Stay informed with the latest in insolvency news and industry updates. We can keep you up to date with insolvency and finance information from around the world.
Several notable operators, including Scott’s Refrigerated Logistics, have collapsed in recent years. Photo: Scott's Mounting financial pressure is pushing more
One of Australia's largest environmental not-for-profits, Planet Ark Environmental Foundation, has been placed into administration by its governing board.The long-time
The plea filed by invoice discounters of a Reliance Retail-backed company has sought admission of Dunzo into the Corporate Insolvency Resolution Process (CIRP). The matter was first listed for pronouncement on April 4, but the NCLT had then also said it had not been able to finalise the order. It was subsequently relisted for April 28 (Monday).
However, on April 28, the Tribunal stated that it required three more days to complete the order. On May 1, the matter was again listed, but the coram reiterated that the delay was due to time constraints.
During the hearing, lawyers appearing in the matter asked whether the Tribunal required any further clarification or assistance. It responded that the delay was purely due to their inability to…
When a company becomes financially distressed, directors are often required to act quickly and decisively. However, directors may at the same time find themselves held back by the requirements of the Corporations Act 2001 (Cth) (the “Corporations Act”) or their company constitution.
Whilst it is not unusual for financially distressed companies to grapple with matters of corporate governance, issues present where these matters permeate the ability of directors to appoint a voluntary administrator, or call into question the validity of such an appointment. Critically, directors of financially distressed companies may be unable to assemble the necessary quorum to pass a resolution to appoint a…
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The National Company Law Appellate Tribunal (NCLAT) on Thursday dismissed an appeal filed by Drilltech Engineers challenging the National Company Law Tribunal (NCLT) Chandigarh Bench’s rejection of its insolvency plea against real estate major DLF.
A coram of Chairperson Justice Ashok Bhushan and comprising Technical Members Barun Mitra and Arun Baroka held that the existence of a “pre-existing dispute” barred the initiation of insolvency proceedings under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC).
“There is a lot of communication exchanged between the two parties indicating pre-existing dispute, which cannot be ignored and which cannot be said to be moonshine or spurious,” the NCLAT said, adding that such…
[HONG KONG] China Evergrande Group chairman Hui Ka Yan plans to refuse disclosing details of his assets, its liquidators said, likely complicating efforts to wind up the defaulted builder to pay back creditors.
Hui expressed his intention in an Apr 23 response to the court, a lawyer representing the liquidators said in a Tuesday (Apr 29) hearing at the Hong Kong High Court. Hui’s lawyer, who was at the hearing, did not push back on the liquidator’s statement.
While the liquidators argued for the earliest date possible for the hearing to resume, Hui’s lawyer asked the court for more time given that the case is “complex” and “sensitive”. The judge said the hearing on Hui’s case will not be held before Jun 30.
Moneyhub, a leading UK data and analytics platform, has today announced an extension of their partnership with Experian, the global data and technology company, to introduce the innovative Credit Dashboard. This tool is designed to empower consumers with effective debt management solutions, enabling them to navigate financial challenges with greater ease and confidence.
This collaboration offers practical and personalised financial solutions for millions of consumers facing debt issues. It also complements Experian’s recent integration of ReFi to offer consumers affordable debt consolidation options, further enhancing the suite of tools available to tackle problem debt.
Several notable operators, including Scott’s Refrigerated Logistics, have collapsed in recent years. Photo: Scott’s
Mounting financial pressure is pushing more Australian transport and logistics operators to the brink, as insolvencies in the sector accelerate, says a leading business recovery and insolvency firm.
Jirsch Sutherland said a combination of rising costs, labour shortages, regulatory burdens and falling asset values is driving more businesses to restructure or wind down.
The latest ASIC data reveals a sharp upward trend in insolvencies within Australia’s transport, postal and warehousing sector. They rose from 196 in 2021-2022 to 347 in 2022-2023, and 495 in 2023-2024 – a 153 per cent increase in just two years.
One of Australia’s largest environmental not-for-profits, Planet Ark Environmental Foundation, has been placed into administration by its governing board.
The long-time environment and recycling advocacy group was put into voluntary administration after a board review of the organisation’s “financial position and future viability”.
Planet Ark has been advocating for recycling across Australia since 1991.
One of Australia’s largest environmental not-for-profits, Planet Ark Environmental Foundation, has been placed into administration by its governing board. (Planet Ark)
“Voluntary administration provides an opportunity for an independent assessment of the organisation’s affairs and to explore potential options for restructuring that will…
Jon Adgemis is bunking down in a Bondi apartment owned by billionaire fund manager Will Vicars, as he battles the threat of bankruptcy and the eviction of his family from a house in Sydney’s wealthy eastern suburbs.
Adgemis, a former KPMG dealmaker turned pub owner, lost a key court battle last week against Monaco-based rag trader Richard Gazal, which threatens to bankrupt him. The two men are in dispute over money Adgemis owes to Gazal, now $26 million including interest.
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