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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.

RNZ’s Money correspondent Susan Edmunds explains what this means for customers.

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The NCLAT rejected Multiple Brand Solutions’ contention, saying that the vendor’s claim for payment of invoices was “disputed much before demand notice was issued”

Multiple Brand Solutions sought to initiate bankruptcy proceedings against Amazon Wholesale (India) over alleged default of INR 3.7 Cr between March 2023 and May 2023

Earlier, the Delhi bench of the NCLT also rejected the vendor’s contention, following which Multiplier Brand Solutions moved the Appellate Tribunal

The National Company Law Appellate Tribunal (NCLAT) has dismissed a plea that sought to initiate insolvency proceedings against Amazon Wholesale (India). 

Setting aside the petition filed by Multiplier Brand Solutions, a three-member Delhi…

The ultimate pay situation would depend on whether the liquidators recovered any funds.

Due to “unsustainable operating losses and liquidity constraints”, the business was unable to continue trading in its current form.

She said the firm was “losing millions every year”.

But it recently secured credit lines of more than $195m to expand its no-money-up-front solar panel monthly subscription business from 15,000 customers to 100,000 “by the 2030s”.

It’s understood a staff protest is planned for outside SolarZero’s Auckland office on Friday.

The Herald asked liquidator Russell Moore of Grant Thornton to confirm the holiday pay situation, and if he could address how much was owing.

“We will be…

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The Insolvency and Bankruptcy Board of India’s (IBBI) proposal to include an option of mediation for operational creditors (OCs) under the Insolvency and Bankruptcy Code (IBC), should be looked into “seriously”, as it will cut the burden of NCLTs, said Anita Shah Akella, joint secretary, ministry of corporate affairs on Tuesday.

“The (voluntary mediation) proposal needs to be looked into seriously, as about 70% of withdrawal in pre-admission stage (of corporate insolvency resolution process) is mostly by the OCs,” Akella said at the IIIPI’s 8th Foundation Day event.

“The OCs are using IBC more like a recovery mechanism…Once the voluntary mediation procedure is introduced, the OC cases will reduce to a large extent,…