Last Updated:November 28, 2024, 10:15 IST

As part of the settlement, all ongoing litigations and disputes between Spicejet and Aircastle (Ireland) Designated Activity Company have been withdrawn from the appropriate forums.

Last month, SpiceJet announced the resolution of a $23.39 million dispute with Aircastle (Ireland) Designated Activity Company and Wilmington Trust SP Services (Dublin) Ltd.

Spicejet on Thursday said aircraft lessor Aircastle (Ireland) Designated Activity Company has withdrawn its insolvency case against the budget airline before the National Company Law Tribunal (NCLT). This follows a mutually agreed-upon settlement, marking a positive turn in the airline’s efforts to rebuild and strengthen ties with its partners.

We had our concerns a few months ago when BASF Forward AM announced a strategic buyout decision. These concerns have been followed by rumors of an insolvency process undertaken by the newly created company in the midst of Formnext. These concerns have now been confirmed by the company that began insolvency proceedings with the District Court of Heidelberg on November 21, 2024.

Forward AM has stated that it is dedicated to fulfilling current and upcoming orders, with the insolvency process aimed at securing new investments. The company hopes these investments will provide a stronger foundation for long-term success.

The District Court of Heidelberg has appointed Tobias Wahl, a partner at…

On 6 November 2024, the Federal Court dismissed the Australian Securities and Investments Commission’s (ASIC) case against Paul Ryan, a director of Dixon Advisory & Superannuation Services Pty Limited (DASS). The case alleged that Mr Ryan had breached his directors’ duties by failing to consider the interests of DASS’ creditors when the company was approaching insolvency.

The findings from this case demonstrate that a director who acts in good faith, reasonably relies on professional advice, and independently assesses the assumptions behind that advice may be able to successfully defend against claims of breaching their duties as a director when making decisions when facing a potential insolvency.  

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Sydney-based large format printer, Blow Up Imaging, has lived up to its name and imploded with the collapsed company now in the hands of administrators.

Blow Up Imaging was established in 1993 and is owned by Tricol Pty Ltd (incorporated in 1976) and forms part of the WK Family Investments Group.

Tricol Pty Ltd is now in voluntary administration with Cameron Gray from DW Advisory appointed. The first meeting of creditors has been scheduled for 11.30am on Friday 6 December.

Blow Up Imaging describes itself as a leading supplier of large format digitally printed images, image manipulation and lenticular solutions offering complete in-house service from the initial consultation, artwork setup, printing to…

A nationwide solar power company that was founded in Christchurch has been put into liquidation, leaving some customers worried about the contracts they have signed with the business.

SolarZero – 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 unsustainable operating losses, and liquidity constraints, the business is unable to continue trading in its current…

File image.
Photo: lighthunter/123RF

SolarZero customers are being told not to worry about the future of their solar panels, as the company goes into liquidation.

The company said on Tuesday that “due to unsustainable operating losses, and liquidity constraints, the business is unable to continue trading in its current form”.

SolarZero owner BlackRock told RNZ on Thursday the board of SolarZero had formed a view that the business was not sustainable in the long term without significant restructuring.

Discussions were held with multiple parties to identify options that could support the business “while meeting the needs of stakeholders”, a spokesperson said.

“Regrettably, these efforts could not be brought to fruition and…