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.
A solvent liquidation is the process of closing a solvent limited company. A company that’s solvent can afford to pay liabilities as and…
Read the original article here
You don’t have permission to access “http://www.telegraph.co.uk/business/2024/11/23/insolvency-experts-drafted-fight-university-cash-crunch/” on this server.
Reference #18.bc1dd017.1732640674.159aa2cc
https://errors.edgesuite.net/18.bc1dd017.1732640674.159aa2cc
Read the original article here
Popular motorbike brand KTM files for insolvency as it buckles under massive debt News24
Read the original article here
File photo. SolarZero directors say the company explored a range of options for a restructure, but were unable to find a viable solution.
Photo: lighthunter/123RF
Solar power company SolarZero has been put into liquidation, leaving some customers worried about the contracts they have signed with the company.
The company – which offers customers solar power systems with no upfront cost but an ongoing, multi-decade lease – said the directors had requested its shareholder appoint a liquidator.
It said directors had requested its senior lenders take enforcement action, and appoint another provider Verofi, to ensure power service for customers was not interrupted.
“The directors have advised company employees that due to…
Read the original article here
The NCLAT New Delhi bench of Mr. Justice Ashok Bhushan (Chairperson), Mr. Barun Mitra (Technical Member) and Mr. Arun Baroka (Technical Member) has held that share application money deposited with the corporate debtor cannot be treated as financial debt under section 5(8) of the IBC. In this case, share application money was given for the allotment of shares but neither were shares allotted nor was money refunded.
Brief Facts
The present appeal filed under Section 61 of Insolvency and Bankruptcy Code 2016 (‘IBC’ in short) by the Appellant arises out of the Order dated 22.03.2024 (hereinafter referred to as (‘Impugned Order’) passed by the Adjudicating Authority.
By the impugned order, the Adjudicating Authority has…
Read the original article here
Anita Shah Akella, Joint Secretary at the Ministry of Corporate Affairs (MCA), on Tuesday emphasised that IBC is not a recovery mechanism but a rescue mechanism.
She was speaking at a conference in the national capital to mark the eighth annual day of the Indian Institute of Insolvency Professionals of ICAI.
While mentioning various steps taken and also being…
Read the original article here
Byju’s faces financial probe amid insolvency woes Tech in Asia
Read the original article here
Anita Shah Akella, Joint Secretary at the Ministry of Corporate Affairs (MCA), on Tuesday emphasised that IBC is not a recovery mechanism but a rescue mechanism.
She was speaking at a conference in the national capital to mark the eighth annual day of the Indian Institute of Insolvency Professionals of ICAI.
While mentioning various steps taken and also being…
Read the original article here
The National Company Law Appellate Tribunal (NCLAT) has dismissed a petition seeking insolvency proceedings against Amazon Wholesale (India), upholding an NCLT ruling.
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,…
Read the original article here
On November 21, the National Company Law Appellate Tribunal (NCLAT) rejected an appeal from Multiplier Brand Solutions, which had challenged the National Company Law Tribunal’s (NCLT) decision to dismiss its insolvency petition against Amazon Wholesale (India).
The Bench, led by Chairperson Justice Ashok Bhushan and technical members Barun Mitra and Arun Baroka, found nothing wrong in NCLT’s decision to set aside the corporate insolvency resolution process (CIRP), citing a pre-existing dispute between the parties as the primary reason.
Multiplier Brand Solutions had filed its insolvency petition under Section 9 of the Insolvency & Bankruptcy Code (IBC), 2016, following a novation and substitution agreement with Amazon Seller Services and…
Read the original article here
The National Company Law Appellate Tribunal (NCLAT) has dismissed a plea initiated to begin insolvency proceedings against Amazon Wholesale (India). This decision upholds the earlier ruling by the National Company Law Tribunal (NCLT), which had denied the insolvency request submitted by Multiplier Brand Solutions.
Multiplier Brand Solutions claimed a default of Rs 3.7 crore for a series of invoices issued between March and May 2023. However, the NCLAT ruled that the claim for payment under Section 9 of the Insolvency & Bankruptcy Code was disputed before any demand notice was issued.
The NCLAT concluded that the NCLT didn’t err in refusing to initiate the Corporate Insolvency Resolution Process (CIRP) due to pre-existing disputes…
Read the original article here
Alex Wong/Getty Images News
Xiaodi Hou, the co-founder and former chief executive of TuSimple (OTC:TSPH) has sent a letter to the board, asking for immediate liquidation of the self-driving trucking company.
Hou, who is the largest shareholder of the company, said it has been disappointing to
