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 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
The proposed changes will bring Australia more in line with the United States, which has had similar laws preventing the enforcement of ipso facto clauses for some time. In the U.S. the bankruptcy courts have strictly enforced a statutory stay to prevent contracting parties from terminating their contracts based on ipso facto clauses, in order to give insolvent companies a “breathing spell” to attempt court-sponsored reorganisations with their creditors. That includes allowing an insolvent company time to determine which contracts it wants to keep or scuttle (“assume or reject,” in U.S. bankruptcy terms) as part of its restructured business model, which may include renegotiated contract terms. The stay also applies in court-supervised liquidations, to allow orderly liquidations by bankruptcy trustees. … [Read more...] about Australian Insolvency Reforms – Is the Harbour Safe Yet?
For company directors to avail themselves of the safe harbour provisions, the restructure or turnaround strategy or strategies being developed must be reasonably likely to lead to a better outcome for the company than administration or liquidation would. No doubt this test will be the subject of judicial consideration in the future, however, the Bill already offers some guidance to directors in assessing whether a course of action is reasonably likely to lead to a better outcome, and by extension, whether the safe harbour regime may be engaged. … [Read more...] about Steering to Safe Harbour – Changes to Australian Insolvency Laws Herald a New Era for the Turnaround of Distressed Companies