Insolvency Guardian Media Centre
The National Company Law Tribunal (NCLT) Kolkata bench comprising Justice Bidisha Banerjee (Judicial Member) and Shri Balraj Joshi (Technical Member) has held that an application under Section 95(1) of the Insolvency and Bankruptcy Code (IBC) for initiating insolvency proceedings against a personal guarantor is not maintainable before the NCLT if no Corporate Insolvency Resolution Process (CIRP) or liquidation proceeding has been initiated or is pending against the Corporate Debtor.
Background Facts:
The Resolution Professional and the Financial Creditor preferred the application to seek initiation of Insolvency Process against the Respondent Personal Guarantor to Corporate Debtor under Section 99 and Section 95(1) of IBC…
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St. Louis-born Galera Therapeutics sidesteps liquidation, acquires New York biotech company The Business Journals
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Sporting hardware giant T&R Sports, also known as T&R International, has entered liquidation, and the remaining stock is going up for auction. You’d normally have to fork out tens or even hundreds of dollars to purchase sporting items from the company, but you’ll be able to score a bargain at these sales.
The company reportedly owed around $7 million to creditors and $4.5 million to customers. Lloyds Auctions is handling the sale of all the sporting equipment and hardware, and sales will be conducted in Sydney, Melbourne and Brisbane.
“This is the shortest time frame Lloyds have ever had to…
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Student debt is a crippling challenge with borrowers owing a staggering $1.7 trillion nationwide. In Connecticut, residents hold an estimated $18 billion of that share, according to the Education Data Initiative.
Borrowers burdened by the challenges of high student loan debt could find relief through a new $6 million state program launched Jan. 1. The program could help a small number of those residents get up to $5,000 a year, for up to four years.
As of Jan. 2, the state already received 345 applications through the online database, according to a statement from the Connecticut Office of Higher Education.
The state assistance, which is backed by national pandemic relief dollars, comes as the…
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German eVTOL
manufacturer Volocopter has announced it is restructuring as it looks for investments to continue building its VoloCity air taxi. The company was due to enter the market by the end of this year with an electric aircraft that can link urban centers and airports.
Business as usual
Volocopter GmbH, which was founded in 2011, confirmed it has filed an application for the opening of insolvency proceedings at the Karlsruhe Local Court on December 26th, 2024. The Karlsruhe Local Court began the provisional insolvency administration the following day and appointed Tobias Wahl as administrator. According to the company, it will continue operating for the foreseeable…
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Retirees big losers as China crushes cobalt producer The Australian
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Student debt is a crippling challenge with borrowers owing a staggering $1.7 trillion nationwide. In Connecticut, residents hold an estimated $18 billion of that share, according to the Education Data Initiative.
Borrowers burdened by the challenges of high student loan debt could find relief through a new $6 million state program launched Jan. 1. The program could help a small number of those residents get up to $5,000 a year, for up to four years.
As of Jan. 2, the state already received 345 applications through the online database, according to a statement from the Connecticut Office of Higher Education.
The state assistance, which is backed by national pandemic relief dollars, comes as the…
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GOP proposes repealing Biden’s student debt relief to fund new tax cuts for the rich MSN
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As we step into the new year, many Americans are grappling with the financial aftermath of holiday spending layered on top of existing credit card debt. The uptick in spending isn’t the only economic issue that’s looming, either. While inflation has cooled compared to recent highs, it’s been rising in recent months and has continued to increase the cost of everyday expenses. Credit card interest rates are also sitting at historic highs, furthering the pressure on many people’s budgets —…
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Property developer Bensons Property Group says it will complete its $1.5-billion development pipeline across three Australian states despite entering voluntary administration.
The company is reportedly managing of more than 1300 apartments.
Craig Shepard and Sebastian Ham of KordaMentha have been appointed as administrators, while Keith Crawford and Matthew Caddy of McGrath Nicol will oversee operations as receivers and managers.
Under a proposed restructuring plan, the company intends to protect employees, trade creditors and apartment purchasers while delivering its existing projects.
In a company statement, Bensons said the “only relates to BPG and does not extend to any other entity within the broader group”.
The statement said that…
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Greenleaf Fresh Ltd, from Hamilton, New Zealand, has entered voluntary administration. Greenleaf Fresh is behind Greengrower, a vertical farm in Hamilton. This decision follows recent financial challenges impacting the company’s operations, shares tax and advisory firm Grant Thornton, whose employees Adele Hicks and David Ruscoe were appointed administrators by resolution of the company’s directors on Dec 31.
“The administration process aims to protect the interests of employees and creditors while working towards a future for the business. Updates will be provided as necessary throughout this period”, the message reads….
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Volocopter, a Bruchsal startup focused in electric vertical take-off and landing (eVTOL) aircrafts, has filed for provisional insolvency after difficulty in finding further funding, marking a setback for the European eVTOL industry.
Founded in 2011, Volocopter gained widespread recognition for its innovative air taxi solutions and was often seen as a frontrunner in the race to bring urban air mobility to life. The insolvency comes amidst mounting financial pressures, highlighting the challenges faced by the nascent sector as it grapples with high development costs and regulatory hurdles.
Volocopter’s financial troubles were disclosed in an official announcement on December 30th, which cited the inability to secure further investment…