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Business owners are encouraged to carefully assess and conduct due diligence on prospective business partners before entering agreements. Small businesses
According to the petitioner, the purchase order terms required L&T to make payments within 90 days of supply. However, the lawyers contended that payments were not made. They also relied on documentary evidence of purchase orders and correspondence allegedly acknowledging the debt and seeking more time to pay.
The petitioner also placed on record a demand notice under Section 8 of the IBC, issued and served by hand and email on February 25. An affidavit under Section 9(3)(b) affirmed that no reply or notice of dispute had been received from L&T.
Business owners are encouraged to carefully assess and conduct due diligence on prospective business partners before entering agreements. Small businesses can protect themselves by verifying financial health, checking for insolvency or identifying outstanding debts.
Essential checks to protect your business before signing agreements
Entering a new business relationship always involves some level of risk, but performing thorough background checks can significantly reduce uncertainty.
Before committing to any contract or financial agreement, small businesses should verify critical information using trusted resources like ABN Lookup, ASIC registers, insolvency notices, credit reporting…
BTCMining Limited operated a cryptoasset mining business, but customers say they took payments for services they did not receive.
Insolvency Service investigation was the result of complaints made to Action Fraud from people as far away as New Zealand.
The company was subject to a winding up hearing at the High Court in Manchester on 29 April 2025.
A cryptoasset business registered in the UK has been shut down after people from multiple countries said they paid for crypto mining services but did not receive the promised financial returns and were unable to withdraw their assets.
BTCMining Limited claimed to operate a cryptoasset mining business, where customers would pay the company to mine…
The interior design retailer Casa was declared bankrupt in the Netherlands on Tuesday. This follows the company’s bankruptcy in Belgium which was finalized at the beginning of march. Bankruptcy administrator Bart Louwerier has said that the 19 stores in the Netherlands will remain closed on Wednesday, according to De Telegraaf.
The salaries of the 130 Dutch employees throughout the country were not paid on time in March after the company’s bankruptcy in Belgium resulted in the headquarters being closed within a day. This is because unlike Dutch laws, there is no guarantee that Belgian workers will receive any salary in the case of a bankruptcy, which led to the staff at the headquarters staying home. The salaries for April have not…
TORONTO — The clock is ticking down on two deadlines that may determine the fate of Hudson’s Bay.
Anyone interested in buying Canada’s oldest company or assets like the rights to its iconic Stripes brand has until Wednesday at 5 p.m. to submit binding proposals. Those wanting to take on leases held by the 355-year-old department store chain or its sister Saks businesses must make binding bids by Thursday.
Both processes began after Hudson’s Bay filed for creditor protection in March, saying the impacts of the COVID-19 pandemic, reduced downtown traffic and an intensifying tariff war were causing significant financial difficulties.
The now-liquidating company thought putting itself and its leases up for sale would uncover a route…
AI company Anthropic recently added web search to its chatbot Claude. It joins other artificial intelligence tools like Perplexity and ChatGPT in delivering one clear answer to a web search query instead of pages and pages of links. We’ll dig into what that means for consumers and content publishers on today’s Marketplace “Tech Bytes: Week in Review.”
Plus, 23andMe declared bankruptcy. So what’s gonna happen to all that genetic data?
But first — the Signal group chat heard round the world. A Trump administration official appears to have inadvertently invited a journalist into a conversation about sensitive national security issues on the secure messaging app Signal.
The app does offer end-to-end encryption, the gold standard…
Casa’s Dutch shops remained closed on Wednesday morning: the retailer was declared bankrupt on Tuesday, a logical consequence of the earlier bankruptcy of its parent company in Belgium.
‘The staff are appalled’
A month ago, Casa Netherlands’ works council had already filed for bankruptcy because wages had not been paid and shops were no longer being supplied. On that, employees were eventually paid. But now the company itself has filed for bankruptcy, without consulting the works council.
This leads to outrage: ‘The staff are appalled. We…
The construction industry has the highest number of insolvencies across all recorded sectors in England and Wales, a trend which has continued across the past decade.
Picture: Alamy
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Construction sector in England and Wales most affected by company insolvencies #UKhousing
The construction industry has the highest number of insolvencies across all recorded sectors in England and Wales, a trend which has continued across the past decade #UKhousing
The figures from The Insolvency Service for the 12 months up until February, released this week, show 4,046 firms went into insolvency in the construction sector, which marked 17% of cases within all industries recorded in the data.
In a landmark judgment, the Bombay High Court in Nagpur has clarified that a company undergoing insolvency cannot shirk its statutory obligations towards employees.
The Court directed Dalmia Cement (Bharat) to settle over Rs 25 crore in outstanding Employees’ Provident Fund (EPF) dues owed to workers of Murli Industries, a company it had acquired through an approved resolution plan.
Murli Industries, which entered insolvency in April 2017 after proceedings initiated by Edelweiss Asset Reconstruction Company, saw its cement division revived under a resolution plan approved in 2019. The scheme, sanctioned by the National Company Law Tribunal (NCLT), explicitly stipulated that all employee liabilities, including provident…
