Insolvency Guardian Media Centre
On 6 December 2024, ASIC released its updated Regulatory Guide RG 217 ‘Duty to prevent insolvent trading: Guide for directors’ (RG 217). The updated guidelines replace the previous version which was released in August 2020.
Most notably, RG 217 now contains detailed guidance from ASIC on how directors may be able to protect themselves from civil liability for insolvent trading by establishing a ‘safe harbour’ in accordance with section 588GA of the Corporations Act 2001 (Cth) (Corporations Act).
Other notable changes to RG 217 include:
- Guidance from ASIC on when a holding company may be liable for insolvent trading by a subsidiary (including the circumstances in which a holding company will not be liable by reason of…
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The future of the plant, which is owned within a fund managed by Aviva Investors on behalf of public and private pension fund investors, has been thrown into question since redundancies at the site were announced in November.
In a letter received by vice-chair of the Docks Incinerator Action Group (DIAG) and Plaid Cymru Councillor Dennis Clarke, Aviva outlined the plant’s liquidation process.
The company stated: “A liquidator has now been appointed by the fund to manage the corporate vehicle containing the Barry biomass plant.
“This means that authority for decision making has now passed from Aviva Investors to the liquidator.
“The liquidator is legally obliged to act in the best interests of the fund (the…
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Customers complained they did not receive the kitchens they had paid deposits for to Smart Choice Kitchens Limited and Empire Kitchens and Bathrooms Limited
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A phoenix company, Connect Kitchens Limited, was suspected of being set up to continue the same operation
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The three companies, connected by a shared director, were shut down in court following investigations by the Insolvency Service
A group of linked kitchen design and fitting companies based in Manchester have been shut down after taking upfront payments from more than 20 customers for products they did not provide.
Smart Choice Kitchens Limited, Empire Kitchens and Bathrooms Limited, and Connect Kitchens Limited were all wound-up at a hearing of the High Court in Manchester on…
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In a bid to provide relief to homebuyers, the Insolvency and Bankruptcy Board of India (IBBI) has allowed resolution professionals (RP) to hand over possession of plots, flats, or buildings to homebuyers while the resolution process is still ongoing.
Through amending ‘Insolvency Resolution Process for Corporate Persons’ regulations, the IBBI has allowed the RP to hand over the possession of property to home buyers, after obtaining approval of the committee of creditors (COC) and upon fulfilment of all obligations by the homeowner, an official release said on Tuesday.
Experts say these changes, being specifically aimed at the real estate sector resolution, would not only increase the resolution rate and maximise returns, but also…
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Significantly more company bankruptcies in Switzerland
Keystone-SDA
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An adviser probing the alleged accounting fraud at Indonesian agritech company eFishery recommended that investors make a decision on whether to liquidate or restructure the company as soon as this month, in light of the rapid unraveling of the high-profile startup, according to a document reviewed by Bloomberg News.
In a few weeks, shareholders should vote on whether to wind down, restructure, or sell the company entirely or partially, according to a letter of engagement from FTI Consulting Singapore Pte, the adviser hired by eFishery’s board. Meanwhile, a trade union organized by staff is pushing for the company to cancel mass job-cut plans and resume its business.
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Significantly more company bankruptcies in Switzerland
Keystone-SDA
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Two former pilots of SpiceJet Ltd have approached the Delhi bench of the National Company Law Tribunal (NCLT), seeking to declare the airline bankrupt over unpaid dues totalling ₹3 crore.
The petition, alleging that the no-frills airline failed to pay salary arrears, deferred payments, final settlements, allowances, and overtime dues, adds to SpiceJet’s ongoing litigations in the NCLT, the Delhi high court, and the Supreme Court over other unpaid dues.
Filed by former captains Sameer Breja and Karan Gupta, who joined SpiceJet as first officers in 2011 and were promoted to captains in 2016, the plea claims that the airline owes them ₹1.21…
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Indian buyers who wait for their homes for years after a developer goes bankrupt have a reason to hope: they can now get their properties even as the case winds through courts.
The Insolvency and Bankruptcy Board of India (IBBI) has amended its regulations, allowing administrators of bankrupt real estate companies to hand over plots, apartments or buildings to owners even while the debt resolution process is still on.
Owners, however, must have met the terms of their purchase contract and will need two-thirds of the lenders to the insolvent builder to agree, the IBBI said on Tuesday. “Thus, the distressed homebuyers would not have to wait for long periods in order to…
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Jakarta. Trade Minister Budi Santoso has denied that the recent ministerial regulation on import relaxations had caused the downfall of Indonesia’s textile giant Sri Rejeki Isman (Sritex).
The Semarang commercial court recently declared Sritex bankrupt, thus potentially causing 50,000 people to lose their jobs. Earlier this year, then-Trade Minister Zulkifli Hasan issued a ministerial regulation on amendments that eased Indonesia’s import curbs.
According to media reports, Sritex president commissioner Iwan Setiawan Lukminto admitted that the said trade rules on import relaxations had dealt a fatal blow to the textile industry, including the company itself. The Industry Ministry even blamed Indonesia’s…
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