The Supreme Court of Singapores Justice Aedit Abdullah discusses the countrys recent overhaul of its restructuring and insolvency framework In May 2017 Singapore implemented a major overhaul and update of its restructuring and insolvency (R&I) regime via amendments to the Singapore Companies Act. The new framework aims at nothing less than to…
DetailsBarbados is the latest popular holiday destination to introduce a tax on tourists, which could see families forced to pay more than £200 extra for a fortnights stay. However, while many countries and resorts impose visitor levies to mitigate the environmental impact of mass tourism, the Caribbean island is doing so to raise money to…
DetailsFri, Jun 29, 2018 – 8:40 PM A UNIT of PEC has been placed under creditors’ voluntary liquidation starting June 28, the plant and terminal engineering specialist said in a Singapore Exchange filing. This followed a resolution passed at the extraordinary general meeting of that subsidiary, Enerz Engineering, and confirmation by the creditors, both of which took…
DetailsBERLIN (AP) The German parliament has approved a debt relief package for Greece that is meant to help wean the country off its rescue loans as its eight-year bailout program comes to a close. Lawmakers in Berlin voted 410-226 on Friday to support the package, which Greece’s European creditors and the International Monetary Fund agreed…
DetailsSHENYANG, China–Chinese authorities are urging unlucky gamblers to remain calm, as the string of upsets in the 2020 FIFA World Cup is raising concerns that they are driving big losers into doing something rash. Chinese media have reported a number of people going bust tied to the betting, including one losing gambler attempting suicide. Another…
DetailsWhen I started gambling I had no idea Id end up like this, says 29-year-old reformed gambler Wah, who does not want to disclose his full name. I thought Id be able to control it. Were in a room at Wan Chais Tung Wah Even Centre, a counselling and treatment service for problem and pathological…
DetailsHer crimes were discovered when another director of the company – Marc Marusco – started getting phone calls from creditors whose invoices were not being paid. The company subsequently went into voluntary administration in 2016. Ms Martincic’s lawyer Patti Chong agreed with Judge Michael Gething when he suggested the 41-year-old was “regretful” but not remorseful for what she had done. “She maintains…
DetailsCommerce and Consumer Affairs Minister Kris Faafoi has put licensing insolvency practitioners back on the legislative agenda with a view for it to be it up and running next year. Last night the Insolvency Practitioners Bill, which was first introduced in 2010, was sent back to select committee to consider a supplementary order paper introducing…
DetailsRules for individual bankruptcy might take still longer to come. A key official involved in framing it, says: While insolvency provisions for companies would not create a direct social impact, individual bankruptcy provisions will directly have social fallouts. The Insolvency and Bankruptcy Code (IBC) is in force since…
DetailsPhoto: Barbora Nmcová The Czech judicial system is unprepared to handle such an influx, Richter, a lawyer in the Prague office of the international firm Clifford Chance, told the business daily Hospodáské noviny. Under current law, the debt relief process cannot begin without the permission of creditors, unless it appears that the debtor will settle…
Details