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]
The proposal seeks to address Australia’s insolvent trading laws, which are significantly stricter than comparable laws in the United Kingdom, Canada and New Zealand. The United States has no insolvent trading laws. The consequences of breaching Australia’s insolvent trading laws range from directors being personally liable to pay the debts incurred by the company while it was insolvent, to imprisonment. … [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?
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