(i) an action against the property of the corporate debtor in relation to an offence shall include the attachment, seizure, retention or confiscation of such property under such law as may be applicable to the corporate debtor; (ii) nothing in this sub-section shall be construed to bar an action against the property of any person, other than the corporate debtor or a person who has acquired such property through corporate insolvency resolution process or liquidation process under this Code and fulfils the requirements specified in this section, against whom such an action may be taken under such law as may be applicable. To consolidate and amend the law relating to insolvent persons and to their estates. The Practice Direction and amendment to the Insolvency Proceedings Practice Direction primarily deals with a range of measures for insolvency practice under the Corporate Insolvency and Governance Act 2020 (CIGA) and are in response to the immediate Covid-19 emergency. Short title and commencement. (2) It shall be deemed to have come into force on the 6th day of June, 2018. An Act further to amend the Insolvency and Bankruptcy Code, 2016. “Explanation II.—For the purposes of this section, it is hereby clarified that nothing in this section shall prevent a corporate debtor referred to in clauses (a) to (d) from initiating corporate insolvency resolution process against another corporate debtor.”. ?�Ӂ��{����걘 ���:��o���g�,0Ș���! Recent amendments made to the Insolvency and Bankruptcy Code 2016. (2) It shall be deemed to have come in force on the 28th day of December, 2019. After section 32 of the principal Act, the following section shall be inserted, namely:—, “32A. 4 0 obj This represents the fourth amendment to the minimum debt threshold since the Act … It shall be deemed have come into force on … Government moves to amend insolvency laws The Commonwealth Government announced a range of temporary amendments to certain insolvency laws as part of its economic response to COVID-19. 1 0 obj Amendment of section 5. There are 8 major amendments in Insolvency and Bankruptcy Code, 2016. BEit enacted by Parliament in the Seventy-first Year of the Republic of India as follows:— 1. ACT. 2 0 obj �P2�<<<5�N o�Z�S�K�X��r��wSd����6qy�A�=�R�F���A�a�g?����5��C��¢s��P"Hڮ NO. (3) Subject to the provisions contained in sub-sections (1) and (2), and notwithstanding the immunity given in this section, the corporate debtor and any person who may be required to provide assistance under such law as may be applicable to such corporate debtor or person, shall extend all assistance and co-operation to any authority investigating an offence committed prior to the commencement of the corporate insolvency resolution process.”. After section 10 of the principal Act, the … In section 11 of the principal Act, the Explanation shall be numbered as Explanation I and after Explanation I as so numbered, the following Explanation shall be inserted, namely:—. ?��́�Ν5?�;\��x����#�#����g>~f�H�@�. requirements of this sub-section having been fulfilled: Provided further that every person who was a “designated partner” as defined in clause (j) of section 2 of the Limited Liability Partnership Act, 2008, or an “officer who is in default”, as defined in clause (60) of section 2 of the Companies Act, 2013, or was in any manner incharge of, or responsible to the corporate debtor for the conduct of its business or associated with the corporate debtor in any manner and who was directly or indirectly involved in the commission of such offence as per the report submitted or complaint filed by the investigating authority, shall continue to be liable to be prosecuted and punished for such an offence committed by the corporate debtor notwithstanding that the corporate debtor’s liability has ceased under this sub-section. The new Act will bring about significant changes to the law and, along with these, possible uncertain ramifications. (Legislative Department) ACT … The Insolvency Act, 2003 and the Insolvency (Amendment and Consequential Provisions) Act, 2004 were proclaimed in force as of August 16, 2004. This will be useful regarding the further amendments required to the Insolvency Rules and perhaps to the time periods of … 1 Repeal of laws. DR. G. NARAYANA RAJU, This Act is the Insolvency, Restructuring and Dissolution (Amendment) Act 2020 and comes into operation on a date that the Minister appoints by