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…
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…
Retired solicitor Brian ODonnell formally exited bankruptcy on Monday. He was formally discharged from bankruptcy at a sitting of the High Court. Both Mr ODonnell and his wife Mary Patricia formally of Gorse Hill, Vico Road, Killiney Co Dublin, but now living in the UK were adjudicated bankrupt by the High Court in August of…
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…
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.…
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…
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…
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…
It is serendipity that the final suite of insolvency reforms largely inspired by the misconduct of disgraced liquidator Stuart Ariff will be introduced the same month Ariff finishes his parole, after serving a jail sentence on 19 counts of criminal fraud. ASIC Commissioner John Price sees the various reforms, including increased powers to the regulator,…
By Ajit Joshi Prominent Mumbai-based diamond firms in deep trouble, owe hundreds of crores to banks and lenders. News of two leading companies going belly-up has sent jitters down Mumbais diamond bourse. While a consortium of banks declared one of them bankrupt, the other has filed a voluntary petition under Chapter 11 of the United…