WILLEMSTAD – The organizer of the Curaçao Pontoon Festival, Sumusica Curaçao bv, has been declared bankrupt by the judge. From papers of the organization, there is a debt of 350,000 guilders.Putting tax cuts before debt repayment will generate economic growth, help compensate for flat wages and reduce the “great risk” to the economy posed by a high tax burden, Treasurer Scott Morrison says.
In a pre-budget interview with AFR Weekend, Mr Morrison defended the decision to prioritise tax cuts while he described as “a dangerous lie” Labor’s plans to increase taxes to pay down debt.
He also took issue with the Coalition’s own decision in the 2014 budget to increase the top marginal tax rate by two percentage points for three years, a tax increase Labor says it will reintroduce and make permanent should it win the next election.
“I’ve never thought higher taxes are a good idea,” he said when asked whether it was a mistake t…
Read the full article at: http://www.afr.com/news/tax-cuts-to-compensate-for-flat-wages-growth-scott-morrison-20180503-h0zmfr
Cambridge Analytica CEO Alexander Nix was suspended amid the Facebook data harvesting scandal
Getty Images / The Washington Post / Contributor
When Cambridge Analytica the firm at the heart of the controversy about alleged harvesting of 87 million Facebook users data to microtarget voters announced this week it was instigating insolvency proceedings, many cheered its demise. The firm has consistently said it did no wrong. But in a statement announcing its immediate closure this week, it claimed it has been vilified for activities that are not only legal, but also widely accepted a…
Read the full article at: http://www.wired.co.uk/article/cambridge-analytica-emerdata-scl-group-data-closing-facebook
“Were we to proceed on a business-as-usual approach, we would see deficits out forever, and debt ballooning to levels which would impoverish our children and grandchildren, Malcolm Turnbull warned shortly after the 2014 budget.
Since then, the 10-year forecast for government debt has climbed even higher – to $684 billion – on the latest Treasury figures, which will be updated on Tuesday. The figure for net debt is lower, thanks to money stashed in the Future Fund, along with other assets held by government.
Mr Shepherd said this debt legacy revealed how the ‘baby boomer’ generation had turned traditional notions of inter-generational fairness on their head.
I think its a sad reflection on my generation. Thats why were all going out there…
Read the full article at: https://www.smh.com.au/politics/federal/young-aussies-to-bear-burden-of-budget-repair-task-20180504-p4zdfm.html
Water Corporation will help pay and clear outstanding customer debt as part of a raft of new programs available to people struggling to pay their water bill from July 1.
Three new programs will be available to customers experiencing hardship including the start-over program where the corporation will assist in matching payments over a two-year period and then clear any outstanding debt.
The medical assist program is available for families who have members with kidney disease undertaking home dialysis that requires higher water use.
The household could receive up to 180,000 litres of water free…
Read the full article at: http://www.watoday.com.au/wa-news/water-corp-to-match-bill-payments-for-struggling-customers-20180504-p4zddv.html
Issues arising in the corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016, are being resolved by decisions of the National Company Law Tribunal (NCLT) and the National Company Law Appellate Tribunal (NCLAT), which are vested with the powers of adjudicating authority under the code, as well as by the Supreme Court.
Senior associate
SNG & Partners
In M/s Innoventive Industries Ltd v ICICI Bank and another, the Supreme Court addressed the question of whether state legislation providing a moratorium period of two years for debt repayment would override the default under the code for the purpose of admitting an application for initiating insolvency proceedings. The court held that section 2…
Read the full article at: https://www.vantageasia.com/judgments-resolving-issues-facilitate-resolution-process/
REI Agro, a firm that claims to have a 22 per cent share in the worlds basmati rice market, has gone in for liquidation after the National Company Law Tribunal (NCLT) ordered it to do so. Sources in the know of the matter said the makers of India Gate basmati rice, the KRBL group, have shown interest in REI Agro.
REI Agro, which sells Raindrops basmati rice, has a reserved price of Rs 2 billion. The official liquidator will hold an e-auction for the company. While the company has many assets, only those not under litigation or that which have not been attached by the enforcement directorate have been taken into account.
The promoters of KRBL, which makes the popular India G…
Read the full article at: http://www.business-standard.com/article/companies/insolvency-india-gate-basmati-rice-maker-krbl-group-eyes-rei-agro-118050301378_1.html