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Companies

New portal will show number of firms going to the wall after warning from state’s competitiveness council

The National Company Law Appellate Tribunal (NCLAT) has set aside a petition seeking to initiate insolvency proceedings against Amazon Wholesale (India). A three-member NCLAT bench upheld the order passed by the National Company Law Tribunal (NCLT), which had in March this year dismissed the insolvency plea filed by Multiplier Brand Solutions.

Multiplier Brand Solutions had filed the plea under Section 9 of the Insolvency & Bankruptcy Code. It had alleged a default of Rs 3.7 crore for eight invoices raised between March 2023 and May 2023.

However, rejecting it, NCLAT said the “claim of Appellant for payment of invoices which are the subject matter…

The Pierer Mobility Statement is below

KTM AG, a wholly owned subsidiary of PIERER Mobility AG, will apply for the initiation of judicial restructuring proceedings with self-administration (Sanierungsverfahren unter Eigenverwaltung) on November 29, 2024. The financing requirements of KTM AG currently amount to a high three-digit million figure. The management now does not expect to be able to secure the necessary interim financing in time.

The Executive Board of KTM AG therefore decided today to file the application for the initiation of judicial restructuring proceedings with self-administration over the assets of KTM AG and its subsidiaries KTM Components GmbH and KTM F&E GmbH. The proceedings give the opportunity to continue to manage…

Corporate insolvencies fell month-on-month and year-on-year in October despite ‘high numbers’ of directors winding down solvent companies before the Budget.

The number of corporate insolvencies decreased by 10.4% in October 2024 to a total of 1,747 compared to September’s total of 1,950 and decreased by 23.8% compared to October 2023’s figure of 2,293. Corporate insolvencies decreased by 13% from October 2022’s total of 2,007.

Bethan Evans, Interim Wales Chair of R3, the UK’s insolvency and restructuring trade body, said:

“The month-on-month and year-on-year fall in corporate insolvency numbers is the result of a decrease in all corporate insolvency processes, with the exception of Receiverships.

“On the face of it, this may…

When Swoop Aero touted a $100 million buyout in 2022, it was meant to signal that the drone delivery startup’s brightest days were ahead. Instead, it marked the beginning of the end.

Last Tuesday, the company was placed into liquidation, just a month after co-founder Eric Peck entered the company into voluntary administration, hoping for a revival. The collapse came two years after the startup raised a $16 million Series B from investors including Main Sequence and Folklore Ventures.

Swoop Aero aimed to design, manufacture and manage a fleet of drones to deliver medical supplies to remote locations in countries like Malawi and the Congo, as well as conduct disaster and coastal…

Today, Tuesday 26 November, 2024 the directors of
SolarZero Limited (in liquidation) have requested its senior
lenders take enforcement action and appoint the standby
servicer, Verofi, as replacement servicer, and that its
shareholder appoint a liquidator.

SolarZero’s
customers will not be affected by today’s
announcement.

Ahead of the liquidation, the senior
lenders appointed Verofi as the replacement service provider
to ensure energy services to customers across the country
were uninterrupted.

The directors have advised company
employees that due to unsustainable operating losses, and
liquidity constraints, the business is…

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(Bloomberg) — Shares of Pierer Mobility AG tumbled after the company said its KTM AG motorbike unit was filing for a self-administered insolvency in Austria.

KTM will be unable to cover a “very high three-digit million euro” financing requirement, according to a statement. The company will seek to agree with creditors on a reorganization in the next 90 days.

Shares slumped 45% to 6.9 Swiss francs ($7.8), heading for their biggest daily decline on record and extending a loss this year to 84%.

The company owned by entrepreneur Stefan Pierer and India’s Bajaj Auto Ltd. is facing financial strains due to a Europe-wide industrial crisis and lackluster demand for motorbikes. Its parent, Pierer Industrie AG, asked creditors on Monday to…

Labour’s first major fiscal statement, the Autumn Budget, sent shockwaves across key UK sectors as significant tax changes were announced, changing tax, succession and future planning strategies in place for businesses.

Capital Gains Tax changes announced in the Autumn Budget also directly impact limited company directors considering closing a business in the near future.

Jonathan Munnery, a Members’ Voluntary Liquidation expert at UK Liquidators, explains the solvent liquidation process and what Capital Gains Tax changes mean for limited company directors.

What’s a solvent liquidation?

A solvent liquidation is the process of closing a solvent limited company. A company that’s solvent can afford to pay liabilities as and…

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