By Edward Dankwah  

Accra, July 12, GNA – Mr. Seidu Issifu, Minister of State for Climate Change and Sustainability, has called for the urgent establishment of a climate debt forgiveness mechanism to support countries disproportionately affected by the consequences of climate change. 

He said developing nations, especially in Africa, were being forced into deeper debt traps as they tried to cope with the increasingly severe impacts of climate-related disasters, impacts they did little to cause. 

The Minister of State was speaking during a courtesy visit paid by the African Group of Negotiators Experts Support (AGNES) in Accra. 

The visit was to welcome the Minister into Africa’s climate negotiation…

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HMRC Company Voluntary Arrangements service contributes to the support of businesses in temporary financial difficulties.

Conditions for supporting a proposal

We consider voluntary arrangements on a case-by-case basis, and will vote to support
proposals where:

• debtors are honest in their financial disclosure
• an optimised and achievable offer is made to creditors
• provision is made for payment of all future debts on time
• there are no exceptional reasons for rejection

We will not support debtors who do not allay our concerns about their proposals.

HMRC expect an optimum and achievable offer specifically for HMRC. HMRC will not
accept any Company Voluntary Arrangement where unsecured creditors are being paid whilst HMRC’s…

Insolvency & Bankruptcy Code cannot override the Prevention of Money Laundering Act (PMLA), said appellate tribunal NCLAT, adding assets of an debt-ridden firm once attached by the Directorate of Enforcement (ED) and confirmed by competent authority cannot be released for its resolution.

Under section 14 of IBC, a moratorium is applied on those assets for the purpose of resolution. However, if the property is alleged to be “proceeds of crime” and is already under adjudication by competent authority under a penal statute, such property cannot be deemed to be part of the freely available resolution estate, the National Company Law Appellate Tribunal (NCLAT) said.

The appellate tribunal held that if there is any attachment by ED under the…

R3, the UK’s restructuring, turnaround, and insolvency trade body, noted a decline from 223 in May to 163 in June.

This includes administrator and liquidator appointments and creditors’ meetings.

Nationally, the South East ranks sixth in insolvency-related activities, behind Greater London, the North West, East Anglia, the West Midlands, and Yorkshire & Humberside.

Despite this, a cautious optimism is felt nationwide, with eight regions seeing declines.

However, there were increases in the East Midlands, the North West, the South West, and Yorkshire & Humberside.

Neil Stewart, chairman of R3’s Southern and Thames Valley region, said: “June’s figure is the lowest since August 2022, excluding the usually…

1. Director disqualification

Director disqualification is the process whereby a person is disqualified, from:

• becoming a director of a company
• directly or indirectly being concerned or taking part in the promotion, formation or management of a company

without permission from the court or a licence.

The Company Directors Disqualification Act 1986 (CDDA) applies. The Insolvency Service may bring proceedings on behalf of the Secretary of State if the alleged unfit conduct falls within its remit and it is instructed (authorised) to do so.

Malaysia’s Federal Court has decided that people cannot recover gambling debts, which strengthens the country’s tough position on betting agreements. This ruling came after businessman Dato’ Ting Ching Lee won his appeal against tour agent Ting Siu Hua‘s counterclaim. Ting Siu Hua had tried to get back about MYR6 million ($1.5 million) in gambling credit.

Malaysian Court Declares Gambling Contracts Void Under Public Policy

A panel of three judges headed by Tan Sri Abdul Rahman Sebli, the Chief Judge of Sabah and Sarawak, along with Justices Nordin Hassan and Abdul Karim Abdul Jalil, ruled that contracts stemming from gambling activities go against public policy and have no legal standing…

Drake left fans speechless this week after casually admitting he’s down a staggering $8 million from gambling this month alone. Naturally, the internet didn’t hold back. Roasts rolled in thick and fast, with ‘Certified Loser Boy’ quickly becoming his new online nickname – while others praised him for being transparent.

On Wednesday (18 June), the Toronto rapper took to Instagram Stories in an apparent bid to show “the other side of gambling”. One post featured a screenshot revealing he’d wagered a staggering $124,527,265 in the past month alone, with losses totalling $8,235,686.

“Losses are so fried right now,” he wrote. “I hope I can get a big win for you all soon cause I’m the only one who has never seen a max these guys max…