One of the most unfortunate outcomes of the pandemic is that many businesses who started 2020 confident about their prospects could never have imagined confronting challenges that have put many of them right on the edge. The Governments COVID Safe Harbour laws kept many businesses in play last year, but these safeguards are no longer…
The NCLAT by its judgment had approved continuation of parallel proceedings under Section 138 of the Negotiable Instruments Act even as the resolution process under the IBC was under way against the company subjected to moratorium. By way of background, the National Company Law Tribunal (NCLT), Chennai had initiated Corporate Insolvency Resolution Process (CIRP) against…
PREMIUM By Bongani Qangule – 01 March 2021 I am on the verge of being declared insolvent. In the next few years I will receive pension payouts from my pension fund. I am concerned, though, that my pension will also fall into my insolvent estate and I will lose my pension. Will this happen?.. Please…
Convicted Shepparton financial planner Amanda Ritchie has been fined in the Shepparton Magistrates Court. Ritchie, who is currently serving a four-year jail term after pleading guilty to obtaining financial advantage by deception and a string of theft charges after ripping off clients for almost $500,000, faced court charged with failing to provide a statement of…
Download PDF Increased datafication of debt raises ethical questions and calls for a new approach to regulating lending Throughout history, society has debated the morality of debt. In ancient times, debtborrowing from another on the promise of repaymentwas viewed in many cultures as sinful, with lending at interest especially repugnant. The concern that borrowers would…
NEW DELHI: The Supreme Court on Monday held that the cheque bounce cases can neither be instituted nor be continued against companies which are facing insolvency proceedings and are protected under a provision of Insolvency and Bankruptcy Code (IBC) putting a moratorium on legal proceedings against them.The top court, however, did not extend the benefit…
The Supreme Court Monday held the cheque bounce cases can neither be instituted nor be continued against companies which are facing insolvency proceedings and are protected under a provision of Insolvency and Bankruptcy Code (IBC) putting a moratorium on legal proceedings against them. The top court, however, did not extend the benefit of moratorium on…
Tankers moored at Universal Terminals, the most valuable asset in the Lim family’s shipping and trading empire (Universal Terminals)By The Maritime Executive 03-01-2021 10:28:00 The liquidation of assets held by Singaporean shipowner and oil trader OK Lim (Lim Oon Kuin) is proceeding quickly, with about 50 out of the Lim family’s 150 barges and vessels…
Hospitality and tourism businesses continue to be the hardest hit due to the impact of COVID-19 with several closing their doors last month. There were 36 Queensland firms that collapsed into liquidation and administration in February, up from 27 the previous month. Revive Financial partner Jarvis Archer said his office had seen an increased number…
SMEs TO BENEFIT FROM CHANGES TO INSOLVENCY REGIME The new insolvency reforms introduced by the Australian Government for incorporated small businesses with liabilities of less than $1 million have far reaching benefits for the pandemic-ravaged economy and Aussie families, according to a leading tax accountant. The reforms, which include new debt-restructuring, offer some other major…