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…
Individual borrowers and consumers can take heart from a couple of key provisions in the Insolvency and Bankruptcy Code Bill passed by Parliament – the provision to start their lives afresh after being declared bankrupt. They also will have the option of initiating the insolvency resolution process on their own, under certain…
While the speed with which the government has brought about the new legislation deserves to be applauded, the absence of many significant provisions takes the sheen off an otherwise much-needed piece of reform. The Bombay Stock Exchange. Source: BSE The passing of the Insolvency and Bankruptcy Code by parliament has finally paved the way for…
Struck-off dentist Alan Morrison declared bankrupt 13 May 2016 From the section Glasgow & West Scotland Image copyright PA A dentist who put 6,000 patients at risk by using dirty equipment has declared himself bankrupt. Alan Morrison, who ran surgeries in Ayrshire, is facing a £1m lawsuit from 750 of his former patients. He sparked…
Liepajas Osta LM stevedore was declared insolvent in a written procedure at the court in Liepaja port city in Latvias south-west on May 12th, writes LETA. Zanda Kokare-Rode has been appointed as the insolvency administrator for Liepajas Osta LM, the courts representative, Inta Kurpa, told LETA. Kokare-Rode was proposed as the insolvency administrator after…
Hexi Pharma Co. SRL, a Romanian pharmaceutical company involved in a recent scandal of faulty hospital disinfectants, has filed for insolvency with the Bucharest Tribunal. 2016-05-12 15:55:12 According to the courts web portal, the application was filed on Tuesday and it regards bankruptcy upon debtor request under Article 66 of Law 85/2004 on insolvency prevention…
Rajeev Dubey, Managing Editor, Business Today In the fracas of whether Vijay Mallya is a defaulter, a wilful defaulter, or – to be charitable – a victim of circumstances, lenders and politicians have upped the ante against the UB Group chairman who fled the country with nearly Rs 9,000 crore in unpaid dues but who…
In a chat with ET Now, Kiran Mazumdar Shaw, CMD, Biocon, says the devil is in details of implementation and it is not an easy thing to implement the law. Edited excerpts ET Now: The Bankruptcy Code is a game changing move, no doubt. How important do you think it is in terms of a…