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Introduction The corporate insolvency landscaped a significant judicial pronouncement when the National Company Law Tribunal (NCLT) Mumbai adjudicated several interim
It had been hampered by increasing running and material costs
It had traded from Acton Grove in Long Eaton and started in the 1950s(Image: Google)
A more-than-65-year-old business with a “rich history” has entered liquidation and made all of its staff redundant after years of financial decline.
CBS Engineering and Heat Treatment, which had traded from Acton Grove in Long Eaton and had been a mainstay of East Midlands engineering since the 1950s, appointed liquidators on Wednesday, November 19.
The company, spanning three generations, had provided industrial heat treatment and precision engineering services to other businesses.
However, CBS ceased trading on October 17, with 15 employees made redundant as a result of its closure.
Tesla CEO Elon Musk believes there’s an answer to bringing down the U.S.’s $38 trillion national debt: artificial intelligence.
“I think, actually, the only thing that can solve for the debt situation is AI and robotics,” Musk said in a podcast interview published Sunday with billionaire investor Nikhil Kamath. He believes it “probably would cause significant deflation.”
“Currently the U.S. debt is insanely high and the interest payments on the debt exceed the entire military budget of the United States, just the interest payments,” Musk said, adding it’s set to increase in the short-term, in line with projections from fiscal policy experts.
Many companies, particularly in the tech sector, are spending billions on AI technology, but there…
Opinion: Damien Grant isn’t normally the one making the case that the government needs to take more in tax. The liquidator and libertarian-minded columnist at the Sunday Star Times more typically wants what libertarians generally want – a government that spends less and that can let each of us keep more of our own money.
Companies collect GST on their sales and remit the money to the government. They also pay income taxes on behalf of their employees – PAYE.
A company that starts failing may remain optimistic about turning things around and may decide to short Inland Revenue rather than employees or suppliers. Raiding collected taxes such as GST and PAYE rather…
Hugh Wallace, the architect and the longest-serving judge on RTÉ’s Home of the Year, has died aged 68.
Wallace co-founded the Douglas Wallace Consultants, one of Ireland’s best-known architecture firms, and fronted Home of the Year since it first aired in 2015. He also presented The Great House Revival and My Bungalow Bliss for RTÉ.
In a statement, Wallace’s family said that he passed away suddenly at home on Sunday night, and his husband, Martin Corbett, asked for privacy at this time.
“It is with deep sadness and shock that we announce our beloved friend and client, architect, Hugh Wallace, RIAI passed away suddenly at home last night,” the statement read.
“Hugh was a director and co-founder of architecture firm,…
Baker Tilly Insolvency PLT said claims of impropriety or manipulation in its role as liquidator in the winding-up of Mines Waterfront Business Park Sdn Bhd are ‘baseless’. (MWBP pic)
PETALING JAYA:
Baker Tilly Insolvency PLT has rejected allegations of impropriety or manipulation in its role as liquidator in the winding-up of Mines Waterfront Business Park Sdn Bhd, calling the claims “baseless”.
Baker Tilly stressed that the liquidation of MWBP is a direct consequence of the creditors of the company enforcing their legal rights.
It said the directors and shareholders of MWBP had been fully aware throughout that the firm’s outstanding indebtedness, including amounts owed to a secured lender, was significantly higher than the…
The United States’ new ambassador to Singapore has come under fire for his remarks defending the 10 per cent tariff on the city state by framing it as the US seeking help from a friend after it had played an important role in Singapore’s economic miracle.
Orthopaedic surgeon Anjani Sinha, who officially started his tenure on November 17, told government-funded local media outlet The Straits Times that the US was asking friends such as Singapore to help President Donald Trump “rebalance” and restore “fairness” to the international trading system through tariffs.
Sinha reportedly said: “Over many decades, American taxpayers and service members have underwritten regional security, playing an important role in making…
Appellate tribunal NCLAT has rejected a plea against Voltas, which sought to initiate insolvency proceedings against the Tata Group firm by one of its operational creditors.
A two-member NCLAT bench has upheld the earlier orders of the Mumbai-bench of the National Company Law Tribunal (NCLT), which had on May 27, 2025 rejected the petition on the grounds of a pre-existing dispute.
NCLAT upheld the findings of NCLT, saying it “has committed no mistake” in finding that the email chain between appellant Air Wave Technocrafts and Voltas “reflects ongoing disputes” regarding work certification, amounts, and supporting documentation.
“We see no reason to take a different view in the matter from that of the Adjudicating Authority (NCLT) in…
The corporate insolvency landscaped a significant judicial pronouncement when the National Company Law Tribunal (NCLT) Mumbai adjudicated several interim applications concerning unpaid salary dues and financial claims by former employees of Indo Global Soft Solutions and Technologies Pvt. Ltd. This case illuminates critical aspects of the Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code (IBC), particularly emphasizing the paramount importance of adhering to statutory timelines and the consequences of delayed claim submissions.
Case Details and Parties
The proceedings involved applications filed under Section 60(5) of the IBC against Mr. Ravi Sethia, who served as the appointed…