notification in the Gazette. KUALA LUMPUR, Aug 25 — The Insolvency (Amendment) Bill 2020 aimed at amending the Insolvency Act 1967 (Act 360) has been passed with a simple voice majority in the Dewan Rakyat. Interpretation Part I VOLUNTARY ARRANGEMENT AND PROCEEDINGS IN BANKRUPTCY Voluntary Arrangement 2a. It is hereby notified that the President has assented to the following Act which is hereby published for general information:-GENERAL EXPLANATORY NOTE: << >> Words between two pointed brackets indicate insertions in existing enactments. The Insolvency (Amendment) Act 2020 commenced on the 1st June 2020 with the moratorium period being from 16th March 2020 to 31st December 2020 [1] The Bill defines ‘company’ “as a company to which the Insolvency Act applies and which is licensed or authorised in Gibraltar under the Fair Trading Act or any other … 2. � ]�h�p?��5��oM3T�[�^g�=���v�r0T� (2) It shall be deemed to have come in force on the 28th day of December, 2019. An Act further to amend the Insolvency and Bankruptcy Code, 2016.BE it enacted by Parliament in the Sixty-ninth Year of the Republic of India as follows:— 1. 1. The Insolvency (Transitional Provisions) Regulations, 2004 (the “Regulations”) deal with transitional matters. 2 Clause 2 (a) of the Insolvency (Amendment) Bill 2020 which amends section 5 (1) (a) of the Insolvency Act 1967. The Insolvency Act, 1916 (Act 32 of 1916), the Insolvency Act, 1916, Amendment Act, 1926 (Act 29 of 1926) (except the title and preamble thereof and sections one , seventy-one , x��\�n�F}7�觀Z�h�������g����Ǜ�j6�����O]蓳e9�K�%{���,��C6a��������O��4O�i��|^ݖ��,�d��Sv�a��<> 3 0 obj Insolvency Amendment Act. 32 OF 1995: INSOLVENCY AMENDMENT ACT, 1995. “(a) such transactions, agreements or other arrangements as may be notified by the Central Government in consultation with any financial sector regulator or any other authority;”. The Insolvency and Bankruptcy Code (Amendment) Ordinance, 2019 has been repealed. MINISTRY OF LAW AND JUSTICE (a) in sub-section (1), the following Explanation shall be inserted, namely:—. Section 1: Short title and commencement: “1. The Act includes time limited powers for the Government to amend corporate insolvency legislation through regulations made by statutory instrument rather than further legislation, in the interests of speed. In this memorandum I will delve into all 8 amendments … endobj In section 5 of the Insolvency and Bankruptcy Code, 2016 (hereafter referred to as the principal Act),—. “Explanation.—For the purposes of this sub-section, it is hereby clarified that notwithstanding anything contained in any other law for the time being in force, a license, permit, registration, quota, concession, clearances or a similar grant or right given by the Central Government, State Government, local authority, Related links: - Amends Insolvency Act 24 of 1936 - Amends Deeds Registries Act 47 of 1937 - Amends Matrimonial Property Act 88 of 1984. This Act is the Insolvency Practitioners Regulation (Amendments) Act 2019. endobj BE it enacted by Parliament in the Seventy-first Year of the Republic of India as follows:—. Copyright © TaxGuru. However, notwithstanding such repeal, anything done or any action taken under the Insolvency and Bankruptcy Code, 2016, as amended by the said Ordinance, shall be deemed to have been done or taken under the corresponding provisions of the said Code, as amended by this Act. <>/Metadata 377 0 R/ViewerPreferences 378 0 R>> In section 21 of the principal Act, in sub-section (2), in the second proviso, after the words “convertible into equity shares”, the words “or completion of such transactions as may be prescribed,” shall be inserted. In the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as the principal Act), in section 2,— (i) in clause (d), the … of the total number of such creditors in the same class, whichever is less: Provided further that for financial creditors who are allottees under a real estate project, an application for initiating corporate insolvency resolution process against the corporate debtor shall be filed jointly by not less than one hundred of such allottees under the same real estate project or not less than ten per cent. Despite subclause (1)(a), a person who is the liquidator of a company and who, on the first anniversary, is not a licensed insolvency practitioner must resign on the first anniversary, and section 283 of the Companies Act 1993 (as amended by Part 1 of the Insolvency Practitioners Regulation (Amendments) Act 2019) applies … (i) in clause (12), the proviso shall be omitted; (ii) in clause (15), after the words “during the insolvency resolution process period” occurring at the end, the words “and such other debt as may be notified” shall be inserted. 