It took just minutes for surprise laws to be introduced to Parliament and pass both houses giving the state government the power to place the Whyalla Steelworks into administration.

This deft procedure was necessary to not alarm GFG Alliance owner and billionaire industrialist Sanjeev Gupta to the government’s long-awaited action on the struggling steel plant.

The law changes were “surgical”, Premier Peter Malinauskas said, and offers the workers of the steelworks and the broader Whyalla community “certainty”.

But it’s a move that’s likely without precedent and precedes the announcement of what the Premier has described as “one of the most comprehensive industry support packages that this nation has ever seen”.

This…

The global financial crisis has pushed many businesses into a state of instability. When companies are struggling with difficult choices, Deloitte Legal can assist with suggesting options to help recovery, such as restructuring outside of insolvency proceedings, a structured sale or provide assistance with judicial insolvency proceedings. We work with companies in distress as well as potential buyers, shareholders and directors, creditors and insolvency administrators.

Deloitte Legal insolvency practices bring years of experience in working with third parties such as bankers, lawyers, insolvency courts, credit insurers and public authorities. Deloitte Legal works together with colleagues who have specialised skills in…

The Insolvency and Bankruptcy Code, 2016 (IBC) was enacted to streamline corporate insolvency resolution, liquidation, and debt restructuring, while ensuring a time-bound process that adequately balances the interests of creditors and debtors.

The National Company Law Tribunal (NCLT) serves as the primary adjudicating authority for corporate insolvency cases, while the National Company Law Appellate Tribunal (NCLAT) hears appeals against NCLT orders, playing a crucial role in refining insolvency jurisprudence.

This case digest is Part 2 of landmark NCLT…

The High Court on Wednesday mandated the winding up of Physical Health Centre (TST) Limited, a subsidiary of the now-defunct gym chain Physical, following a liquidation petition filed by Link Asset Management Limited, a property management company. 

The order was issued after the subsidiary’s representative failed to attend the hearing.

Master Maurice Lam Chak-ming delivered the ruling based on the tenancy agreement, but details surrounding the case remain undisclosed, as the liquidation petition documents are currently not available for public viewing.

Since Physical’s closure in September of last year, its branches in Shatin Citylink Plaza and Kowloon Bay Telford Plaza have faced claims from…

The TOI correspondent from London: Fugitive Indian businessman Vijay Mallya’s barrister told a London court that the banks pursuing Mallya are “acting in bad faith” and not being transparent as he made a failed attempt to adjourn Mallya’s appeal hearing against his bankruptcy order in the London high court on the first day of its hearing on Tuesday.
Alastair Tomson, representing Mallya, told the court that Mallya’s writ petition in the high court of Karnataka on Feb 5 could “soon” lead to “new evidence” relevant to whether the bankruptcy order should ever have been made and applied for the appeal hearing to be adjourned.
Judge Sir Anthony Mann dismissed the adjournment application on the spot, questioning how long a case…

CALIFORNIA — Nearly all Joann fabric and craft stores in California are liquidating their inventory and closing following the company’s bankruptcy news — and big sales are expected.

According to the retailer’s online store locator, 61 of California’s 75 Joann locations are now labeled “liquidation stores.”

The remaining 14 stores in Clovis, Covina, El Cajon, Laguna Niguel, La Habra, Los Angeles, Modesto, National City, Rancho Cucamonga, Roseville, San Jose, Santa Maria, Thousand Oaks and Visalia appear to have survived the company’s mass brick-and-mortar shutdown.

As part of the ongoing Chapter 11 bankruptcy restructuring process announced earlier this year, Hudson, Ohio-based Joann said Friday that it received court approval to begin…