©AFP Dubai’s skyline, including the Burj Khalifa The United Arab Emirates is set to enact a long-awaited bankruptcy law that could protect executives at failing businesses from criminal prosecution if they enter insolvency. Under existing regulations it is difficult to liquidate companies, while individuals can face criminal action if they default on debt, causing expatriates…
The UAEs new federal insolvency law is expected to be receive final approvals “within weeks”, coming into effect from early 2017, according to Obaid Humaid Al Tayer, the Minister of State for Financial Affairs. The new law, approved by the UAE cabinet on Sunday, creates mechanisms for insolvent companies to avoid bankruptcy and liquidation, modelled…
A MAN last year found to have defamed Gwent AM Mohammad Asghar has been declared bankrupt. Mohammad Hayat was ordered to pay £45,000 to the South Wales East assembly member after he circulated a dossier containing false claims against him. Mr Hayat was also ordered to pay the same amount to Mr Asghar’s co-claimant Abdul…
Obaid Humaid Al Tayer, the Minister of State for Financial Affairs, said on Tuesday that the government is working on a new personal insolvency law that would apply to individuals. His comments follow the news that the UAEs new bankruptcy law, which protects companies that cannot pay their debts from criminal prosecution, has been approved…
A group of aggrieved shareholders in Merlin Diamonds planning a board spill say they will report the company to the corporate watchdog after their fellow investors voted to increase the shareholdings of the family of recent bankrupt “Diamond” Joe Gutnick. On Tuesday, the majority of Merlin shareholders voted to approve parts of a $2.3 million recapitalisation proposal…
The Supreme Court today came down hard on real estate developer Supertech saying that it must return the money to 17 flat buyers of its Emerald Court project in Noida even if the company is declared bankrupt, or dead. We dont care. It has to refund its buyers, the court observed. In its order, the…
Sept. 5, 2016 11:56 p.m. ET SEOULSouth Koreas Hanjin Group said it would put up 100 billion won ($90 million) to help out Hanjin Shipping Co. 117930 25.23 % , as the troubled shipping affiliate struggles to get its stalled supply chain moving. Although the company is already under court receivership, weve decided to help…
In the recent wave of coal company bankruptcies, CEOs have been awarded multi-million dollar bonuses, while at the same time the companies are seeking release from their decades-old obligation to cover lifetime health benefits for retirees who are members of the United Mine Workers Union of America. The union says a bill in Congress that…
HMRC is chasing the former BHS owner Dominic Chappell for unpaid bills and has started legal proceedings against him. The tax authority filed a petition at the high court to wind up Swiss Rock Limited, Chappells personal business that was paid at least £1.6m by BHS as part of his controversial acquisition of the retailer.…
One of the top 15 tour operators in Romania, Mareea, filed for insolvency on Friday, September 2, due to cash-flow issues. About 1,100 of the companys clients, who had paid for holidays, will not be served, according to Romanias National Tourism Authority ANT. The total value of the contracts that Mareea cant honor is EUR…