Insolvency Guardian Media Centre
A COMPANY involved in a fatal parachute jump on the Blackdown Hills above Wellington has closed without notice and said it was to be compulsorily liquidated by the Official Receiver.
A parachute used in a tandem jump at Dunkeswell Aerodrome by skydiving instructor Adam Harrison, aged 30, and mother of four Belinda Taylor, aged 48, failed to properly open and the pair fell 15,000 feet to their death on June 13.
The parachuting activity was organised by Skydive Buzz, which has now placed a notice outside its premises telling people it had been ‘required to make the difficult decision to cease operations with immediate effect’.
A Skydive Buzz parachute jump from last year. PHOTO: Skydive Buzz. ( )
Would-be skydivers had been posting…
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The National Company Law Appellate Tribunal held that a claim filed during liquidation must be dealt with as per the waterfall mechanism under Section 53 of the Insolvency and Bankruptcy Code, 2016, and the NCLT cannot direct a Liquidator to make payment to any claimant directly.
Justice Ashok Bhushan and Arun Baroka said: “We are of the view that when stakeholder filed a claim in the CIRP and in the liquidation, the claim is entitled to be dealt with as per Section 53 of the IBC. The Adjudicating Authority could not have issued any direction to make any payment to any stakeholder, dehors, the distribution as contemplated by the IBC. We, thus, are of the view that direction of the Adjudicating Authority for payment of…
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The National Company Law Tribunal (NCLT) Indore bench of Shammi Khan (Judicial Member) and Sanjeev Kumar Sharma (Technical Member)has held that the Adjudicating Authority is not empowered to adjudicate disputes relating to auction sale of the property which does not form part of the Corporate Debtor’s assets.
The present application has been filed under section 60(5) of the Insolvency and Bankruptcy Code, 2016 (IBC) seeking declaration that sale certificate, auction sale, registered sale deed of the mortgaged property are illegal and void. It is further prayed that directions should be issued to compensate the Corporate Debtor for the losses occurred from the undervalued sale.
The Tribunal observed that the Applicants …
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You can now Venmo the government to help pay off national debt MSN
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You can help pay America’s debt off via Venmo NewsNation
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Pepco, the Eastern European discount retail giant, has launched a formal insolvency protection process for its German operations amid mounting operational losses and strategic challenges. The move marks a critical turning point in the company’s ambitious expansion into the German retail market.
The Pepco Germany GmbH, which operates 64 stores across Germany, predominantly in the eastern regions, officially filed for a Schutzschirmverfahren (protective shield proceedings) at the Berlin-Charlottenburg District Court. This pre-insolvency restructuring mechanism allows the company to retain control of its operations while it reorganizes under court supervision.
Pepco’s German Expansion Falters
Since entering the German market in 2022,…
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It’s currently unclear if Classic Restorations will continue to build its restomods during the bankruptcy process
