Miller Nash LLP’s Post

The Supreme Court's decision to treat tax departments at par with secured creditors in bankruptcy cases raises concerns for banks. This ruling conflicts with the original legislative intent of the Insolvency and Bankruptcy Code (IBC), potentially diminishing recoveries for lenders. It compromises the priority of secured creditors, which could deter banks from extending credit. The uncertainty surrounding creditor ranking may impact industry funding and lending safety. It's imperative that the government takes measures to restore the sanctity of creditors' rights over charged assets, preserving the core principles of the IBC. #personalviewpoint #bankingandfinance #insolvencyandbankruptcy Law Veritas : North

Whether issuance of Cheques amounting of Rs 1 cr. for balance payment out of advance paid for goods, due to deficient supply by Corporate Debtor in favour of Operational Creditor automatically meets the threshold under Section 4 of the Insolvency and Bankruptcy Code, 2016 (IBC)?

Registration of any charge created, modified, or satisfied is a critical compliance aspect, particularly for creditors, as it provides transparent details regarding the risk associated with the lending company. It creates public records of the charges, giving creditors priority in case of liquidation or insolvency proceedings and taking action under SARFAESI act,2002. Failure to register the charge within the given time period carries severe penal consequences for companies as well as directors and in addition lender would not be able to take action against the company for defaults hence it is very important. The entire information on charges, including penal consequences and time periods, is attached herewith.

Dear IP, Issue 163... Article 39 - Companies House begins phased roll out of new powers under the Economic Crime and Corporate Transparency Act 2023 (ECCT Act) Article 120 - Debt Relief Orders: Changes to support people with problem debt Article 121 - FCA Guidance Consultation - GC24/1: Proposed amendments to FG21/4 (Guidance for insolvency practitioners on how to approach regulated firms) #insolvency #insolvencyservice #DearIP #insolvencypractitioner #R3

In a significant decision, the Supreme Court clarified how to distinguish between Financial and Operational Debt under the Insolvency and Bankruptcy Code (IBC). The ruling emphasized that a debt must have a corresponding claim and financial debts must involve consideration for the time value of money. It also highlighted the importance of examining the real nature of the transaction in written agreements. Debts arising from services rendered under a written agreement are considered operational if the claim is related to the service provided. #SupremeCourt #IBC #FinancialDebt #OperationalDebt #LegalUpdate

[BANK GUARANTEE] Bank Guarantee (BG for short) is a payment guarantee provided and issued by from a lending organization usually from a bank. The bank guarantee signifies that the lending institution ensures that the liabilities of a debtor are going to be met. In other words, if the debtor fails to perform the obligation as agreed, the bank will cover the debtor's obligation. We can conclude that a bank guarantee is a financial backstop offered by a financial institution like bank promising to cover a financial obligation if one party in a transaction fails to hold up their end of contract. #law #lawedu #legal #legalinsights

🔥 Worried about unexpected ATO letters? When it comes to Director Penalty Notices, there are two types of notices – the 21-Day DPN and the Lockdown DPN. ✅21-Day DPN: Gives directors 21 days to take 1 of 4 actions to remit any personal liability associated with the debt – pay the debt in full, appoint an administrator, appoint a restructuring practitioner to restructure the business, or liquidate the company. ✅Lockdown DPN: The penalty is imposed and can only be cancelled by paying the debt in full. To learn more about receiving a DPN, our team at 1300 indebt is here to help. Let's chat and find your way out. Take action now – contact us at 1300 463 328 or visit the link 👇👇 https://lnkd.in/gzpQN8e4 #1300indebt #businessdebt #businessfinance #smallbusinessfinance #financialissues #insolvency #unpaidtaxes #voluntaryadministration #cashflow #businessmoney #debtdistress #liquidator #commercialloan #businessplan #businessbudget #creditrepair #creditscore #business #creditrestoration #businessgrowth #debtfreegoals #businesscreditscore #smallbusinessaustralia #businessloans #businessbankruptcy #businessfinancialadvice

Attention members! Ben and Carolyn with our IBA government relations and compliance teams have created an informative video addressing your questions about lawsuits related to the CFPB’s Section 1071 Small Business Lending Data Collection rule. Stay informed and get clarity on the ongoing litigation! Check it out now! 🔗 https://ow.ly/1aH850PFezs 🔗 #IBAUpdates #IllinoisBankers #SmallBusiness #Lending #Briefings #Bankers

@themislawchambers The Negotiable Instruments Act, Section #138 Dishonour of cheque for insufficiency, etc., of funds in the account. — Where any #cheque drawn by a person on an #account maintained by him with a #banker for #payment of any amount of #money to another person from out of that account for the discharge, in whole or in part, of any #debt or other #liability , is returned by the #bank #unpaid , either because of the amount of money standing to the #credit of that account is insufficient to #honour the cheque or that it exceeds the amount arranged to be #paid from that account by an #agreement made with that bank, such person shall be deemed to have #committed an #offence and shall, without #prejudice to any other provisions of this #act , be punished with imprisonment for a term which may be extended to two years, or with fine which may extend to twice the amount of cheque, or with both: Provided that nothing contained in this #section shall apply unless— (a) the cheque has been presented to the bank within the period of validity, (b) the payee or the holder in due course of the cheque, as the case may be, makes a demand for the payment of the said amount of money by giving a #notice in writing, to the drawer of the cheque, within 30 days of the receipt of information by him from the bank regarding the #return of the cheque as unpaid; and (c) the drawer of such cheque fails to make the payment of the said amount of money to the payee or, as the case may be, to the holder in due course of the cheque, within fifteen days of the receipt of the said notice. https://lnkd.in/dZJ_yhXM

Not all credit counsellors are licensed and some may charge fees for their services. Licensed Insolvency Trustees are regulated by the government and are the only debt professionals that can file Bankruptcies and Consumer Proposals. Their initial consultation is always free. https://bit.ly/3OisDGJ #CreditCounselling #DebtSolutions #CanadianDebtRelief #FinancialManagement #DebtManagementProgram #DebtConsolidationLoan #MoneyManagement #FinancialFreedom #DebtRelief