Mrs Jemima Oware, the Registrar-General, says the implementation of the new Companies and the Corporate Insolvency and Restructuring Acts (CIRA) will turn the fortunes of businesses in the country. The Companies Act, 2019 (Act 992) and the CRIA 2020 (Act 1015) were passed into law on August 2, 2019 and April 30, 2020 respectively, to…
It looks like I was right to predict the start of the autumn would herald the end of covid insolvency aid for limited companies, but fortunately for any contractors in distress, the aid officially running dry on Thursday September 30th wont make it business as usual on Friday October 1st, writes Gareth Wilcox, partner at…
By Anthony O. Goriainoff Manolete Partners PLC said Tuesday that its performance to date has been in line with management’s expectations despite the effect of the Corporate Insolvency and Governance Act 2020, known as the “temporary measures,” which led to a fall in corporate insolvencies. The act came into force on June 26, 2020, and…
The Melbourne Star observation wheel is facing a multimillion-dollar debt bill after it was forced to close, becoming the latest high-profile casualty of the COVID-19 pandemic. MB Star Properties Pty Ltd announced earlier this month the company was going into liquidation because travel restrictions and lockdowns had exacerbated financial struggles and made it impossible to…
The official liquidator for the defunct Fund Management Companies (FMCs) will on Thursday, September 23 have an investor class meeting with customers of some defunct FMCs. A statement by the Registrar-General stated that all the creditors of the under listed companies are being invited to a virtual first creditor meeting on the scheduled time for…
While hearing a challenge to the Tribunal Reforms Act, 2021, the Supreme Court came down heavily on the government of India. A bench headed by Chief Justice of India (CJI) N V Ramana observed that National Company Law Tribunals (NCLT), and the National Company Law Appellate Tribunal (NCLAT) are hamstrung by vacancies not being filled…
The Telangana High Court had passed an interim direction suspending the order of National Company Law Tribunals Special Bench of Hyderabad which rejected the Resolution Plan presented by M/s CFM Asset Reconstruction Private Limited. The Resolution Plan was presented in a matter involving Viceroy Hotels Limited and Union Hotels Private Limited. A Bench of Acting…
International Finance Service Centre (IFSC) at Gujarat International Finance Tec (Gift) City, a Special Economic Zone (SEZ), was conceptualised to create an offshore jurisdiction in India. The plan was to capture some of the business that was being carried out in Singapore, Mauritius, Dubai, Hongkong, London and similar centres of global finance. A host of…
The Supreme Court has held that moratorium under provisions of IBC which restrains initiation of any fresh proceedings applies only to the Corporate Debtor but does not protect the promoters TopicsSupreme Court|IBC|Corporate growth The Supreme Court has held that moratorium under provisions of Insolvency and Bankruptcy Code (IBC) which restrains initiation of any fresh proceedings…
Date published: 16 September 2021 Equality screening in regard toThe Corporate Insolvency and Governance Act 2020 (Coronavirus) (Amendment of Schedule 11) Regulations (Northern Ireland) 2021. Read the full article at: https://www.economy-ni.gov.uk/publications/corporate-insolvency-and-governance-act-2020-coronavirus-amendment-schedule-11-regulations-northern