Supreme Court on Friday upheld provisions of the Insolvency and Bankruptcy Code (IBC) allowing lenders to pursue insolvency proceedings against promoter guarantors of companies facing Corporate Insolvency Resolution Process. Abench of Justices L Nageswara Rao and Ravindra Bhat delivered the judgement.The ruling would allow banks to file personal bankruptcies against guarantors, even when the insolvency…
Thursday, May 20, 2021 On 12 May 2021, the UK Government introduced the snappily titled Rating (Coronavirus) and Directors Disqualification (Dissolved Companies) Bill. As the title of the bill suggests, it seeks to amend the applicability of the directors disqualification regime to directors of dissolved companies. A summary of the current regime is summarised inthisnote…
Published 20 May 2021 Borrowers falling into home mortgage arrears due to an unforeseeable loss of income will gain court protection under new legislation which has cleared the Oireachtas. The Personal Insolvency (Amendment) Bill 2020, which will now be signed into law, gives insolvent homeowners the right to seek review by a court if their…
On 10 May, the IMF said it had reached broad agreement on the macroeconomic framework needed for Zambias request for an Extended Credit Facility (ECF). Zambias ministry of finance added that significant progress had been made and that talks would continue at the appropriate time. The real progress that has been made is rather limited,…
Wednesday, May 19, 2021 A strong brand creates a competitive edge; such a brand will often enhance consumer loyalty, not only because of the products offered, but also because of the name on the label. While a brand may have a strong customer base, in todays climate it, unfortunately, does not mean that the business…
The franchisor Jump Loops Pty Ltd (in liquidation) (Jump Swim) has been ordered to pay penalties of $23 million for making false or misleading representations and wrongly accepting payments from franchisees, in proceedings brought by the ACCC. Jump Swim offered Jump Swim branded learn-to-swim school franchises for sale between March 2016 and July 2019. The…
RIO DE JANEIRO, BRAZIL – A Rio de Janeiro court declared Wednesday the bankruptcy of MMX Minerao e Metlicos, the mining company controlled by former Brazilian tycoon Eike Batista, who was once considered the seventh richest man in the world before his conglomerate collapsed. The Sixth Civil Chamber of the Court of Justice of Rio…
drafting of Companies (Small Company Administrative Rescue Process and Miscellaneous Provisions) Bill 2021 commenced Small Company Administrative Rescue Process (SCARP) will be a simplified restructuring process for viable small companies that is timely and cost effective SCARP caters for the issue of onerous contracts debts owed to the State are addressed by SCARP Minister for…
Billy Porter has been living with HIV for 14 years. (Getty Images) Billy Porter has shared that he’s been living with HIV for 14 years. The 51-year-old actor opened up about receiving the diagnosis in a new interview with The Hollywood Reporter. The Pose star, who plays HIV positive character Pray Tell on the series,…
Member Article Corporate insolvencies fell by 7.2% to 925 in April 2021 compared to Marchs figure of 997, and fell by 22.9% compared to April 2020s figure (1,199). Personal insolvencies fell by 9.9% to 9,859 in April 2021 compared to Marchs figure of 10,941, and were 5% lower than April 2020s figure of 10,394. Eleanor…