This article forms part of our litigation funding series and discusses a key decision that has the potential to significantly support the due diligence efforts of litigation funders in external administration contexts.
If a judgment has been entered against you, the judgment creditor may ask you provide them with a financial statement and copies of your bank statements and pay slips. You may be wondering what power the judgment creditor has to require you to provide this information.
The simple answer is, a judgment creditor can utilise the various enforcement procedures to obtain evidence of your financial situation to assist them with recovering the judgment debt from you.
Examination Notice
In 2018, the Insolvency and Bankruptcy Code, 2016 was amended to enable the withdrawal of admitted applications for the initiation of corporate insolvency resolution. Such, withdrawal applications have been subject to greater scrutiny from the adjudicating authority and the committee of creditors where they involve promoters seeking to regain control of corporate debtors.
On February 3, 2022, as part of a series of recent decisions addressing third-party releases, Bankruptcy Judge John T.
The Second Circuit Court of Appeals recently issued an opinion that potentially broadens the proximate cause element of claims brought under the Racketeer Influenced and Corrupt Organizations Act (RICO). RICO’s proximate cause element requires a plaintiff to allege facts plausibly establishing that there is a “direct relationship” between the claimed injury and the defendant’s conduct in violation of RICO.
The Economic Survey prepared by the Economic Division, Department of Economic Affairs, Ministry of Finance, Government of India is an annual performance report of the Country’s economy which focuses on the economic developments in the country of each and every sector and helps in better utilization of resources and their allocation in the Union Budget. The Economic Survey is presented before the Budget and the theme of Economic Survey 2021-22, relates to the art and science of policymaking under conditions of extreme uncertainty.
The Insolvency and Bankruptcy Code, 2016 (Code) was enacted to revamp the insolvency and bankruptcy laws and resolve problems being faced by creditors due to non-repayment of outstanding dues by corporate borrowers. Since our 2020 snapshot on 15 key developments in insolvency law, the Code has been further refined and amended in line with the object of the Code and taking into account the COVID 19 pandemic. The insolvency courts have also played their part in the development of the Code considering the business realities and practical considerations.
The proper tax treatment of real property disposals is a common area of dispute between taxpayers and the Inland Revenue Board (Revenue). Taxpayers who have disposed of investment properties expect to be taxed under the Real Property Gains Tax Act 1976 (RPGTA). The Revenue, on its part, may disagree, taking the view that the taxpayer had been trading and ought to be taxed (at the higher rate) under the Income Tax Act 1967 (ITA).
The Insolvency Service now has extended powers when it comes to directors dissolving companies to avoid paying their liabilities.
These powers have been granted under the Rating (Coronavirus) and Directors Disqualification (Dissolved Companies) Act, which was given royal assent on 15 December 2021.
This week’s TGIF considers the decision in Re BBY Limited (Receivers and Managers Appointed) (in liq) [2022] NSWSC 29, where the Court discussed the necessary elements of a Quistclose trust in the context of alleged unfair preferences.
Key Takeaways