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Tuesday, 26 November 2024, 7:02 pm Press Release: SolarZero
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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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…
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…
New Delhi: The government is working on an integrated platform for the insolvency ecosystem covering key stakeholders that will also help speed up resolution processes. The Insolvency and Bankruptcy Code (IBC), which came into force in 2016, aims to provide market-linked and time-bound resolution of stressed assets. However, there have been delays in the resolution process.
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…
New Delhi: The government is working on an integrated platform for the insolvency ecosystem covering key stakeholders that will also help speed up resolution processes. The Insolvency and Bankruptcy Code (IBC), which came into force in 2016, aims to provide market-linked and time-bound resolution of stressed assets. However, there have been delays in the resolution process.
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…
