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REVEALED: Latest business liquidations in Ipswich The Courier Mail
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REVEALED: Latest business liquidations in Redland The Courier Mail
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A Division Bench of the National Company Law Tribunal at Chennai held that when an application under Section 10 of the Insolvency and Bankruptcy Code is deemed complete and the corporate applicant does not stand disqualified by any of caveats of Section 11, the Adjudicating Authority is bound to admit the petition and initiate the Corporate Insolvency Resolution Process (CIRP).
The present petition was filed by Venus Star Chit Pvt. Ltd., under section 10 of the IBC, asserting their default and insolvency.
The petitioner, incorporated on August 14, 2013 had availed an overdraft facility from Tamil Nadu Mercantile Bank which was cleared by December 2019 after which it ceased operations, and disclosed total liabilities…
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The alleged misconduct of the two directors of the failed $120 million Lion Property Group — handed to police in a confidential report — was so serious it alone justified the appointment of liquidators, a court has ruled.
The Victorian Supreme Court has found Lion directors John Sader and Garry Pesochinsky either had “no insight” into the difficulties facing the group, or they had “deliberately avoided facing them” before the court.
Delivering the reasons behind her earlier orders that Lion Group be wound up, Justice Patricia Matthews said, aside from the fact Lion was “acutely insolvent”, she had “no confidence” the group would be “managed appropriately” had Mr Sader and Mr…
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