Proposed changes to Australia’s bankruptcy and insolvency laws will push Australians to declare bankruptcy, which means “the federal government is essentially incentivising people into insolvency”, according to the Personal Insolvency Professionals Association (PIPA). The new law would reduce the current default bankruptcy period from three years to 12 months. PIPA director, Ben Paris, said this meant…
Former Union law secretary T K Viswanathan, key architect of the just-enacted Insolvency & Bankruptcy Code and chairman of the Bankruptcy Law Reforms Committee, shares his views on the future of the legislation in an interview with Sudipto Dey. Edited excerpts: Now that Parliament has cleared the Code, by when do you…
Individual borrowers and consumers can take heart from a couple of key provisions in the Insolvency and Bankruptcy Code Bill passed by Parliament – the provision to start their lives afresh after being declared bankrupt. They also will have the option of initiating the insolvency resolution process on their own, under certain…
Advertisement The Rajya Sabha on May 11, 2016 passed the Insolvency and Bankruptcy Code 2016 (“Bankruptcy Code”), a vital reform aimed at making it easier to do business in India by providing for time-bound resolution of insolvency process, faster turnaround of busi… Read the full article at: http://businessworld.in/article/The-Insolvency-And-Bankruptcy-Code-2016/14-05-2016-98042
While the speed with which the government has brought about the new legislation deserves to be applauded, the absence of many significant provisions takes the sheen off an otherwise much-needed piece of reform. The Bombay Stock Exchange. Source: BSE The passing of the Insolvency and Bankruptcy Code by parliament has finally paved the way for…
Share Tweet Share Share Email Liquidation is a dreaded term because it simply means ending a company for assets to be redistributed in an effort to pay off debts that are outstanding and creditors. It is also what is preferred to as dissolution, winding up or receivership. When it comes to liquidation, it can either…