Synopsis For countries that have adopted, and implemented in local legislation, the United Nations Commission on International Trade Law (UNCITRAL) Model Law on Cross-Border Insolvency (Model Law), there is a streamlined process which enables a liquidator, or other insolvency administrator, of a company in a foreign jurisdiction to apply to the court in the Model…
PUTRAJAYA: Nearly 40,000 bankrupt individuals have been granted relief through the Second Chance Policy initiative as of February, says Malaysian Insolvency Department (MdI) director-general M. Bakri Abd Majid. He said the policy aimed to provide relief to up to 130,000 individuals declared bankrupt within a year of the enforcement of the Insolvency (Amendment) Act 2023…
1 Further comprehensive and independent review The Committee recommends that the government commission a comprehensive and independent review of Australia’s insolvency law, encompassing both corporate and personal insolvency, as soon as practicable, and progress several other near-term actions as identified in the executive summary. 2 Further consideration of appropriate principles and objectives of insolvency law…
Last year we presented on the falling away of COVID measures for businesses, and the introduction of new and updated legislation for rescue processes across Europe. One year we are seeing steep rises in inflation, and in the UK we have just recorded negative growth in Q3 which means the UK is already in recession, and…
Ahmedabad: The National Company Law Tribunal (NCLT) on Monday admitted a corporate insolvency resolution process (CIRP) against a Bus Rapid Transport Service (BRTS) contractor, Khurana Engineering Limited, while acting on a petition filed by Power and Instrumentation (Gujarat) limited under the Insolvency and Bankruptcy Code, 2016.Power and Instrumentation (Gujarat), a company located near Iskcon crossroads…
A popular music festival has collapsed after being unable to pay its debts. Last Wednesday, the NSW Supreme Court ordered ITP Music Pty Ltd to go into liquidation, The business traded under the name NYE In The Park and was behind a popular end of year celebration that operated in Sydneys CBD. At its peak,…
Dear Amy: I just learned that my wifes spending is out of control. Several years ago, she got into financial trouble with a credit card debt of around $6,000. She told me about it and I bailed her out. Last week, she said it had happened again. I took a look at her credit card…
April 02, 2024 Latest News, Press Release The Governors proposed 2024-25 budget proposes a $4 million investment to erase nearly $400 million of medical debt for low-income Pennsylvanians. Approximately 1 million Pennsylvanians carry some kind of medical debt and it disproportionately impacts rural counties like Mifflin County. Yeagertown, PA Today, Governor Josh Shapiro joined Representative…
An Australian tech company backed by one of the largest banks is on the brink of collapse after appointing administrators at the end of last month. Plutora Pty Ltd went into voluntary administration in March over a dispute with the tax office and has more than $37 million in liabilities. The business continues to trade…
If efforts to address record global public debt are to leave no stone unturned, then weak disclosure laws warrant deep scrutiny. Hidden debt is borrowing for which a government is liable, but which is not disclosed to its citizens or to other creditors. And while this debtby its natureis often kept off the official government…