The National Company Law Tribunal prolonged on Thursday the corporate insolvency resolution process for grounded airline Go First by an additional 90 days. The extension, effective Nov. 6, is set to conclude on Feb. 4. The NCLT emphasised the completion of the resolution plan within this specified timeframe. Companies undergoing insolvency must undergo a resolution…
Your marriage contract can be one of the most important financial documents you will ever sign as it sets out the financial consequences of your future relationship. Getting it wrong can create financial difficulties when your marriage comes to an end. When choosing a marriage contract, consider the following: ADVERTISEMENT CONTINUE READING BELOW Costs Firstly,…
A used car dealer who defrauded people to the tune of 82,250 has been put behind bars. Jonathan Nolan was declared bankrupt in 2010 but carried out his crimes in 2017 and 2018 while a suspended sentence was in place after he failed to reveal a bank account following the bankruptcy, the Southern Daily Echo…
REFORM The decision by the Turnbull Government to embark upon the most significant reform to Australias insolvency laws for over 20 years has been embraced by many. One of the key features of the governments Improving bankruptcy and insolvency laws proposals paper is the introduction of a so-called insolvent trading safe harbour. Under the current…
Ciaran Desmond has also been suspended from practice by the Law Society Solicitor Ciaran Desmond John Mulligan Today at 03:30 A solicitor who had a 6.9m judgment secured against him earlier this year by the family behind Irelands biggest trucking firm, Nolan Transport, has been declared bankrupt. Cork-based Ciaran Desmond had been seeking a deal…
How fast time flies. Just a few weeks ago, on the heels of its announced acquisition by British group Admiral, French insurtech Luko advertised itself through billboards in the Paris metro and felt confident enough to joke about the fact that it once won a Next Unicorn award. Fast forward to this week, and its…
ASIC has disqualified a former Magnolia Capital Group director from managing corporations for five years and banned him from financial services or credit activities for 10 years after the company collapsed owing up to an estimated $50 million. Youre out of free articles for this month To continue reading the rest of this article, please…
SINGAPORE In a bid to save himself from bankruptcy, Samuel Woo Wai Hoong conspired with two other people to cheat various banks into disbursing loans with falsified Inland Revenue Authority of Singapore (Iras) documents. On Wednesday (Nov 22), Woo, a 45-year-old businessman, pleaded guilty to seven charges of being party to a criminal conspiracy to…
The Kerala High Court has clarified that a simple submission of an application under the Insolvency and Bankruptcy Code (IBC) for personal insolvency does not initiate a moratorium immediately. With this ruling, the High Court has plugged a loophole that defaulters use to defend personal assets. In its ruling, the Kerala High Court has cleared…
On Wednesday, Parliament approved Belgiums request for support from the European Globalisation Adjustment Fund for Displaced Workers (EGF). MEPs acknowledged that the COVID-19 pandemic and the Russian war of aggression against Ukraine have reduced economic competitiveness and have a negative impact on economic growth in Belgium. In recent years, Makro Cash & Carry Belgium NV…