Mr Morrison told Parliament Labor “[sees] the COVID pandemic as some sort of opportunity to lock in endless income support, and that is not a responsible thing”. Loading “We must be sure that the supports we put in place to get Australians through don’t become a barrier to them, and don’t become a barrier to…
DetailsCharaka Society’s administrators say they have written to Karnataka Chief Minister BS Yediyurappa asking for Rs 97 lakh promised by successive state governments for various joint projects to be paid to them. The 25-year-old Charaka Society, which supports hundreds of handloom weavers in Heggodu village of Karnataka’s Shivamogga district, was declared insolvent on August 28,…
DetailsThe observations from a two-member NCLAT bench came as it upheld an order of the National Company Law Tribunal PTI | September 3, 2020 | Updated 08:21 IST Citing Section 7 of the Code, the appellate tribunal said that it is latently and patently clear that once the ‘debt’ is converted into ‘capital’ it cannot…
DetailsThursday, 3 September 2020, 12:55 pmPress Release: Chartered Accountants Australia and New Zealand Key points: Some businesses that would have closed their doors under normal circumstances are hanging on thanks to COVID measures. These businesses should get financial advice immediately or risk a bigger crash when the support measures end A new insolvency regulatory regime…
DetailsWhen Archie Jafree heard that Lord & Taylor filed for Chapter 11 bankruptcy in early August, he was sad about the fate of the storied retailer with roots dating back to 1824. Still, the 36-year-old northern Virginia resident acknowledged he hadnt shopped there in months, preferring instead to go to Nordstrom and Zara, where he…
DetailsPhoto courtesy of FSGBy The Maritime Executive 09-02-2020 04:29:23 Germanys smaller shipbuilder Flensburger Schiffbau-Gesellschaft (FSG), which in recent years has specialized in ro-ros and ferries, took a key step forward with its restructuring. The purchase agreement for the assets of the shipyard along with 350 of its employees was completed by investment companies belonging to…
DetailsDebt is a dirty word. Try and stay away from it as much as possible. Ever heard this before? Well, youre not alone. Yet contrary to common theory, debt isnt always a bad thing. In fact debt can indeed mean development. You’ve just got to change your mindset about why you use it, so the…
DetailsThe latest headlines in your inbox twice a day Monday – Friday plus breaking news updates Tennis legend Boris Becker is facing a string of criminal charges over claims he failed to cooperate with his bankruptcy proceedings. The 52-year-old Grand Slam champion was declared bankrupt in June 2017, and last year faced claims that he…
DetailsInside Asian Gaming CEO Andrew W Scott recently met with Suncity Group CEO and Director Alvin Chau at SKY 21, atop Macaus AIA building. One of Suncitys many non-gaming offerings, the well-known bar and restaurant was the perfect venue for an after work drink and an in-depth discussion about the state of Macaus VIP industry,…
DetailsThe National Company Law Appellate Tribunal (NCLAT) on Wednesday said that insolvency proceedings cannot be triggered on the basis of debt which has been converted into capital such as equity of a company. The appellate tribunal also said that any investment cannot be “financial debt” and the provisions of Section 7 of the Insolvency &…
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