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…
Introduction The Supreme Court of Canada (SCC) has granted leave to appeal the decisions of Ernst & Young Inc. v. Aquino (Aquino) and Golden Oaks Enterprises Inc. v. Scott (Golden Oaks), which both address the corporate attribution doctrine in the insolvency context. Generally, the corporate attribution doctrine imputes the actions, intent and/or knowledge of a…
Businesses are being “battered from all sides”, said Garry Lee, the chair of R3’s Southern and Thames Valley region, following the publication of last month’s personal and corporate insolvency statistics for England and Wales. Figures from the Insolvency Service showed that corporate insolvencies increased by 17.6% in October this year to 2,315 compared to September’s…
ASIC has disqualified a former Magnolia Capita Group director from managing corporations for a period of 5 years and banned him for a period of 10 years from providing financial services and engaging in credit activities. Mitchell Atkins of Erina, New South Wales was a director of the Magnolia Capital Group of companies which collapsed…
RIGA – At the beginning of November 2023, tax debts in Latvia totaled EUR 863.343 million, which is 0.8 percent more from October, but a 1.5 percent decrease from the beginning of the year, according to the information released by the State Revenue Service (VID). This total includes current and suspended debts as well as…
A Nova Scotia home heating fuel company that filed for bankruptcy last week has accused an accounting firm of negligence, saying it was hit with a “crippling shortfall” of nearly $10 million after being led to believe it was making money. Maritime Fuels Ltd. declared bankruptcy last week, leaving in the lurch an unknown number…
Ever since the UKs ancient insolvency regime was modernised back in 1986, its inner workings (and even some of its advisers) have operated behind a protective veil of semi-secrecy, with a frustrating lack of public information available to those who need its services, including PSCs seeking fixes to financial problems, writes Nick Hood of Opus…
The trucks that typically deliver fuel across Halifax are sitting idle behind the Maritime Fuels building in Dartmouth, N.S. The Nova Scotia-based company filed for bankruptcy protection last week. There are thousands of Nova Scotias that have paid for what they thought was going to be their heat source for the winter and now theyre…