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 one end of the spectrum, directors are often seen as being too quick to appoint an administrator or liquidator to protect themselves from personal liability, in circumstances where a restructure or turnaround strategy could result in the company returning to profit within a reasonably short period. This has the potential consequence of destroying value in what could otherwise be a successful venture. … [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?
The appointment of one or more advisers to assist with business turnaround may allow company directors to satisfy themselves (and a Court at some later time) that the strategy they are developing is reasonably likely to lead to a better outcome for the company and that the safe harbour provisions are available to the directors. The Bill terms any such adviser an “appropriately qualified entity” but is silent as to what constitutes “appropriately qualified.” … [Read more...] about Steering to Safe Harbour – Changes to Australian Insolvency Laws Herald a New Era for the Turnaround of Distressed Companies