However, Ms Ball said the TMA would not insist on any exemptions to unfair preference payments that involved related party payments or phoenix transactions. “The amendment would not however, exempt those payments made by a company pre-insolvency to any related party or where there exists phoenix company-type transactions.” The government has already made significant changes…
29 Jul 2020 The Corporate Insolvency and Governance Bill offers directors of struggling companies with some welcomed respite in regards to some of their decisions and action during the COVID-19 period. There is relief available with regards to personal liability for wrongful trading, voluntary moratoriums and restructuring options. Wrongful trading The impact of the COVID-19…
Najib, who led Malaysia from 2009 to 2018, co-founded 1MDB to attract foreign capital and help advance the Malaysian economy. Instead, up to $US4.5 billion was siphoned off. In 2018, the fund was declared insolvent and unable to pay its debts. That same year, Najib was bounced out of office in a historic election defeat.…
The customers of Agetur, the first Romanian tour operator to go insolvent because of the coronavirus pandemic, will receive only half of the EUR 440,000 paid in advance for holidays this summer. The clients will be compensated through the insolvency risk insurance policy, which will partially cover the amounts paid. Agetur is one of the…
Image copyright Getty ImagesImage caption Those working in the events industry face an uncertain future A wave of “zombie companies” kept afloat during lockdown are on a cliff-edge going into the autumn, experts say. Analysis by the BBC shows a surge of firms went bust in March, then the rate slowed in the first few…
The act will make substantial changes to Singapores corporate insolvency laws in particular, while retaining most existing personal insolvency provisions. It sets out common principles and aligns procedures across the previous regimes under a single law, rationalising existing inconsistencies and minimising uncertainty that has previously existed due to cross-referencing across the various pieces of legislation.…
Remington Arms, the nation’s oldest gunmaker, has declared bankruptcy for the second time in as many years. Remington first soughtbankruptcy protection in 2018after reporting nearly $1 billion in debt. Although the company exited court supervision that same year, it remained weighed down by lawsuits and retail sales restrictions following the2012 Sandy Hook school massacre. The…
Tuesday, July 28, 2020 On 26 June 2020 theCorporate Insolvency and Governance Act 2020(the Act) came into force, introducing a number of permanent reforms to English insolvency and restructuring law. Among these reforms is a standalone moratorium available to any eligible company that is, or is likely to become, unable to pay its debts. Eligible…
The stress of losing your life savings really muddles your thinking, Mr Russell said. His appearance is part of a stream of prosecution witnesses appearing in the case against Mr Gore, who has declared he is not guilty to the 12 fraud charges relating to $800,000 of investor funds. He was arrested in 2017 following…
Member Article Over 8 in 10 respondents to a national survey of members of the insolvency and restructuring profession carried out by insolvency and restructuring trade body R3, expect personal insolvency numbers to increase within the next 12 months. Nearly half (44.5%) of the respondents to R3s member survey who work in personal insolvency say…