Feb142017
The Ministry of Corporate Affairs had set-up four Working Groups to facilitate implementation of the Insolvency and Bankruptcy Code, 2016. The Working Group-3 had a mandate to deliberate and submit its recommendations on rules and regulations and other related matters for the insolvency and liquidation process under the Insolvency and Bankruptcy Code, 2016
Feb142017
The Government of India has announced the repurchase of its Securities through reverse auction for an aggregate amount of Rs. 20,000 crore (face value). The security-wise details of the repurchase are given as under:
Feb142017
Today (14 February 2017) the Chief Secretary to the Treasury, David Gauke met with Fife-based companies to discuss opportunities and challenges, and hear their future plans to grow and boost Scotland and the UK’s economy.
Sectors driving growth in the Fife economy ‒ including insurance, manufacturing, accounting, banking, higher education, distilling and brewing ‒ were all represented at the roundtable, held at Handelsbanken Dunfermline.
The latest meeting of the Chief Secretary with the Scottish, Welsh and Northern Ireland Finance Ministers also took place today in Edinburgh. The ministers discussed the economic outlook and the upcoming UK government Budget.
Chief Secretary to the Treasury, David Gauke said:
Fife’s businesses have ambitious plans for the future. The UK government is focusing on raising productivity and creating the right environment for Scottish businesses to flourish.
The UK government and devolved administrations must continue to work together to maximise opportunities to boost the UK economy and support businesses across the country. I was pleased therefore to meet my ministerial counterparts today to look ahead to Budget and discuss our economic priorities.
Fife is playing a key part in developing two city deals in Scotland: Edinburgh and South East Scotland; and the Tay Cities. The UK government, working with the Scottish Government and local partners, remains on track to agree a city deal with all 7 of Scotland’s great cities.
The Chief Secretary will later visit the Edinburgh Gin Distillery in the city’s West End. Some 70% of the gin consumed in the UK is made in Scotland, while the UK is the world’s largest gin exporter, with more than 200 million bottles being sent to overseas markets each year. He also met with the Scotch Whisky Association to discuss how the UK government can continue to support the Whisky industry in the UK and in export markets.
Business roundtable attendees:
Feb142017
Second year students from the Aberdeen Campus of Scotland’s Rural College (SRUC) are honing their business skills in a challenge to create a new community focal point for the local Chapelton Estate.
Feb142017
On 15 December 2016 Registrar Christine Derrett ordered that Mr Todd, a financial adviser, be subject to the bankruptcy restrictions order as a result of him acting in the management of limited company, despite having previously agreed to a disqualification undertaking for ten years, and for breaching a bankruptcy order.
In handing down the maximum period of bankruptcy restriction allowed by the court, Registrar Derrett stated that Mr Todd’s affairs was one of the worst examples of someone having disregard for the insolvency and directors disqualification regime which exists to protect the public.
The misconduct was during the period 8 February 2013 to 14 April 2014 and from 21 January 2015 to 2 February 2015 whilst subject to a company directors disqualification undertaking and from 29 April 2013 whilst an undischarged bankrupt.
Previously, on 8 October 2012 Mr Todd had offered a disqualification undertaking not to act as a director, act as a receiver of a company’s property or in any way, whether directly or indirectly, be concerned or take part in the promotion, formation or management of a company for a period of ten years as a consequence of his conduct as a director of an earlier company in liquidation.
A bankruptcy order was subsequently made against Mr Todd on 29 April 2013 and on 16 December 2013 his discharge from bankruptcy was suspended indefinitely.
Without leave of the court Mr Todd nevertheless acted in the management of IPR Capital Limited (IPR) which was incorporated on 8 February 2013 and which went into provisional liquidation on 2 February 2015 and liquidation on 1 April 2015 with liabilities of over £10 million.
The court also found that Mr Todd failed to disclose in the bankruptcy proceedings his income from IPR and other parties. From 29 April 2013 (the date of his bankruptcy) to 15 April 2014, Mr Todd received at least £517,100 from IPR.
Mr Todd also received payments into his bank account totaling £59,904 during the period 29 April 2013 to 6 January 2014 from other parties.
Mr Todd stated to the Official Receiver that he had assets with an approximate value of £8,800. As at 29 April 2013 his liabilities amounted to at least £454,107 of which £363,607 was due in respect of unpaid National Insurance contributions, self assessed tax and penalties.
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