Insolvency Guardian Media Centre
Northvolt, the Swedish electric vehicle battery startup, has filed for bankruptcy in Sweden, marking the end of a company once seen as Europe’s best hope of challenging the dominant Asian battery industry.
The company said in a statement it had been unable to “secure the necessary financial conditions to continue in its current form” in Sweden.
After the bankruptcy filing, a court-appointed trustee will oversee the sale of Northvolt’s business and assets while settling its outstanding debts.
The company’s 5,000 employees now face an uncertain future, and Northvolt said it would work closely with authorities and trade unions to give workers support and information.
The Swedish bankruptcy filing follows months of crisis at the…
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New Delhi: Billionaire Gautam Adani’s group and FMCG major Patanjali Ayurveda are among 26 companies that have shown interest in acquiring debt-laden Jaiprakash Associates Limited (JAL), which is currently undergoing insolvency proceedings.
Jaiprakash Associates, a key player in sectors like real estate, cement manufacturing, hospitality, and engineering & construction, was admitted into the Corporate Insolvency Resolution Process by the National Company Law Tribunal (NCLT), Allahabad Bench, on June 3, 2024.
The proceedings were initiated after the company defaulted on repayment of massive loans.
According to a stock exchange filing, companies such as Adani Enterprises, Torrent Group, Jindal Power, Dalmia Cement,…
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PAEDOPHILE Gary Glitter is bankrupt after dodging a huge compensation payout to one of his victims.
The shamed pop singer, 80, refused to pay £508,000 in damages, as part of a High Court order given last June, to a woman he raped when she was 12.
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The woman’s lawyers have now officially claimed the money after an enforcement notice was issued, leaving the former singer bankrupt, as reported…
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People often say that success should make you humble because failure can lead stars to do things they later regret. Many dream of becoming famous, and one such actor was Mirza Abbas Ali. He worked hard and became popular in the ’90s, even acting with Aishwarya Rai Bachchan. But his fame didn’t last. He got carried away with success, which led to his downfall and ended his acting career.
Life in New Zealand After Bankruptcy
According to a report by DNA, Mirza is currently living a quiet life in New Zealand. After going bankrupt, he reportedly worked as a toilet cleaner and taxi driver. Once a well-known actor, Mirza had worked with stars like Mammootty, Aishwarya Rai Bachchan, and Tabu. He gained fame after his debut film and spent…
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Nicholas Cooper Freshfields
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Simbhaoli Sugars Faces Financial Defaults Amid Insolvency Proceedings TipRanks
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Simbhaoli Sugars Discloses Loan Defaults Amid Insolvency Proceedings TipRanks
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COMPANIES in Singapore were forced to wind-up in record numbers last year, as compulsory liquidations in the city-state soared.
As many as 307 firms were shuttered in 2024, up from 201 the previous year, according to the Ministry of Law. That’s the highest since 2010, the earliest data provided. In January, 38 companies were wound up.
Singapore expects growth to come in at 1 to 3 per cent this year, down from 4.4 per cent in 2024. Bloomberg Economics expects Singapore’s sharp rebound in 2024 to falter this year given it is one of the most trade-exposed economies in the region, making it vulnerable to the rise in protectionism. BLOOMBERG
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Pooling orders allow the debts and claims of multiple insolvent companies to be grouped together and treated as one. This enables the liquidator to conduct a single liquidation instead of several separate ones. The rationale behind this is it minimises costs in administrating the liquidation and enhances the distribution of payments to priority creditors, especially when the insolvent companies are part of a complex corporate structure.
The regime for the grant of a pooling order under section 579E(1) of the Corporations Act 2001 (Cth) (‘Act’) requires at least one of four conditions or ‘gateways’ under section 579E(1)(b) must be satisfied for the Court to consider whether the pooling order is ‘just and…
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The 43-year-old company behind Australia’s first dial-up modem is close to a final shutdown after its Nasdaq-listed owner filed for bankruptcy less than a year after a last-ditch acquisition saved it from the scrapheap.
NetComm Wireless was once a well-known star of the local technology industry and powered most of the country’s internet connections in the early 1990s. Over the past decade, however, the modem and router maker has fallen in relevance and its market share has shrunk.
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New Delhi, April 6 (SocialNews.XYZ) Billionaire Gautam Adani’s group and FMCG major Patanjali Ayurveda are among 26 companies that have shown interest in acquiring debt-laden Jaiprakash Associates Limited (JAL), which is currently undergoing insolvency proceedings.
Jaiprakash Associates, a key player in sectors like real estate, cement manufacturing, hospitality, and engineering & construction, was admitted into the Corporate Insolvency Resolution Process by the National Company Law Tribunal (NCLT), Allahabad Bench, on June 3, 2024.
The proceedings were initiated after the company defaulted on repayment of massive…