The government is planning to restructure the revenue department, following administrative reforms such as faceless assessment and appeals in direct taxes and customs.
People in the know said the government was examining measures like the strengthening of the Central Economic Intelligence Bureau (CEIB). One option being explored is placing the intelligence and investigation units of both the Central Board of Direct Tax…
Read the full article at: https://www.business-standard.com/article/economy-policy/govt-mulls-revenue-dept-restructuring-cbic-cbdt-to-focus-on-collection-121012700038_1.html
In April last year Services Australia froze 1.3 million debts to ease pressure on household budgets during the COVID-19 pandemic.
But with the reprieve ending in February, Services Australia General Manager Hank Jongen said those who owed money could expect to be contacted via mail regarding their next repayment date.
“It’s really important for people to remember that even though you’ve incurred a debt, you don’t have to pay the whole am…
Read the full article at: https://www.9news.com.au/national/centrelink-debt-collection-starts-again-next-month/b0c06e0b-feb1-4300-900d-f7d1d8048c9e
Los Altos, United States, Jan. 27, 2021 (GLOBE NEWSWIRE) — 
Oak View Law Group, a debt settlement and bankruptcy law firm, has launched a new video series discussing how to manage debt during the pandemic. With the social landscape in 2021 set to mirror the disruption of last year, many families are finding themselves in financial difficulty.
Part 1 of the informational series can be found here:https://youtu.be/zlra_AwCbSU
The ongoing pandemic has made life difficult for families around the world. This has led to more people seeking ways to manage their debt, wanting to learn how to avoid the financial distress caused by the virus, and the best debt settlement solutions.
One…
Read the full article at: https://www.globenewswire.com/news-release/2021/01/27/2164791/0/en/Is-Bankruptcy-An-Option-For-Debt-Relief-Caused-By-Covid-Law-Firm-Offers-Advice.html
This content was published on January 27, 2021 – 00:59
By Tom Bergin
LONDON (Reuters) – A Lebanese lawyers’ association has asked British authorities to halt the voluntary liquidation of a UK-registered company over possible links to last year’s explosion at Beirut port, according to a letter seen by Reuters.
In the Jan. 25 letter to British lawmaker Margaret Hodge, the Beirut Bar Association (BBA) said it had asked the UK corporate registry, Companies House, to prevent the company, Savaro Ltd., which it described as an “indicted entity”, from being woun…
Read the full article at: https://www.swissinfo.ch/eng/lebanese-lawyers-seek-to-halt-liquidation-of-uk-registered-firm-possibly-linked-to-beirut-blast/46320886
GREENFIELD – Greenfield-based Elanco Animal Health Inc. (NYSE: ELAN) says it will cut about 350 jobs globally as part of an ongoing restructuring effort. The company says the move aims to improve operational efficiency following the $7 billion acquisition of Bayer Animal Health last year.
The news comes about four months after the company announced more than 900 jobs would be cut in a restructuring.
As part of the latest restructuring, Elanco plans to close research and development sites in New Zealand and Germany, as well as reduce “duplication and optimize structures in U.S. operations, marketing, manufacturing and quality central functions, and administrative areas.”
Elanco did not immediately answer a question from Inside …
Read the full article at: https://www.insideindianabusiness.com/story/43236435/elanco-making-more-cuts-in-restructuring
By Tom Bergin
LONDON (Reuters) – A Lebanese lawyers’ association has asked British authorities to halt the voluntary liquidation of a UK-registered company over possible links to last year’s explosion at Beirut port, according to a letter seen by Reuters.
In the Jan. 25 letter to British lawmaker Margaret Hodge, the Beirut Bar Association (BBA) said it had asked the UK corporate registry, Companies House, to prevent the company, Savaro Ltd., which it described as an “indicted entity”, from being wound up in order to allow investigations into its possible role in the blast to continue.
