The much-awaited new bankruptcy law in the United Arab Emirates is a complete legal framework designed to help financially troubled companies to avoid collapse. The new law took effect on December 29 2016 after being decreed by President Sheikh Khalifa. It is part of the global wave of insolvency reform referred to as the ‘rescue…
KUALA LUMPUR: Fewer Malaysians will be declared bankrupt if proposed amendments to the Bankruptcy Act 1967 are passed as it will protect social guarantors.s Minister in the Prime Ministers Department Datuk Seri Azalina Othman Said said Malaysia had a lot of social guarantors who were declared bankrupt by the substitute service system currently in place.…
KUALA LUMPUR: A total of 1,093 civil servants were declared bankrupt last year, as compared to 960 in the previous year, the Dewan Rakyat was told today. Minister in the Prime Minister’s Department Datuk Seri Azalina Othman Said said 3,276 civil servants were declared bankrupt between 2013 and 2016. She was responding to a question…
KUALA LUMPUR: A total of 1,093 civil servants were declared bankrupt last year, as compared to 960 in the previous year, the Dewan Rakyat was told today. Minister in the Prime Minister’s Department Datuk Seri Azalina Othman Said said 3,276 civil servants were declared bankrupt between 2013 and 2016. She was responding to a question…
Model Sarah McGovern. Photo: Steve Humphreys Model Sarah McGovern has been caught in the latest Revenue swoop. Ms McGovern has paid 37,355 to the taxman for the underdeclaration of income tax, including a 7,000 penalty. Others named as tax defaulters include disgraced former judge Heather Perrin. The solicitor from Malahide in Co Dublin was declared…
The couple will have 12m in debt written off in exchange for agreeing to pay creditors 145,000, under the terms of the scheme. The bulk of the money will go to the biggest creditor, Dunbar Assets, formerly Zurich Bank. The couple had already lost control of prized assets, including the famous Unicorn restaurant and investment…
Mr Green franchise seller Dean Richard Smith has been declared bankrupt. A Wellington man accused of taking money from franchise buyers – and failing to hold up his end of the bargain – has been made bankrupt. Dean Richard Smith, who appears to have links to convicted fraudster Sir Ngatata Love, was declared bankrupt on Tuesday following…
The National Company Law Tribunal (NCLT) bench here has ordered initiation of the corporate insolvency resolution process in respect of Basmati rice exporter REI Agro, which was allegedly involved in a bank loan fraud, the company said on Tuesday. “..pursuant to filing of an application by Surendra Kumar Joshi, an operational creditor of the…
The couple had 12m in debt written off in exchange for a one off payment of 145,000, under the terms of the scheme. The bulk of the money will go to biggest creditor Dunbar Assets, formerly Zurich Bank, and to Revenue. Other creditors will get just cents in the euro under the scheme. Under the…
MUMBAI: Creditors of REI Agro, also tagged as a wilful defaulter by lenders, have initiated corporate insolvency resolution process against the company under the new Bankruptcy and Insolvency Law. The company, which has an outstanding loan of Rs 5200 crore has informed the stock exchanges that Surendra Joshi, an operational creditor, has filed an application…