ASIC has today released Consultation Paper 337 Externally administered companies: Extending financial reporting and AGM relief (CP 337) seeking feedback on proposals to reduce the regulatory burden for externally administered companies.
ASIC is proposing to expand the relief in ASIC Corporations (Externally-Administered Bodies) Instrument 2015/251 (LI 2015/251) to companies where a voluntary administrator, controller or provisional liquidator (relevant external administrator) is first appointed by conditionally:
- extending the deferral of financial reporting obligations for the period of the external administration up to a maximum of 24 months; and
- allowing public companies to defer their obligation to hold an Annual General Meeting…
Read the full article at: https://www.miragenews.com/asic-consults-on-financial-reporting-and-agm-deferral-relief-for-companies-in-external-administration/
Law360, London (January 27, 2021, 5:30 PM GMT) — Since the coronavirus pandemic hit the U.K. in March last year, legislative protections and government packages have helped keep at bay the massive wave of corporate insolvencies that had been expected.
But the economic support has to come to an end at some point, and lawyers are gearing up for a surge of court filings when that happens. Until then, they are keeping busy with other actions, including the rising number of company voluntary arrangementsgoing through the courts, as well as debt recovery actions and fraud investigations.
Here, Law360 looks at these dispute hot-spots in insolvency and restructuring.
Rise of contested…
Read the full article at: https://www.law360.com/financial-services-uk/articles/1349077/insolvency-trends-to-watch-as-pandemic-failures-threaten
These rules, which absolved directors from personal liability if their businesses traded while insolvent, have been replaced by legislation that includes a new, streamlined SME restructuring process that came into force on 1 January.
As of that date, a company with debts due and payable, that they cannot pay, is technically insolvent and its directors are at risk for debts incurred by the company.
There are a number of upsides and potential pitfalls within the new insolvency model that small business owners must be aware of, so that if they undertake restructuring in 2021, they are fully aware of the consequences.
Did you know?
- There is the potential for a spike in Australian businesses experiencing difficulties and requiring turnaro…
Read the full article at: https://www.mybusiness.com.au/legal/7907-what-sme-directors-need-to-know-about-new-insolvency-rules
The celebrities are the brand ambassadors of online rummy games.
The Kerala High Court on Wednesday issued notice to Indian cricket team captain Virat Kohli and the state government in a plea seeking ban on online gambling in the state.
Besides Kohli, a division bench, headed by Chief Justice S. Manikumar, also issued notices to Malayalam actor Aju Varghese and South Indian actress Tamanna Bhatia.
The celebrities are the brand ambassadors of online rummy games.
Petitioner Pauly Vadakkan alleged online gambling is now a growing menace in the state and the primary targets will be middle to low income group people who will be enticed to make easy money.
People who fall to the fraud platforms often use what is left in their life savings, h…
Read the full article at: https://www.thehindu.com/news/national/kerala-hc-issues-notice-to-virat-kohli-tamanna-on-plea-seeking-ban-on-online-gambling-in-kerala/article33676676.ece
My daughter killed herself with 36,000 gambling debts: Mother tells of heartbreak over 32-year-old’s suicide after her betting habit spiralled out of control
- Kay Wadsworth said that her daughter Kimberley, 32, started betting in 2015
- Business developer blew in fortnight the 36,000 her mother gave to pay debts
- Mrs Wadsworth said Kimberley was a beautiful and highly intelligent woman
- For confidential support, call the Samaritans on 116123 or go to the website www.samaritans.org
The mother of a woman who killed herself after losing 36,000 gambling has told MPs of h…
Read the full article at: https://www.dailymail.co.uk/news/article-9190749/My-daughter-killed-36-000-gambling-debts.html
The proposals would see the total amount of debt permissible to enter a DRO increase from 20,000 to 30,000. The value of assets owned by individuals accessing a DRO would increase from 1,000 to 2,000, and the level of surplus income from 50 to 100 per month.
DROs were introduced in 2009 as low-cost and accessible debt solutions to support vulnerable people. They protect debtors from creditor action and after 12 months all debt within the order is written off.
The consultation follows an announcement last year that the government would be introducing a breathing space scheme in 2021, to provide people in debt with a 60-day pause on creditor enforcement action while they access professional debt advice.
Financial services expert Jonathan …
Read the full article at: https://www.pinsentmasons.com/out-law/news/uk-debt-relief-limits-under-review-as-economic-impact-of-covid-19-bites
A debt consolidation loan can help you streamline debt repayment. (iStock)
If your personal finance goals include paying off outstanding debt, consolidation is one solution to consider. A debt consolidation loan allows you to combine credit card debt and other types of debt into a single personal loan.
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While you could open a 0% APR balance transfer credit card to manage debt, consolidating with personal loans can yield some advantages. For example, you can exchange a variable interest rate on credit card debt for a fixed interest rate. Reducing your interest rate can save you money over time. And when more of your monthly payment goes toward the principal, it’s possible to pay down debt faster.
But there…
Read the full article at: https://www.foxbusiness.com/money/avoid-debt-consolidation-myths
An association of Lebanese lawyers has requested British authorities prevent the liquidation of a company potentially linked to the Beirut blast, Reutersreported.
The Beirut Bar Association sent a letter to British Member of Parliament Margaret Hodge making the request on Monday.
The letter urged the UK corporate registry Companies House to halt the liquidation of Savaro Ltd, which filed for dissolution on 12 January.
The letter described the company as an “indicted entity” in an investigation into the cause of the 4 August explosion which ripped through Beirut leaving over 200 dead and thousands more wounded.
The letter, penned by Bar Association President Melhem Khalaf, states that Savaro has been indicted by Fadi Sawwan, the lead in…
Read the full article at: https://www.middleeastmonitor.com/20210127-lebanon-lawyers-urge-uk-to-halt-liquidation-of-beirut-blast-linked-company/
- There is the potential for a spike in Australian businesses experiencing difficulties and requiring turnaro…
