Tag Archives: corporate law

ILN Today Post

TOP 5 ASPECTS MAKING COMPANY ESTABLISHMENT EASY

Do you need a company to be established in Hungary? You will find below some hints and tips that will make your life easier.

Can be used promptly

Although a company is considered as formed once it is entered into the Companies Registry, it can already pursue business activity from the date of filing. As soon as it gets its tax registration number (a couple of days later), the company can even issue invoices, notwithstanding its registration. So putting a company into operation is indeed fast and effective.

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ILN Today Post

The Ministry of Corporate Affairs simplifies the process for Incorporation of Companies

The Ministry of Corporate Affairs (“MCA”) has recently notified the proposed deployment of a new web form “SPICe+” for incorporation of companies. The web form has been issued as part of the Government’s Ease of Doing Business initiative and has replaced the existing SPICe form.
The major changes introduced in the company incorporation process are:
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ILN Today Post

MCA Opens a New Way Out for an Old Problem – Squeezing Out the Minority Shareholders from a Company.

The Ministry of Corporate Affairs, Government of India (“MCA”) vide its Notification dated February 3, 2020, has brought into effect the eagerly anticipated sub-sections (11) and (12) of the Section 230 of the Companies Act, 2013 (“CA2013”). These provisions facilitate the takeover of the company/squeezing out the minority shareholders under a scheme of compromise/arrangement. While the remaining provisions of Section 230 of the CA2013, and for that matter the whole Chapter XV of the CA2013 relating to compromise, arrangements and amalgamations, were brought into effect in the year 2016, it has taken the MCA well over 3 (three) years to notify these key provisions.

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ILN Today Post

Process for Winding-Up under the Companies Act Revised; Summary Procedure Extended to More Companies

The Ministry of Corporate Affairs, Government of India vide its Notification dated January 24, 2020, has notified the Companies (Winding Up) Rules, 2020 (“Rules”). These Rules are set to take effect from April 1, 2020 and lay down the procedure for winding up on grounds other than inability to pay debts prescribed under Section 271 of the Companies Act, 2013 (“CA2013”). It is pertinent to mention here that the proceedings pertaining to voluntary winding up and winding up on the grounds of inability to pay debts fall within the ambit of Insolvency and Bankruptcy Code 2016 (“IBC”) since its enforcement.

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New review of the Supreme Court on the application of law on business companies

On December 25, 2019 the Presidium of the Supreme Court of the Russian Federation adopted the Judicial Review on certain issues arising in the application of law on business companies.
By this Review, the Supreme Court changed some well-established regulatory approaches and additionally clarified some features of the law application. Read more…
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ILN Today Post

A Future Based on Creditworthiness——Review of China’s Corporate Social Credit System and Corporate Compliance

“China has newly introduced its corporate social credit system (the “CSCS”)”, “the CSCS is mainly targeting European and American companies in China” and “the 2020 deadline is near and there is not much time left for foreign companies in China”, since the second half of 2020, headquarters and local offices of multinational companies operating in China have received many alert emails so headlined. Some consulting agencies held several seminars on the CSCS topic, which were quite popular among the concerned companies despite the costly tickets. Setting aside the hyperboles in these agencies market campaigns, the authors believes the CSCS’ profound influence on companies business operation in China.

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ILN Today Post

Disqualification of Directors – An Update

The Hon’ble High Court of Delhi in a recent judgment dated November 04, 2019 in the matter of Mukut Pathak & Ors. vs. Union of India and Anr. [W.P.(C) 9088/2018 & CM Appln. No. 35006/2018] interpreted the provisions of Section 164(2) of the Companies Act, 2013 (“CA 2013”) in detail including disqualification of directors, retrospective applicability of the section and applicability of principles of natural justice and discussed its consequent repercussions under Section 167(1) of the CA 2013.

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Sixth Release – ‘Establishing a Business Entity: An International Guide’

The ILN’s Corporate Specialty Group is pleased to announce the sixth release of its corporate publication, “Establishing a Business Entity: An International Guide.” This collaborative electronic guide offers a summary of key corporate law principles in more than 40 countries across the globe, serving as a quick, practical reference for those establishing an entity in these jurisdictions.

Our corporate group has once again put together a strong resource for those doing business in their respective jurisdictions. The previous guide has been updated with current figures and regulations, and we have introduced three new jurisdictions in the current guide.

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ILN Today Post

Financial Services in Focus – Issue 29

Funds and financial products

ASIC approves AFCA rule change enabling the naming of firms

On 26 August, ASIC stated it approved changes to the Australian Financial Complaints Authority (AFCA) Rules to allow the scheme to name financial firms in published determinations. The approval was given under section 1052D of the Corporations Act, which enables ASIC to approve a material change to the AFCA scheme on the request of AFCA.

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Fifth Release – ‘Establishing a Business Entity: An International Guide’

The ILN is delighted to announce the release of the fifth (and updated) edition of their corporate guide, “Establishing a Business Entity: An International Guide.” This collaborative electronic guide offers a summary of key corporate law principles in 40 countries across the globe (an increase of nine chapters over our 2017 guide), serving as a quick, practical reference for those establishing an entity in these jurisdictions.

To view the guide, please click here: http://bit.ly/ILNCorporate5th

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