Asia Pacific

Singapore Summit to Gather Anti-Corruption Experts in Industry, Government

Anti-corruption enforcement has never been more aggressive or coordinated. In light of this current situation, multinational corporations have continued to emphasize investment in strong anti-corruption compliance programs. In the Asia-Pacific region, jurisdictions have taken strong steps to reinforce their anti-corruption legislative framework by requiring organizations and businesses to comply with internal policies and local regulations.

To address this issue, Duxes will host the 8th Anti-Corruption Compliance Asia Pacific Summit 2020 (ACAP) from February 20-21 in Singapore. The event is designed to help companies adapt to the new anti-corruption environment. The two-day summit will gather government officials and industry leaders to discuss important developments, including anti-corruption enforcement trends, third-party due diligence, and risk management, as well as best practices for compliance, internal communication and internal audits.

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RELEASE OF THIRD-PARTY ASSETS PERMITTED DURING MORATORIUM UNDER THE BANKRUPTCY CODE

Can you rescue your raw materials or unfinished products from a company after it goes under insolvency?

The answer is yes, as held by the National Company Law Tribunal (“NCLT”), Chandigarh Bench.   

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Euromoney Legal Media Group Asia Women in Business Law Awards 2019: Shortlist announced

Congratulations to ILN member, Josephine Peng, of Lee & Li, Taiwan, who has been shortlisted for Tax Dispute Resolution by Euromoney Legal Media Group in the Asia Women in Business Law Awards 2019! Further congratulations to Lee & Li for their country award for Taiwan. The awards will be given during a celebration of the advancement of women in the legal profession in the region on November 3rd in Hong Kong. Read more…

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EMPLOYEE AND WORKMEN DUES ARE NOT PART OF LIQUIDATION ESTATE – TO BE PAID ON PRIORITY

Judgment: State Bank of India v Moser Baer Karamchari Union [Company Appeal (AT) (Insolvency) Number 396 of 2019]

Forum: National Company Law Appellate Tribunal (“NCLAT”).

Judgments delivered on: August 19, 2019.

Act/Law: The Insolvency and Bankruptcy Code, 2016 (“Code”).

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Finance Minister announces major reduction in Corporate Tax Rates

Finance Minister Smt. Nirmala Sitharaman at the 37th GST Council Meet held today i.e. September 20th 2019 has announced to reduce the corporate taxes for domestic companies and new local manufacturing companies through an ordinance.

The highlights of the Taxation Laws (Amendment) Ordinance of 2019 (“Ordinance”) are enumerated below:

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IBC proceedings maintainable against a company whose name has been struck off by the Registrar of Companies

 

The Hon’ble National Company Law Appellate Tribunal (“NCLAT”) has held that the Corporate Insolvency Resolution Process (“CIRP”) can be initiated against a company whose name has been struck off by the Registrar of Companies (“ROC”) on an application filed under section 7 or section 9 of the Insolvency and Bankruptcy Code, 2016 (“IBC”) by any creditor or workman of such company.

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Financial Services in Focus – Issue 30

Funds and financial products

Treasury releases draft Design and Distribution Obligations Regulations

On 12 September, Treasury released for public consultation exposure draft regulations to support the Treasury Laws Amendment (Design and Distribution Obligations and Product Intervention Powers) Act 2019 (‘Act’) and an exposure draft explanatory statement.

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Hall & Wilcox advises Sto Group on acquisition of Unitex

Leading Australian law firm Hall & Wilcox is pleased to have advised German company Sto Group on its acquisition of Unitex, an Australian manufacturer and distributor of building products for residential and commercial architectural products.

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No negligence in tragic accident

The District Court has recently dismissed a claim arising from serious injuries sustained in a fall from a roof, finding that the occupier had no duty of care to warn of an obvious risk of harm.
Keven Gors attended at a house with his brother to remove a hot water system unit from the roof. The intention was to transfer the hot water system to a house in which he was living. Mr Gors and the defendants were neighbouring farmers.

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Fair Work Commission finds dismissal following Facebook tirade to be harsh

The Fair Work Commission (FWC) has once again considered the persistent challenges raised by an employee’s use of social media outside work.

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