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Article ID: 291373
Insolvency Guardian Media Centre
Stay informed with the latest in insolvency news and industry updates. We can keep you up to date with insolvency and finance information from around the world.
Plant-based food manufacturer Sustainable Foods now in liquidation Waikato Times
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BBCA beleaguered council lacks the capability to resolve its problems without outside help, according to the commissioners in charge of overseeing its recovery.
Birmingham City Council effectively declared itself bankrupt in September last year and is now in the process of making £300m worth of cuts to services.
In a critical report, commissioners said the council was letting down residents.
Council leader John Cotton said progress was being made on improvements and that the authority was engaging constructively with the new government.
In September the prime minister said there was “no magic wand” to solve the…
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‘Big shock’: SolarZero CEO speaks out on liquidation Stuff
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Global education design company Nanogirl Labs, founded by Kiwi couple Michelle Dickinson and Joe Davis, has gone into liquidation.
Nanogirl Labs was placed into liquidation as funding for science education dried up, BusinessDesk reported.
“Michelle and I and the amazing people who’ve worked with us over the last eight years have poured our heart and soul into trying to make a for-purpose business that could make a real difference for Kiwi kids and kids around the world,” Davis said.
In July, the Herald reported on more than 350 being lost across New Zealand’s science system.
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New Delhi, Nov 27 (KNN) In a pivotal decision, the National Company Law Appellate Tribunal (NCLAT) Delhi has dismissed the petition seeking to initiate insolvency proceedings against Amazon Wholesale (India).
The appellate tribunal upheld the earlier ruling by the National Company Law Tribunal (NCLT), which in March 2023 had rejected the insolvency plea filed by Multiplier Brand Solutions.
The NCLAT emphasised that the petition was based on disputed invoices and that the dispute had arisen well before the formal demand notice was issued.
The tribunal ruled that the NCLT was correct in refusing to initiate the Corporate Insolvency Resolution Process (CIRP), given the pre-existing nature of the dispute between the two…
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SolarZero hits a big BlackRock BusinessDesk
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Raheja Developers filed an appeal with the National Company Law Appellate Tribunal (NCLAT) to contest the initiation of insolvency proceedings against the company due to defaults related to the non-delivery of its Shilas project in Gurugram. This follows the Principal Bench of the National Company Law Tribunal (NCLT) admitting a petition from over 40 flat allottees of the Sector 109 project, directing the initiation of a Corporate Insolvency Resolution Process (CIRP).
The NCLT has appointed an Interim Resolution Professional (IRP), suspended the company’s board, and placed it under a moratorium against creditors as stipulated by the Insolvency and Bankruptcy Code. The IRP has been tasked with submitting a progress report on the CIRP by…
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Pleas for assistance with business insolvency matters have jumped 50%, the Australian Small Business and Family Enterprise Ombudsman (ASBFEO) says, showing the extent and severity of the cash flow crunch.
The ombudsman received 6,254 requests for help over the 2023-2024 financial year, a 10% increase from the year prior, according to a summary of its June quarterly report.
Requests for help with insolvency — either from those considering insolvency, or those worried an insolvent business owed them money — jumped significantly.
The ASBFEO registered nearly 140 requests in that category last financial year, up from around 90…
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Highlights
- Satish Kumar Gupta has been appointed as the liquidator of Jet Airways India Limited.
- The NCLT has lifted the moratorium imposed on Jet Airways.
- The NCLT has ordered the liquidation of Jet Airways, following a plea by the Jet Airways Cabin Crew Association.
The National Company Law Tribunal, Mumbai has appointed Satish Kumar Gupta as the Liquidator of the Jet Airways India Limited.
His name was submitted by the State Bank of India, and the adjudicating authority received a written consent before appointing him as the liquidator.
The tribunal has order…
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A seaside attraction which owes £51 million to the council appears to be facing imminent closure as it files for insolvency. Brighton i360 Ltd, the company behind the iconic observation tower, has notified administrators, citing mounting operational costs, uncooperative weather during peak tourism seasons, and the pervasive cost-of-living crisis as the main culprits behind this distressing move.
Initially launched to much fanfare, the Brighton i360 has, over its years of operation, welcomed hundreds of thousands of visitors annually to its 162-meter high viewing deck. Yet, onlookers now face the stark reality as the facility grapples with significant financial turmoil. Despite its solid debut back in 2016, the landmark has…
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