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’
It has come into effect from 1st of April, 2017, i.e. A.Y. 2017-18 and shall continue to remain in force for two immediately succeeding years thereafter, i.e. up to A.Y. 2019-2020. Assessees eligible under the present safe harbour regime up to AY 2017-18 shall also have the right to choose the safe harbour option most beneficial to them. A new category of transactions being “Receipt of Low Value-Adding Intra-Group Services” has been introduced. The new safe harbour regime is available for transactions limited to Rs. 200 crore in provision of software development services, provision of information technology-enabled services, provision of knowledge process outsourcing services, provision of contract research and development services wholly or partly relating to software development and provision of contract research and development services wholly or partly relating to generic pharmaceutical drugs. In respect of transactions involving provision of software development … [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
Further, while the proposed laws prevent the exercise of rights that arise solely as a result of the company entering into administration or a scheme of arrangement, other triggers that may give rise to the right to terminate or accelerate payments under a contract are not expressly subject to the stay. For example, termination and acceleration rights can be triggered by material adverse change clauses. The proposed new laws also do not prevent termination by choice if such a right exists under the contract. Given that the aim of the ipso facto provisions are to preserve value and give breathing space while a company goes through the administration or scheme process, the stay may need to be widened so as to prevent counterparties contracting around the ipso facto triggers. … [Read more...] about Australian Insolvency Reforms – Is the Harbour Safe Yet?
It is hoped the new regime will drive a cultural shift amongst boards by encouraging company directors to engage early with possible insolvency by investigating and developing turnaround or restructuring strategies with the benefit of the safe harbour provisions with a view to facilitating a company’s recovery, rather than being placing it prematurely into administration or liquidation. … [Read more...] about Steering to Safe Harbour – Changes to Australian Insolvency Laws Herald a New Era for the Turnaround of Distressed Companies