The government should implement capacity building measures and ensure efficient and quick appointments of members at the National Company Law Tribunal (NCLT), the tribunal’s former President Justice (Retd) M M Kumar said on Thursday. “NCLT is a specialised tribunal, it has Companies Act and IBC (Insolvency and Bankruptcy Code), it is not like High Court,…
A company which rents luxury properties on behalf of landlords including one owned by singer Bob Geldof is to be wound up by order of the High Court. The court was told on Thursday that efforts to save Period Door Properties Ltd collapsed due to the withdrawal last week by Ulster Bank of overdraft and…
Sydney MSP Forum Group is up for sale after the companys bank Westpac filed a lawsuit against founder Bill Papas. On 2 July, Reuters reported that the bank had launched a lawsuit against Papas to recover the $285 million it alleges was stolen by Papas who is reported to be living in Greece, according toThe…
The National Health Co-op at Coombs. Photo: File. The failure of the National Health Co-operative was greeted with widespread dismay when accountants Slaven Torline made the announcement in June that it had entered voluntary administration. But now the Co-ops founding chair says members deserve a full explanation from the board, accusing directors of keeping them…
Consumer Protection has issued advice for customers of SFG Relocations Pty Ltd, formerly trading as Wridgways Australia Pty Ltd, who are affected by the liquidation of the company. The company was part of a group that provided logistics, removal and warehousing services to customers within Australia and overseas. Blair Pleash of Hall Chadwick Chartered Accountants…
The stipulation in the Banking Regulation Act, 1949, that no shareholder of a banking company PSB or private sector bank can exercise voting rights more than 26%, is also being reviewed, sources added. Key amendments to the Insolvency and Bankruptcy Code (IBC) to ratify the so-called pre-pack resolution scheme for MSMEs and changes in banking…
The risks facing directors and officers (D&O) continue to expand and intensify, with liability claims against them set to rise. One catalyst has, of course, been the COVID-19 pandemic. As the effects of the crisis gripped the global economy, businesses had to react swiftly to the challenges of business interruption. Senior managers grappled with whether…
AVON, Conn., July 13, 2021 /PRNewswire/ –Carrier-provided online administration capabilities continue to be very important to employers of all sizes and industries,according to the reportMarketVision The Employer Viewpoint: Breaking Out Employer Demographics for the Voluntary/Worksite.The percentage of employers that think having online administration is not important is overall very low: the weighted average across all…
The Administrative Appeals Tribunal (AAT) has overturned the Australian Taxation Offices (ATO) decision to pursue $106,576 in tax debts from the former owners of a family freight and transport business. Garry and Glenda Smith, a married couple in their 70s, operated a small interstate transport and freight business in Benalla, Victoria prior to their retirement.…
A retired couple in their 70s have now been released from the majority of their small business tax debts after the Administrative Appeals Tribunal overturned an ATO decision on the grounds of serious financial hardship. The couple, Mr and Mrs Smith, had owed $106,576 in tax debts after their 50-year-old small interstate transport and freight…