Companies in the UK have used a controversial insolvency procedure to offload £3.8bn of pension liabilities, often as part of a sale to existing directors or owners, a Financial Times investigation has found. Roughly 17 per cent of the 868 schemes managed by the Pension Protection Fund, a lifeboat of last resort for the retirement…
Monday, 10 April 2017 | Rajesh Kumar | New Delhi A candidate willing to contest polls in future will have to mandatorily declare whether s/he is holding any office of profit under the Central Government or State Governments, whether s/he has been disqualified under office of profit by the President of India, whether s/he was…
The Liberal party has narrowly claimed victory in its NSW heartland despite suffering whopping swings against it in this weekend’s by-elections. As predicted, counting went down to the wire on Saturday after voters took to the polls to replace outgoing MPs in the seats of Manly, North Shore and Gosford. Former Paralympian Liesl Tesch increased…
Nick Griffin, the leader of the British National party, has been declared bankrupt but confirmed he will stand again to be an MEP in this year’s European parliament elections. The far-right politician was named on a list published by the Insolvency Service after being declared bankrupt at Welshpool and Newtown county court on Thursday. On…
Four members of reggae veterans go bust after band’s management company goes under UB40 have been declared bankrupt. Four members of the reggae veterans Brian Travers, Jimmy Brown, Terence Oswald and Norman Hassan were revealed to have gone bust by a judge at Birmingham County Court. The case follows the failure of the bands record…
With the government recently notifying the cross-border insolvency provisions under the insolvency and bankruptcy law, claims of foreign creditors, as well as those of Indian creditors on foreign assets of the company going insolvent, could be satisfied by courts. However, experts believe that notifying the rules is not enough and New Delhi…
Many different types of insolvency proceedings exist, including receivership, protection under the Companies Creditors Arrangement Act (CCAA), and bankruptcy. But, what are they and how are they different? According to Jeffrey Carhart, partner at the law firm Miller Thomson, perhaps the simplest way to understand the differences is to think about who is in control…
Back in April 2016, the federal government proposed amendments to bankruptcy and corporate insolvency laws under its National Innovation and Science Agenda. The government has sat on the proposed amendments for some time now, so it came as a bit of a surprise when a legislation Exposure Draft dealing with safe harbour positions for insolvent…
INFLATION in Malaysia, which has risen to an eight-year high on fuel costs, may spiral into second-round price effects, but may also help control high levels of debt. Typically in the past, there could be second-round effects if the economy is above potential and there are demand pressures, Bank Negara director of economics, Fraziali Ismail,…
PERTH home builder Builton Group was trading while insolvent for several months last year before administrators were called in, but was given a clean bill of health by WA’s Building Commission. The commission audited Builton in November and the company went into administration in January, stopping work on more than 100 building sites around Perth,…