Putting a mechanism in place for ‘the ease of exiting business’ in India, the Ministry of Corporate Affairs today said in Parliament it has laid the ground rules for winding up business for failed ventures, sparing the stakeholders years of mounting losses because of depreciation of assets and a litany of labour disputes. The Insolvency…
The Insolvency and Bankruptcy Board of India (IBBI) on Friday notified the Insolvency and Bankruptcy Board of India (Fast Track Insolvency Resolution Process for Corporate Persons) Regulations, 2017. The board announced the regulations in exercise of its powers conferred by sections 58, 196 and 208 read with section 240 of the Insolvency and Bankruptcy Code,…
The government on Friday notified provisions for fast-track resolution of insolvency proceedings. Under this code, insolvency proceedings will be completed in 90 days. The adjudicating authority, which is the National Company Law Tribunal (NCLT), may extend the period of 90 days by a further period of up to 45 days…
The suite of superannuation taxation reforms affecting contributions, CGT relief and transition to retirement income streams have passed through Parliament. Revenue and Financial Services Minister Kelly O’Dwyer said the amendments under the Treasury Laws Amendment (2017 Measures No. 2) Bill will “improve the fairness, sustainability, and flexibility of the superannuation system.” The amendments ensure superannuation…
Written by Sandeep Singh | Updated: June 16, 2017 2:24 am M S Sahoo, chairman of the Insolvency and Bankruptcy Board of India. Related News The Reserve Bank of India (RBI) on Tuesday listed out 12 non-performing asset (NPA) accounts, which account for nearly Rs 1.75 lakh crore of NPAs in the banking system, for…
The directors and staff of a group of companies allegedly involved in a massive tax evasion scheme might also have committed countless other criminal offences, according to a report tendered in the Federal Court. Key points: Report details huge list of alleged criminal offences undertaken by a group under investigation for tax fraud According…
Adelaide Thursday June 15, 2017 The Royal Croquet Club has been forced into voluntary administration after a disastrous venture in China involving the Adelaide City Council during which two of its directors were detained in the country. Jay promises another “jobs budget” as unemployment continues to soar … Read the full article at: http://indaily.com.au/news/local/2017/06/15/year-from-hell-royal-croquet-club-forced-into-voluntary-administration/
Its been a big week for company upheaval, with news of Network Tens collapse into voluntary administration garnering widespread attention, and experts say theres only one way to steer your team through such change: be human. On Wednesday, Network Ten confirmed administrators at KordaMentha would be taking control of the troubled TV channel after a…
DOORS SHUT: The former premises of Spectrum Window Fashions on Havannah Street. A BUSINESS owned by former Bathurst mayor Gary Rush has gone into voluntary liquidation owing money to the Australian Tax Office and some suppliers. Chris Chamberlain of Chamberlains SBR has been appointed liquidator for Spectrum Window Fashions Pty Ltd after a general meeting of the…
A SHOCKED building firm behind the renovation of a West London tower block that was left an inferno overnight claims its work met fire regulations. Construction company Rydon carried out an £8.6m refurb of Grenfell Tower in May 2016. PA:Press Association Firefighters were this afternoon pictured inspecting the gutted tower block PA:Press Association Inspectors have…