A proposal to reduce the default bankruptcy period from three years to one year has drawn fire from the Personal Insolvency Professionals Association, which says such a move would “incentivise” bankruptcy. Earlier this month the Government issued a consultation paper, saying that current insolvency law puts too much emphasis on penalising and stigmatising failure, and…
May 18 A Ukrainian court has approved a central bank request to freeze the real estate and moveable property of Ukrainian businessman Oleg Bakhmatyuk in connection with the failure by a bank owned by him to repay loans of about $160 million, the regulator said on Wednesday. Last year parliament introduced laws making owners of…
Share Tweet Share Share Email Directors of limited companies may face bankruptcy if they have personally guaranteed the borrowings of the company. In a liquidation of a business, many creditors both secured and unsecured do not get their debts paid in full. Often the directors of the business have had to secure borrowings for the…
A dispute between western Sydney factory workers over who is entitled a $40 million Powerball jackpot is heading to court today, amid claims a syndicate member was left out to make way for the organiser’s son. The group, which bought the winning ticket in Campbelltown “on a whim” earlier this month, was jumping for joy…
Bauchi State governor, Mohammed Abdullahi Abubakar has asked the leadership of the Nigerian Labour Congress, NLC, and related organizations in the country to support the presidency for taking a bold step to transform the economy and shun their plans to embark on strike over the removal of fuel subsidy. The governor pointed out that the…
There are 14 brand new multi-millionaires in Campbelltown after a group of factory workers won last night’s Powerball jackpot No resolution: A Powerball syndicate has just two days to resolve a dispute over a $40 million jackpot. THINGS arent looking up for the Powerball syndicate winners embroiled in a clash for cash. A syndicate of…
A boss at a western Sydney factory claims his colleagues are trying to rob him of his share in a $40 million Powerball jackpot he says was won by a syndicate with a ticket he bought. Brendon King, who is a senior manager at Liverpool-based cable manufacturer Prysmian Group, said he paid for the ticket…
The Romanian insolvency law should be modified because its to permissive, according to Dragos Doros, the president of Romanias National Fiscal Administration Agency ANAF. The state has been losing big amounts of money from firms that went into insolvency to take advantage of the holes in the law and avoid paying their taxes. Almost every…
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…