Share Tweet Share Share Email Directors of limited companies may face bankruptcy if they have personally guaranteed the borrowings of the company. In a liquidation of a business, many creditors both secured and unsecured do not get their debts paid in full. Often the directors of the business have had to secure borrowings for the…
A dispute between western Sydney factory workers over who is entitled a $40 million Powerball jackpot is heading to court today, amid claims a syndicate member was left out to make way for the organiser’s son. The group, which bought the winning ticket in Campbelltown “on a whim” earlier this month, was jumping for joy…
Bauchi State governor, Mohammed Abdullahi Abubakar has asked the leadership of the Nigerian Labour Congress, NLC, and related organizations in the country to support the presidency for taking a bold step to transform the economy and shun their plans to embark on strike over the removal of fuel subsidy. The governor pointed out that the…
There are 14 brand new multi-millionaires in Campbelltown after a group of factory workers won last night’s Powerball jackpot No resolution: A Powerball syndicate has just two days to resolve a dispute over a $40 million jackpot. THINGS arent looking up for the Powerball syndicate winners embroiled in a clash for cash. A syndicate of…
A boss at a western Sydney factory claims his colleagues are trying to rob him of his share in a $40 million Powerball jackpot he says was won by a syndicate with a ticket he bought. Brendon King, who is a senior manager at Liverpool-based cable manufacturer Prysmian Group, said he paid for the ticket…
The Romanian insolvency law should be modified because its to permissive, according to Dragos Doros, the president of Romanias National Fiscal Administration Agency ANAF. The state has been losing big amounts of money from firms that went into insolvency to take advantage of the holes in the law and avoid paying their taxes. Almost every…
Proposed changes to Australia’s bankruptcy and insolvency laws will push Australians to declare bankruptcy, which means “the federal government is essentially incentivising people into insolvency”, according to the Personal Insolvency Professionals Association (PIPA). The new law would reduce the current default bankruptcy period from three years to 12 months. PIPA director, Ben Paris, said this meant…
Former Union law secretary T K Viswanathan, key architect of the just-enacted Insolvency & Bankruptcy Code and chairman of the Bankruptcy Law Reforms Committee, shares his views on the future of the legislation in an interview with Sudipto Dey. Edited excerpts: Now that Parliament has cleared the Code, by when do you…
Individual borrowers and consumers can take heart from a couple of key provisions in the Insolvency and Bankruptcy Code Bill passed by Parliament – the provision to start their lives afresh after being declared bankrupt. They also will have the option of initiating the insolvency resolution process on their own, under certain…
While the speed with which the government has brought about the new legislation deserves to be applauded, the absence of many significant provisions takes the sheen off an otherwise much-needed piece of reform. The Bombay Stock Exchange. Source: BSE The passing of the Insolvency and Bankruptcy Code by parliament has finally paved the way for…