by Mary Swire, Tax-News.com, Hong Kong 03 March 2021 The Inland Revenue Authority of Singapore has updated its guidance on the tax requirements for companies being liquidated and those under receivership. Companies that have commenced voluntary or compulsory liquidation will have a liquidator appointed by the company or the Court. The liquidator is required to…
Greensill Capital, the once high-flying financial company that counts former prime minister David Cameron as an adviser, is preparing to file for insolvency in the UK. People familiar with the matter said that the filing will allow private equity firm Apollo Global Management to buy parts of the business out of administration, in a prepack…
Australian Fashion Labels has emerged from voluntary administration, the business has posted to its social media accounts. The business has been purchased by a new owner, the identity of which is being sought out byRagtraderat the time of writing. As reported by Ragtrader, Australian Fashion Labelswas placed into administration on January 06 with $12 million…
Court documents from a mid-February hearing in New Zealand’s High Court have revealed the financial position of Pacific Aerospace Limited (PAL) and concerns that the Civil Aviation Authority would revoke the companies certifications. The hearing was to consider the application of parts supplier International Aviation Support to have a liquidator appointed to PAL over unpaid…
The options open to landlords in Northern Ireland differ to those in England and Walesor in Scotland.These are addressed in our separate guides. Restrictions on forfeiture for arrears in Northern Ireland have been extended to 31 March 2021 for all commercial leases under section 83 of the Coronavirus Act 2020. Restrictions on statutory demands and…
The key aspects of this new law are: Available for companies with liabilities under $A1 million. A moratorium from creditor actions (including personal guarantees) will occur following a resolution of the board/directors to appoint a Small Business Restructuring Practitioner (SBRP) to assist with the collation of a plan. Directors remain in control while they collate…
Mar 02 2021, 1:25 PMMar 02 2021, 1:25 PMMarch 02 2021, 1:25 PMMarch 02 2021, 1:25 PM Provisions of the insolvency law that protect a corporate debtor from other proceedings will also cover dishonoured cheques, the supreme court ruled, taking a view contrary to two earlier high court verdicts.Moratorium allowed under Section 14 of the…
Hospitality and tourism businesses continue to be the hardest hit due to the impact of COVID-19 with several closing their doors last month. There were 36 Queensland firms that collapsed into liquidation and administration in February, up from 27 the previous month. Revive Financial partner Jarvis Archer said his office had seen an increased number…
The NCLAT by its judgment had approved continuation of parallel proceedings under Section 138 of the Negotiable Instruments Act even as the resolution process under the IBC was under way against the company subjected to moratorium. By way of background, the National Company Law Tribunal (NCLT), Chennai had initiated Corporate Insolvency Resolution Process (CIRP) against…
NEW DELHI: The Supreme Court on Monday held that the cheque bounce cases can neither be instituted nor be continued against companies which are facing insolvency proceedings and are protected under a provision of Insolvency and Bankruptcy Code (IBC) putting a moratorium on legal proceedings against them.The top court, however, did not extend the benefit…