The letter from BBA president Melhem Khalaf asserts that Savaro has been indicted by the Lebanese judge in charge of the investigation, and that allowin…
Read the full article at: https://whtc.com/2021/01/26/lebanese-lawyers-seek-to-halt-liquidation-of-uk-registered-firm-possibly-linked-to-beirut-blast/
Tuesday, January 26, 2021
A comprehensive change to German insolvency and restructuring law has become effective starting 1 January 2021. The change allows that a company’s reorganization is possible without insolvency and includes the majority decision of its creditors.
In its final session in 2020, the German Bundestag passed the so-called Act on the Further Development of Restructuring and Insolvency Law (SanInsFoG), which will be applicable starting 1 January 2021. The law is based, among other things, on an EU directive that requires all member states to allow non-insolvency restructuring. The expected economic dislocations, as a result of the Covid-19 pandemic, have prompted German lawmakers to bring forward this legislative proj…
Read the full article at: https://www.natlawreview.com/article/german-act-further-development-restructuring-and-insolvency-law-saninsfog
VANCOUVER, British Columbia, Jan. 26, 2021 (GLOBE NEWSWIRE) — Novelion Therapeutics Inc. (Novelion or the Company) by Alvarez & Marsal Canada Inc., Novelions court appointed liquidator (the Liquidator) today announces that the timing of the previously announced interim distribution to its registered shareholders (the Interim Distribution) has been delayed. The delay of the Interim Distribution is due to the time required for the Company to undertake additional legal steps in the United States to effect the Interim Distribution. The Interim Distribution was approved pursuant to an Order of the Supreme Court of British Columbia (the Court) dated December 16, 2020 in acco…
Read the full article at: https://www.globenewswire.com/news-release/2021/01/26/2164645/0/en/Novelion-Provides-Update-on-Interim-Distribution-to-Registered-Shareholders.html
A comprehensive change to German insolvency and restructuring law has become effective starting 1 January 2021. The change allows that a company’s reorganization is possible without insolvency and includes the majority decision of its creditors.
In its final session in 2020, the German Bundestag passed the so-called Act on the Further Development of Restructuring and Insolvency Law (SanInsFoG), which will be applicable starting 1 January 2021. The law is based, among other things, on an EU directive that requires all member states to allow non-insolvency restructuring. The expected economic dislocations, as a result of the Covid-19 pandemic, have prompted German lawmakers to bring forward this legislative project and also create addit…
Read the full article at: https://www.jdsupra.com/legalnews/german-act-on-the-further-development-4131517/
Photo: Seth Wenig/AP/Shutterstock
A Delaware bankruptcy judge has approved a settlement of more than $17 million for women who have accusedHarvey Weinsteinof sexual misconduct. Under this agreement, accusers would submit claims, and the amount they receive would depend on the type of allegation.
Weve worked closely with many survivors of Harvey Weinstein who desired a resolution that would provide a safe and confidential process for recovery, and today were proud to share that the bankruptcy court approved a plan that provides just such a process, said attorney Beth Fegan, who represented many women in the settlement process.
This bankruptcy plan guarantees that Harvey Weinsteins survivors will have the opportunity to be heard in…
Read the full article at: https://www.vulture.com/2021/01/weinstein-sexual-misconduct-settlement-approved-for-usd17-mil.html
Diamond Offshore Drilling, Inc. announced Monday that it has entered into a plan support agreement with holders of over 70 percent of each of its senior unsecured notes and revolving credit facility loans regarding a financial restructuring transaction.
The deal will significantly deleverage the companys balance sheet and position the business for future growth, according to Diamond Offshore, which disclosed back in April 2020 that it and certain of its subsidiaries filed voluntary petitions for reorganization under chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District ofTexas.
The agreement outlines a comprehensive plan for deleveraging the companys balance sheet through the equitization of its …
Read the full article at: https://www.rigzone.com/news/diamond_offshore_announces_restructuring_plan-26-jan-2021-164431-article/