and 16 other companies and their promoters.
The Tribunal further admitted the petition filed by the Central government through the Ministry of Corporate Affairs (MCA) against Gensol and its associated entities under Sections 241, 242, 246 read with Section 339 of the Companies Act, 2013, citing grave violations…
Read the original article here
Workers at JCT Ltd, one of Punjab’s oldest textile manufacturers, have welcomed the National Company Law Tribunal’s (NCLT) decision to initiate the Corporate Insolvency Resolution Process (CIRP) against the debt-ridden company.
The ruling, issued by the Chandigarh bench of the Tribunal on Tuesday, marks a significant shift in the company’s management and raises hopes for long-awaited financial and operational stability.
The Tribunal’s order removes executive authority from the existing management, including Chairman and Managing Director Samir Thapar and Full-Time Director Mukulika Sinha. Control of the company has been handed over to an interim resolution professional (IRP), who will oversee daily operations and…
Read the original article here
The Ahmedabad bench of the National Company Law Tribunal on Friday admitted Gensol Engineering Ltd. into insolvency on a plea filed by the Indian Renewable Energy Development Agency Ltd.
While the company has formally entered the corporate insolvency resolution process, an interim resolution professional is likely to be selected from the Insolvency and Bankruptcy Board of India panel.
(This is a developing story).
Read the original article here
You don’t have permission to access “http://www.business-standard.com/industry/news/gensol-engineering-insolvency-nclt-ireda-cirp-125061300420_1.html” on this server.
Reference #18.8f58d617.1749797058.12e8fd74
https://errors.edgesuite.net/18.8f58d617.1749797058.12e8fd74
Read the original article here
1. StepChange Debt Charity
-
Offers confidential debt advice and free, personalised plans to manage repayments or even pause payments if needed.
-
Visit stepchange.org, external or call 0800 138 1111
-
They can help with things like credit card debt, missed rent, or loan stress — especially if it’s keeping you up at night.
2. Citizens Advice
-
Your local Citizens Advice Bureau can help with a wide range of issues — from benefit checks and energy bill support to housing and legal rights.
-
They also offer face-to-face appointments or web chat at citizensadvice.org.uk, external.
-
For example, many people don’t realise they could be eligible for Universal Credit top-ups even if they’re working.
3. Turn2us
-
A brilliant website where you can:
-
Check if you’re…
Read the original article here
Kellton Tech Solutions Adjusts Evaluation Amid Strong Debt Management and Growth Challenges MarketsMojo
Read the original article here
Australian company The Shoe Group has expressed interest in a possible acquisition of Wittner and has entered into a period of exclusivity with the voluntary administrators.
The Shoe Group’s chairman Ian Unwin said the business felt excited about the opportunity to bring Wittner into the group.
“It is a brand with a proud legacy and strong customer following, and we look forward to supporting its continued success,” Unwin said.
Deloitte Turnaround and Restructuring partner and transaction lead Daniel Demir said the proposed sale would…
Read the original article here
What increases your total loan balance? AOL.com
Read the original article here
Environmental Protection Authority tips fast-track-listed Energy Farms into liquidation BusinessDesk | NZ
Read the original article here
Warner Bros. Is Close to Winning Support for Debt Overhaul Bloomberg.com