The new financial year will mark sweeping reforms to insolvency rules, with a legal firm warning the impacts on new business contracts will be far-reaching. Last September, Financial Services Minister Kelly ODwyer flagged a softening of insolvency rules in a bid to reduce the number of businesses voluntarily entering or being pushed into insolvency prematurely.…
The UKs Department of International Trade organised an outward mission to the UK in March, led by U Kyaw Myo, deputy transport and communications minister. The delegation included a dozen officials and 27 business representatives, who met with over 150 British businesses to explore potential commercial opportunities. In a wide-ranging interview, U Aung Naing Oo,…
Guwahati: A proposal to make direct payment to vendors and sub-contractors to accelerate work on Guwahati water supply project has been made. The insolvency resolution professional appointed by the National Company Law Tribunal (NCLT) for Iragavarapu Venkata Reddy Construction Limited (IVRCL), the company hired to set up water distribution system under the project, recently wrote…
NEW DELHI: Companies referred to bankruptcy courts may not be allowed to leave the process once bids have been invited or a resolution plan has been accepted. The government is considering setting a time limit for withdrawing cases admitted for insolvency resolution, ending ambiguity on a key aspect of the procedure. A 14-member law committee…
11:32 07/05/2018 MOSCOW, May 7 (RAPSI) The Commercial Court of Moscow Region has declared one of the former Trust Bank owners Nikolay Fetisov bankrupt, RAPSI learnt in the court. In November, the court initiated the procedure of debt restructuring on the request of Trust Bank against Fetisov. The banks demands seeking 3.59 million euros and…
New reforms, enhanced data analysis and co-operation between agencies are set to clamp down on directors trying to re-birth phoenix companies and clip the wings of unscrupulous pre-insolvency advisers. The Australian economy loses about A$3.2 billion a year through illegal phoenixing activity, and much of this is facilitated by unscrupulous pre-insolvency advisers. In many…
The definition of relatives would be added to the IBC alongside that of related party under Section 5(24) of the IBC. The government is set to define the term relatives in the context of persons considered related parties who will be ineligible to bid for stressed assets under the Insolvency and Bankruptcy Code (IBC), sources…
A woman accused of hiding her twin girls from their father for four years understands the trouble she’s in but wants to salvage her relationship with them, a Brisbane court has heard. The 45-year-old, who can’t be named for legal reasons, will remain in custody until later this month after being refused bail in Brisbane…
When a company becomes insolvent, numerous issues arise. Insolvency law is meant to address some of them, but not all. Photo: iStockphoto When a company becomes insolvent, numerous issues arise. Insolvency law is meant to address some of them, but not all. For the others, the solution must be found in non-insolvency laws. This distinction…
Mark Turnbull, Managing Director of SCL Elections/Cambridge Analytica arrives at the offices of Cambridge Analytica in central London. REUTERS/Henry Nicholls Britain is backing an American professor’s effort to obtain personal data from Cambridge Analytica’s parent. SCL Elections will face criminal action if it does not hand over the data within 30 days. The ruling could…