Darwin Platform Infrastructure Limited vs Union Bank of India, Company Appeal (AT) (Insolvency) No. 2012-2013 of 2024 & I.A. No. 7544 of 2024

The Companies (Corporate Governance, Enforcement and Regulatory Provisions) Act 2024 (2024 Act) partially comes into force on 3 December 2024 under a recently published commencement order (Commencement Order).

The Act amends the Companies Act 2014 (2014 Act), introducing enhancements in corporate governance, company law administration, enforcement and supervision, and corporate insolvency. This article focuses on the insolvency-related provisions of the Act, highlighting key changes and their implications for companies and other affected parties.

Liquidators

Under section 683 of the 2014 Act, a liquidator must apply for the restriction of each director of an insolvent company. The 2024 Act clarifies that the…

HTF MI just released the Global Debt Settlement Market Study, a comprehensive analysis of the market that spans more than 143+ pages and describes the product and industry scope as well as the market prognosis and status for 2025-2032. The marketization process is being accelerated by the market study’s segmentation by important regions. The market is currently expanding its reach.

Major Giants in Debt Settlement Market are:

National Debt Relief, Freedom Debt Relief, ClearOne Advantage, New Era Debt Solutions, Accredited Debt Relief, Pacific Debt, CuraDebt, Guardian Debt Relief, Countrywide Debt Relief, Century Support Services, McCarthy Law PLC, Americor, Debt Rx, Liberty Debt Relief, Oak View Law…

Background

The High Court, presided over by Chief Insolvency and Companies Court Judge Briggs, recently delivered a judgment in the case of The Official Receiver, acting as liquidator for Wifime Limited (in liquidation), against Azam Iqbal Haq. The case involved allegations of breach of statutory duties by Mr Haq, who was the sole director of Wifime Limited when it entered insolvent liquidation.

The Company and Its Financial Difficulties

Wifime Limited, incorporated in 2013, provided technology services, primarily to the UK education sector. Despite initial growth, the company began defaulting on its tax liabilities in 2014. By November 2016, the company ceased trading, and a winding-up petition was presented by HMRC due to unpaid taxes….

Flau’jae Johnson has been an LSU Tiger, an NCAA Champion, a rapper, a business major, and a prolific endorser—but being financially stable has become a similarly important part of her identity.

As March Madness tips off, Johnson is using her sports marketing partnership with credit firm Experian to help fans get there as well. She’ll appear in five ads for the company touting its commitment to wipe out $5 million in consumer debt in LSU’s home state of Louisiana and erase another $100,000 each time the Tigers win a game in the NCAA women’s tournament—capped at $500,000 even if they win it all, as they did in 2023 during Johnson’s freshman…

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Reference #18.529c3e17.1741609800.354ab1

https://errors.edgesuite.net/18.529c3e17.1741609800.354ab1

This week’s TGIF considers the recent decision of the Federal Court of Australia in Patel v Pleash [2025] FCA 77 which held that a proposed administrator must take reasonable steps to be satisfied as to the basis of their appointment before accepting an appointment.