Insolvency Guardian Media Centre
Trump Dangles $50,000 Bonuses, Debt Relief in ICE Staffing Push Bloomberg
Read the original article here
UK Insolvency Service: new broader role to fight economic crime Taylor Wessing
Read the original article here
If you’ve purchased components or a computer in the UK in the last twenty-five-plus years, chances are you’ve bought something from ebuyer in that time. Unfortunately, it seems this familiar and trusted retailer may be closing for business.
Overclock3D reports that ebuyer sent staff members home earlier than usual on August 6, suspecting closure. The outlet also claims the company is facing “financial challenges”, with a potential buyer pulling out of negotiations sometime between 2023, when current owners Mark Reed and Rich Marsden purchased the brand, and now.
Financial hardship seems likely given the winding up petition filed against ebuyer by on August 1. Urban Logistics Acquisitions 6 Ltd., the owner of the…
Read the original article here
The National Company Law Tribunal (NCLT), New Delhi Bench of Shri Manni Sankariah Shanmuga Sundaram (Hon’ble Member Judicial) and Shri Atul Chaturvedi (Hon’ble Member Technical) has held that Financial Creditors can proceed against Personal Guarantors even after the approval of the Resolution Plan, if actionable rights under the guarantee are preserved.
The present petition has been filed under section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor.
The Petitioner submitted that a fresh cause of action accrued in favour of the Financial Creditor on 24.11.2020, being the date when the legal bar, if any, against …
Read the original article here
The Insolvency Professional Agency of the Institute of Cost Accountants of India ( ICMAI ) has launched the ‘Research Project Scheme 2025’, inviting research proposals to enhance the knowledge database of key dimensions of India’s insolvency and bankruptcy ecosystem.
With grants of up to ₹1.5 lakh per project, the initiative aims to encourage original research from professionals, academics, scholars and students on topics relevant to the work of the ICMAI.
The initiative calls for research projects on The Insolvency and Bankruptcy Code, 2016 (IBC), Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI), liquidation, personal and corporate insolvency,…
Read the original article here
A Staffordshire businessman who sold seven historic cars, including two Jaguars and three Rolls-Royces, for just £1 to another company he also controlled has been banned as a director.
Kulbarg Singh, 62, was the director of Aldridge Construction Engineering Ltd when he entered into an asset purchase agreement with Ace Earth Solutions Ltd in 2021.
At least £1.5 million of company assets were sold, with Aldridge Construction Engineering Ltd entering liquidation the following year.
Among the under-priced sales were two Daimlers from 1936 and 1965; Jaguars from 1969 and 1978; and three Rolls Royces from the 1970s.
Read the original article here
The Competition Commission of India (CCI) has approved Dalmia Bharat’s proposal to fully acquire the debt-laden Jaiprakash Associates Ltd (JAL), clearing a key hurdle in the latter’s ongoing insolvency process.The green light from the antitrust regulator allows Dalmia Cement (Bharat) Ltd, a wholly owned subsidiary of Dalmia Bharat Ltd, to submit its resolution plan for JAL, PTI reported. The deal qualifies as a “combination” under the Competition Act, and a Supreme Court mandate requires CCI’s clearance before any such plan can be voted on by the Committee of Creditors (CoC).“The proposed combination envisages 100 per cent acquisition of Jaiprakash Associates Ltd by Dalmia Cement (Bharat) Ltd pursuant to a corporate…
Read the original article here
The Supreme Court upheld the ruling of National Company Law Tribunal ( NCLT) that The Insolvency and Bankruptcy Code, 2016 (IBC) moratorium does not prevent the corporate debtor from voluntarily turning over leased property to the lessors if doing so is deemed unfeasible and endorsed by the Committee of Creditors (“CoC”).
Sincere Securities Private Limited & Ors, the appellant, filed the appeal under Section 62 of the Insolvency and Bankruptcy Code, 2016 , calls in question the order dated 12.11.2024 passed by the National Company Law Appellate Tribunal, Principal Bench, New Delhi , allowing Company Appeal (AT) (Insolvency) No. 1064 of 2023 filed by Chandrakant Khemka, respondent No. 1, and setting aside the order dated…
Read the original article here
Yes Bank has withdrawn its appeal before the Supreme Court regarding the insolvency allegations against Essel Group’s Zee Learn on August 6. The bank had claimed a default of ₹468.99 crore against the company in 2023. On Tuesday, Yes Bank said it wanted to drop the court proceedings on the matter.
“The Counsel for the Appellant ie. JC. Flowers Asset Reconstruction Private Limited on August 5, submitted before the Supreme Court that the Appellant no longer wishes to pursue the matter and seeks to withdraw the appeal. Accordingly, the Supreme Court has dismissed the appeal as withdrawn,” said Zee Learn in a stock exchange filing, adding that the court order is yet to be uploaded.
Originally, the the National Company Law Tribunal,…
Read the original article here
Read the original article here
Read the original article here
Hundreds sacked in $42m company collapse The Australian