Dubai: In line with the restructuring process, Clean & Hygiene Centre will re-align and adapt itself as a business vertical under the flagship of C&H Global FZC.

Rajesh Puthonveedu is appointed as Chief Operating Officer (COO) of C&H GCC and Mena operations. Rajesh P, a sales and marketing professional, comes in wi…

Read the full article at: https://gulfnews.com/business/company-releases/corporate-restructuring-at-the-clean–hygiene-centre-1.1599025352550

The number of corporate insolvency resolution processes (CIRPs) admitted by the National Company Law Tribunal (NCLT) dropped by a massive 83% during the April-June quarter on a sequential basis.

While 435 cases were admitted in the final quarter of the last fiscal, only 76 cases were admitted during the first quarter of the current fiscal, according to data from the Insolvency and Bankruptcy Board of India (IBBI).

The drop was largely due to the ordinance suspending initiation of CIRP from March 25 onward, to protect companies from the impact of the pandemic and ensuing lockdown.

During the June quarter, 12 CIRPs ended in the approval of resolution plans while 24 resulted in the liquidation of the corporate debtor.

In comparison, the NCLT ad…

Read the full article at: https://economictimes.indiatimes.com/news/economy/policy/number-of-corporate-insolvency-resolution-processes-admitted-by-nclt-drops-83-during-apr-june/articleshow/77885753.cms

Rules designed to save thousands of companies from going into administration during the coronavirus pandemic arelikelyto be extended.

The insolvencygraceperiodis set to expire in less than 30 days.

But as Australia suffers its worst economic contraction since the 1930s, plunging the country deep into recession, Treasurer Josh Frydenberg is rethinking the deadline.

They were temporary changes and we are considering anextensionof those arrangements, he told reporters in Canberra on Wednesday.

There are about 80 separate regulatory changes we put in place. Were looking at extending a number of these in light of the fact the COVID-19 recovery is still under way.

The corporate watchdog has been bracing for a large number of companies to go …

Read the full article at: https://insideretail.com.au/news/liquidation-grace-period-extension-likely-202009

The Ellston family had saved for years for their first ever overseas holiday but after their travel agency STA Travel went bust, they are now left with cancelled plans and a $20,000 hole in their pocket.

STA Travel announced its voluntary administration last week after its Swiss parent company filed for insolvency.

Jason Tracy and Timothy Norman from Deloitte were appointed joint and Several Voluntary Administrators (Administrators) to take control of STA Travel Groups Australian businesses.

It is expected that around 180 staff will lose their jobs.

Cecily and Lee Ellston had planned the trip of a lifetime for themselves and their two kids.

Th…

Read the full article at: https://westernweekender.com.au/2020/09/dream-holiday-now-a-disaster-after-sta-travel-collapses/

The Australian federal government, like many governments across the globe, has enacted temporary legislative changes to provide relief for businesses that have been impacted by the economic effects of the covid-19 pandemic. In order to facilitate continued business operations, the changes provide companies with breathing space to respond to demands from creditors for overdue debts and protect company directors from insolvent trading claims for debts incurred during the covid-19 period.

This relief took effect from 25 March 2020 and, as at the date of writing, will expire on 25 September 2020. In July 2020, the Australian government suggested that the measures should be extended beyond September 2020 with the Treasurer, Josh Frydenberg, …

Read the full article at: https://whoswholegal.com/features/australias-covid-19-temporary-relief-for-financially-distressed-companies–shielding-the-inevitable

A Brisbane banker driven to the wall by a failed investment in a once prominent Darling Downs restaurant used his position at a Logan bank to forge a $23,000 cheque to satisfy a family friend hounding him for repayment of a personal loan.

Parkinson man Andrew Stanley Bauer, 51, a former consultant with Suncorp Browns Plains’ stores and specialty department currently employed as insurance broker with Tingalpa firm The Insurance Centre, was charged with seven offences following his failed scheme in March last year.

They include three counts each of forgery and making a false entry in a record, and one count of uttering a forged document.

Beenleigh Magistrates Court heard Bauer, a married father of three children, had been pushed to the…

Read the full article at: https://www.qt.com.au/news/respected-banker-threw-it-all-away-for-23000/4090273/

ALLAN Endresz has revealed an extraordinary plan to hire private security to keep a watchful eye on his star galloper Alligator Blood during the Sydney spring carnival. Alligator Blood has quickly established a cult following after winning nine of 12 career starts and will be a major drawcard during the spring with the $7.5m Golden Eagle his major target. Endresz said he has already taken the extreme measure of contacting a private security firm to ensure that Alligator Blood is not the target of any foul play while in Sydney. Alligator Blood was stripped of his $2 million Gold Coast Magic Millions Guineas win in January after returning a positive swab to a prohibited substance. Endresz claims that a person outside the stable could be re…

Read the full article at: https://www.bordermail.com.au/story/6905394/owner-to-hire-men-in-black-security-for-star-galloper/

In the first India Super 50 Lawyers list, ALB puts the spotlight on standout private practitioners in the country when it comes to client service. These lawyers were selected based on client recommendations sent directly to ALB.

The list is in alphabetical order, and certain key lawyers have been profiled below.

Vineet Aneja, managing partner, Clasis Law

Aneja, who has spent 10 years at Clasis Law, focuses on corporate commercial, employment, M&A and JV, FDI, secretarial compliance, retail, hospitality, insurance, white-collar crimes and private equity. He has advised numerous clients including a Spanish company engaged in the seafood business in relation to restructuring of its Indian joint venture company. In addition, he is advising…

Read the full article at: https://au.legalbusinessonline.com/features/alb-india-super-50-lawyers-2020

Most graduates leaving university today do so with a massive debt hanging over their heads. They will take many years to repay their accrued HECS-HELP debt through the taxation system. There will be little relief for these graduates as the government has slammed the door shut on the tax deductibility of these repayments against the income earned.

The government also intends, for new students from 2021, to increase the amount many students pay towards their education. Popular courses such as humanities, commerce and law will cost them A$14,500 a year. A combined commerce/law or arts/law course, which are the most popular study choice for aspiring lawyers, will cost them over A$70,000.

The government constantly reminds us government-suppo…

Read the full article at: https://theconversation.com/let-working-graduates-claim-a-tax-deduction-for-their-hecs-help-debt-145027

While many stressed and distressed or special situations investors continue to invest in capital structures with…

Read the full article at: https://www.jdsupra.com/legalnews/special-situations-and-the-uk-corporate-67304/

The Pension Loans Scheme is a federal government initiative to help Australian retirees to supplement their income. Many Australian retirees have the bulk of their assets tied up in residential property. They are often said to be asset rich but cash poor.

Australian property prices have had a strong record of growth over the past three decades, and many Australian retirees have benefited from that growth by seeing the value of their residential homes rise considerably. However, being asset rich but cash poor during retirement can pose problems for retirees in terms of meeting their daily living expenses.

The Pension Loans Scheme enables retirees in Australia to liquidate their assets by getting a voluntary, non-taxable, fortnightly gove…

Read the full article at: https://www.sharecafe.com.au/2020/09/02/understanding-the-pension-loans-scheme/