Any witnesses who saw the collision, the grounding and/or any passengers onboard the Red Falcon are requested to contact MCA Investigations and Enforcement Unit via email at [email protected] leaving their contact details so that we can get in touch. … [Read more...] about Isle of Wight ferry runs aground in fog and hits two yachts in Cowes Harbour as witnesses report ‘cries for help’
Central Board of Direct Taxes (CBDT) has notified a new safe harbour regime based on the report of the Committee set up in this regard, n order to reduce transfer pricing disputes, to provide certainty to taxpayers, to align safe harbour margins with industry standards and to enlarge the scope of safe harbour transactions. … [Read more...] about CBDT Notifies New Safe Harbour Regime [Read Notification]
At the other end of the spectrum, the laws are often regarded as not having their intended effect of preventing insolvent trading. Directors with their personal wealth tied to the company are often seen as continuing to trade to try to save their investment on an ‘all or nothing’ basis. This activity is undertaken at the expense of creditors. … [Read more...] about Safe Harbour’ For Insolvent Trading: Australian Reforms Encourage Business Activity
We expect that the current drafting may attract attention in submissions as a result of ambiguity in the opening words of the key safe harbour provision which shows an intent to provide directors with a "carve out" to the insolvent trading regime (rather than a defence to breaching the regime). The ambiguity is created in the proposed provisions which follow in that the word "defence" is used. Unfortunately the Explanatory Memorandum adds to the ambiguity by stating in the early part of its explanation that the provisions are a "carve out" yet later on referring to the "safe harbour defence". … [Read more...] about Australian Insolvency Reforms – Is the Harbour Safe Yet?
Whether a course of action is reasonably likely to lead to a better outcomeSection 588GA(2) of the Bill offers some guidance to directors by listing actions that may be considered when determining whether a course of action is reasonably likely to lead to a better outcome for the company. One consideration of particular interest is whether a director is “obtaining advice from an appropriately qualified entity who was given sufficient information to give appropriate advice” (section 588GA(2)(d)). … [Read more...] about Steering to Safe Harbour – Changes to Australian Insolvency Laws Herald a New Era for the Turnaround of Distressed Companies