Insolvency process: Who will pay 20% MAT on book profits when assets are written down? – Economic Times

MUMBAI: The bad-loans recovery exercise now has a puzzle to solve: Who pays the 20% Minimum Alternate Tax (MAT) on book profits when assets are written down? The problem, say industry trackers, is that the purchase of a distressed asset triggers writedowns in the profit and loss (P&L) accounts of companies, resulting in likely book…

High Court notice to Law Ministry on plea challenging Bankruptcy and Insolvency Code – The Hindu

The High Court of Karnataka has ordered issue of notice to the Union Law Ministry on a petition that has questioned the Constitutional validity of 77 sections of the newly enacted Bankruptcy and Insolvency Code, 2016. Justice A.S. Bopanna passed the order on the petition filed by Lotus Shopping Centres Pvt. Ltd., Mangluru. The petitioner…

Northern Ireland hotel directors declared bankrupt – Belfast Telegraph

Northern Ireland hotel directors declared bankrupt BelfastTelegraph.co.uk A director and former director of a hotel which previously shut-up shop have been declared bankrupt. http://www.belfasttelegraph.co.uk/business/northern-ireland/northern-ireland-hotel-directors-declared-bankrupt-36070358.html http://www.belfasttelegraph.co.uk/business/northern-ireland/article36070357.ece/5caa0/AUTOCROP/h342/2017-08-28_bus_34059730_I1.JPG Email A director and former director of a hotel which previously shut-up shop have been declared bankrupt. The Mellon Country Hotel in Omagh, which is famous for hosting country and…

Gangland widow Roberta Williams makes tilt at federal politics against Bill Shorten – The Sydney Morning Herald

Convicted drug trafficker and gangland widow Roberta Williams could appear on ballot papers at the next federal election despite being bankrupt and ineligible to run.  Ms Williams, 48, announced on Monday that she was entering politics as a candidate for the Australian People’s Party to run against Opposition Leader Bill Shorten in his seat of Maribyrnong in Melbourne’s west.…

Gangland widow Roberta Williams makes tilt at federal politics against Bill Shorten – Brisbane Times

The onus is not on the electoral commission to screen or disqualify candidates, regardless of their criminal history or financial status. That responsibility rests with the High Court. According to section 44 of the Australian constitution, anyone who has been declared bankrupt, sentenced to more than 12 months in prison or is a citizen of…

Insolvency resolution: What is Centre mulling over individual bankruptcy; find out here – Financial Express

Top officials of various state governments are expected to submit their suggestions to strengthen the regulations under the Insolvency and Bankruptcy Code (IBC). (Photo: Reuters) The Centre has asked states to offer inputs on ways to boost the ecosystem for insolvency resolution, an official source told FE. Top officials of various state governments are expected…

Melbourne Express: Monday, August 28, 2017 – The Age

125 reading now Share your journey, news tips, interesting pictures, video and comments with other Melbourne Express readers via email or on twitter: @ebonybowden. A grey start to the day in Melbourne. Photo: Justin McManus Roberta Williams is entering politics. The convicted drug trafficker will take on Bill Shorten as the Australian People’s Party candidate for Maribyrnong at the next…