By Reuters Published: 21:31 +10:00, 16 June 2017 | Updated: 21:31 +10:00, 16 June 2017 e-mail By Devidutta Tripathy MUMBAI, June 16 (Reuters) – India’s central bank has asked lenders to initiate bankruptcy proceedings against a dozen companies, including Essar Steel, Bhushan Steel Ltd, Monnet Ispat and Energy Ltd, sources with direct knowledge of the…
The suite of superannuation taxation reforms affecting contributions, CGT relief and transition to retirement income streams have passed through Parliament. Revenue and Financial Services Minister Kelly O’Dwyer said the amendments under the Treasury Laws Amendment (2017 Measures No. 2) Bill will “improve the fairness, sustainability, and flexibility of the superannuation system.” The amendments ensure superannuation…
As the focus on data analytics ramps up among the legal profession, one insolvency expert has highlighted that the need for professional scepticism is stronger than ever before. Professional scepticism is described as an independent state of mind that can form an opinion without being affected by factors that compromise judgement, according to Jirsch Sutherland…
Put yourself in the shoes of the independent non-executive directors of Ten Network Holdings and it is easy to understand why they rolled over so quickly in the face of threats from Lachlan Murdoch and Bruce Gordon. The directors had legal advice that the company could continue to draw down a $200 million loan facility…
By Mike Smith Failure to recognise the warning signs of insolvency could leave you personally liable for company debts, so its essential you know what to look for. If theres one worry that plagues business owners above all else, it has to be insolvency. Small businesses, even those that are seemingly profitable and successful, are…
The model who married the son of the world’s richest black woman in a £5m fairytale wedding at Blenheim Palace was raised on a Manchester council estate by a mum once declared bankrupt, it has emerged. Iranian Nazanin Jafarian Ghaissarifar tied the knot with Folarin Alakija, one of four sons to 66-year-old oil tycoon Folorunsho…
Both houses of Parliament have passed a bill containing various amendments to the governments suite of superannuation taxation reforms, including changes to transition to retirement income streams and limited recourse borrowing arrangements. Treasury Laws Amendment (2017 Measures No. 2) Bill 2017 has today reached passage through both the House of Representatives and the Senate and…
by Elizabeth Proust Our insolvency laws are widely recognised as being among the harshest in the world. Unlike comparable countries, such as the UK and Singapore, where the law focuses on what directors are doing to try to turn a company around, Australia’s laws focus solely on the tipping point where a company cannot pay…
In the first six months after notification of the Insolvency and Bankruptcy Code, a number of big-ticket filings were made from the energy sector at the National Company Law Tribunal (NCLT). Last month saw insolvency filings worth Rs 10,000 crore from the sector. One of these being Kolkata-based steel company Ramsarup Industries,…
Labor is reeling after an adviser resigned amid revelations that the party bankrolled its 2016 federal election campaign with the help of up to $140,000 in donations from gold dealers linked to a multimillion-dollar tax scam. The resignation from NSW Labor of rising star, 2016 Senate candidate and gold trader Simon Zhou, comes as respected…