Singapore’s Ministry of Law has unveiled significant proposed changes aimed at revising Singapore’s restructuring and insolvency laws and developing Singapore into a regional debt restructuring hub.1
IN BRIEF
Draft legislation unveiled
In Brief
For the first time, a court has adopted the ‘centre of main interest’ (COMI) as grounds at common law to recognise foreign insolvency proceedings.
The decision earlier this year by the High Court of Singapore (the Court) recognised a Japanese bankruptcy trustee appointed to companies incorporated in the British Virgin Islands (BVI):
Major insolvency reform: Getting the (ipso) factos straight
In brief
In brief
On 29 April 2016, the Australian Federal Government (Government) announced three major insolvency law reform proposals in its Improving Bankruptcy and Insolvency Laws Proposal Paper1 (Proposal). The Government has invited submissions from stakeholders and given this is a rare opportunity to undertake substantial reform, we strongly encourage involvement.
HR Consultancy
DURC: new system officially started
The new system of internal DURC (“Documento Unico di Regolarità Contributiva”), through which the INPS (“Istituto Nazionale della Previdenza Sociale”) ensures the regular payment of social security contributions by the employer, officially started.
These days, in fact, the companies have started to receive by certified e-mail (PEC) an invitation to stabilize any irregularity within 15 days.
Fixed term employment contract: fines replace reinstatement
HR Colsultancy
JOBS ACT - Fixed term employment contract: potential fines for those companies with 20% or more of their employees on fixed term contracts
Current proposed amendments by the Jobs Act include (i) replacing the fine for conversion of fixed term contracts exceeding the 20% limit into open-ended contracts with a fine to be paid to the employee and (ii) the clarification of the reintroduction of basic training for apprentices.
Financial Services Disputes and Investigations
ECHR finds double jeopardy: Crimes sanctioned by Consob and heard by the Court of Appeal cannot be tried again in court proceedings