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Punj Lloyd Limited is an Indian Engineering, procurement and construction (EPC) company providing services for energy, infrastructure and defense sectors. The company's operations are spread across the Middle East and Africa, [ 2 ] [ 3 ] Asia Pacific, South Asia and Europe.
The full list of organisations approved by the Insolvency Service as competent authorities are listed on the .Gov.UK web site. [10] Upon receipt of the application and payment of the fee, an Official Receiver may make the order, administratively, without the involvement of the court if it appears that the applicant meets the requirements.
Provisional liquidation is a process which exists as part of the corporate insolvency laws of a number of common law jurisdictions whereby after the lodging of a petition for the winding-up of a company by the court, but before the court hears and determines the petition, the court may appoint a liquidator on a "provisional" basis. [1]
The application should be filed with the court prior to the application; the applicant may not simply turn up with it on date of application. It must be on the roll. A copy of the application must be given to the “consulting party” where the debtor is a business owner. The consulting party will usually be a trade union.
Under UK insolvency law an insolvent company can enter into a company voluntary arrangement (CVA). The CVA is a form of composition, similar to the personal IVA (individual voluntary arrangement), where an insolvency procedure allows a company with debt problems or that is insolvent to reach a voluntary agreement with its business creditors regarding repayment of all, or part of its corporate ...
A trustee must bring an application under section 96 of the Bankruptcy and Insolvency Act for the court to declare a transaction void. [12] The trustee has different legal requirements where the party was or was not dealing at arm's length with the debtor. Where the parties were at arm's length, the trustee must prove that the transaction was ...
The most common reasons for personal insolvency in Sweden are illness, unemployment, divorce or company bankruptcy. For companies, formal bankruptcy is a normal effect of insolvency, even if there is a reconstruction mechanism where the company can be given time to solve its situation, e.g. by finding an investor.
On application by the trustee, the court may declare a transfer void where: the transfer was at undervalue; it occurred within one year of the initial event; the debtor was insolvent at the time of transfer, or rendered insolvent by the transfer; the debtor intended to defraud, defeat or delay creditors (and such intent must be proved)