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]
Although the detail remains to be seen, a possible mechanism to give effect to the ‘safe harbour’ is a ‘business judgment rule’ similar to the rule that already exists in relation to directors’ duties. Directors are deemed not to be in breach of their duties to the company if they discharge their duties in good faith and for a proper purpose, inform themselves about the subject matter of the judgment to the extent they believe is appropriate and rationally believe the judgment is in the best interests of the company. … [Read more...] about Safe Harbour’ For Insolvent Trading: Australian Reforms Encourage Business Activity
Under the proposed Australian formulation, the director would have to be confident that their actions are "reasonably likely" (and continue to be so over time) to lead to a better outcome. This, on its face, appears to be a more objective standard without much clear guidance. Indeed, the explanatory memorandum to the proposed legislation states that the safe harbour protection may arise even if none of the indicators listed are present. Furthermore, there may potentially be a situation where all the indicators are present but a court decides that the safe harbour will not apply. The legislation envisages that each circumstance will be judged on its own facts. It may therefore be a brave director who seeks to rely on this provision before there is sufficient precedent on how a court will interpret and apply the safe harbour carve-out. … [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