Ola Electric share price slumped by almost 4% during Monday’s trading session after Rosmerta Digital Services Ltd, its vehicle registration service provider, announced on Saturday that it intends to initiate insolvency proceedings against its wholly-owned subsidiary, Ola Electric Technologies Pvt Ltd.

In a regulatory submission, the company announced that M/s. Rosmerta Digital Services Ltd, which is an operational creditor of Ola Electric Technologies Pvt Ltd, has filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC).

The petition has been presented to the Bengaluru Bench of the National Company Law Tribunal, claiming that there has been a default in payments owed for services provided by the operational…

The shares of Ola Electric Mobility are expected to be in focus on Monday, March 17, after the company informed that a petition has been filed against its wholly-owned subsidiary, Ola Electric Technologies by M/s. Rosmerta Digital Services.

The petition was submitted by Rosmerta Digital, which is an operational creditor of Ola, before the National Company Law Tribunal (NCLT), Bengaluru Bench. The creditor has alleged payment defaults for services rendered and has sought the initiation of a Corporate Insolvency Resolution Process (CIRP) against Ola Electric Technologies.

“We wish to inform you that a petition has been filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (“IBC”) by M/s. Rosmerta Digital Services Limited, an…

Richard Balfour-Lynn, the property and wine mogul, has been made bankrupt after failing to pay millions of pounds in compensation to investors over a stock market scandal at the former owner of Liberty, the luxury retailer.

Balfour-Lynn, 71, said he did not “have the means to pay the high levels of compensation” ordered by the Takeover Panel last year over the “deceit and wrongdoing” it found at MWB Group, the former listed company that he ran and which failed in 2012.

Ten men, including Balfour-Lynn, were involved in “a web of sham transactions and false trails stretching across many jurisdictions”, the panel said. The aim was to disguise the fact that three MWB managers and outside investors acting together had pushed…

The dust is still settling from SunPower’s collapse, and it’s still not clear how bankruptcy proceedings will impact the company’s ability to serve its remaining customers. However, SunPower isn’t the first solar company to go bankrupt, so there is precedent we can study. 

In the meantime, here are some steps you can take if you find yourself with an “orphaned” solar energy system. 

Review all your contracts and warranties

Understanding the fine print in your paperwork may answer some of your questions right off the bat, but more importantly, it will empower you during this transition. Another company will likely assume responsibility for your warranty, contract, and financing agreements, so it’s best to know what you’re…

Cherri Global operated out of the Hawke’s Bay and Otago regions, growing and distributing cherries for the domestic and international markets.

The liquidators noted that so far they only had access to financial reports for the year ended March 31, 2024 but they had requested copies of the companies’ bank statements for the two-year period prior to liquidation from their bank and had access to Xero reports.

Based on the report, Cherri Global has approximately 22 unsecured creditors owed $12,685,420 at the date of liquidation.

Cherri Holdings has approximately six unsecured creditors owed the largest part of the sum, $24,916,478, and Cherri Machinery has approximately four unsecured creditors oweed…