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Required fields are marked *, Notice: It seems you have Javascript disabled in your Browser. (1) Notwithstanding anything to the contrary contained in this Code or any other law for the time being in force, the liability of a corporate debtor for an offence committed prior to the commencement of the corporate insolvency resolution process shall cease, and the corporate debtor shall not be prosecuted for such an offence from the date the resolution plan has been approved by the Adjudicating Authority under section 31, if the resolution plan results in the change in the management or control of the corporate debtor to a person who was not—, (a) a promoter or in the management or control of the corporate debtor or a related party of such a person; or. 26 OF 2018 [17th August, 2018.] Insolvency 3 LAWS OF MALAYSIA Act 360 INSOLVENCY ACT 1967 ARRANGEMENT OF SECTIONS PRELIMINARY Section 1. 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Landmark Judgements by the … “Provided that the resolution professional shall continue to manage the operations of the corporate debtor after the expiry of the corporate insolvency resolution process period, until an order approving the resolution plan under sub-section (1) of section 31 or appointing a liquidator under section 34 is passed by the Adjudicating Authority.”. sectoral regulator or any other authority constituted under any other law for the time being in force, shall not be suspended or terminated on the grounds of insolvency, subject to the condition that there is no default in payment of current dues arising for the use or continuation of the license, permit, registration, quota, concession, clearances or a similar grant or right during the moratorium period;”; (b) after sub-section (2), the following sub-section shall be inserted, namely:—. In section 240 of the principal Act, in sub-section (2), after clause (i), the following clause shall be inserted, namely:-. The Insolvency Act, 1916 (Act 32 of 1916), the Insolvency Act, 1916, Amendment Act, 1926 (Act 29 of 1926) (except the title and preamble thereof and sections 1, 71, 72 and 74 thereof) and section 20 of the Land Bank Amendment Act, 1934 (Act 58 of 1934) are hereby repealed: Provided that if an estate was sequestrated or assigned before the commencement of this Act … In section 7 of the principal Act, in sub-section (1), before the Explanation, the following provisos shall be inserted, namely:—. Facebook; Twitter; LinkedIn; E-mail; Print; Explore Gov.za. (2) It shall be deemed to have come into force on the 5th day of June, 2020. “Provided that for the financial creditors, referred to in clauses (a) and (b) of sub-section (6A) of section 21, an application for initiating corporate insolvency resolution process against the corporate debtor shall be filed jointly by not less than one hundred of such creditors in the same class or not less than ten per cent. (2) No action shall be taken against the property of the corporate debtor in relation to an offence committed prior to the commencement of the corporate insolvency resolution process of the corporate debtor, where such property is covered under a resolution plan approved by the Adjudicating Authority under section 31, which results in the change in control of the corporate debtor to a person, or sale of liquidation assets under the provisions of Chapter III of Part II of this Code to a person, who was not—, (i) a promoter or in the management or control of the corporate debtor or a related party of such a person; or. (1) This Act may be called the Insolvency and Bankruptcy Code (Amendment) Act, 2020. Minister in the Prime Minister's Department Datuk Takiyuddin Hassan, when tabling the bill, said Act 360 was amended based on certain requirements, including transforming … 1 January 2003 of India. “(2A) Where the interim resolution professional or resolution professional, as the case may be, considers the supply of goods or services critical to protect and preserve the value of the corporate debtor and manage the operations of such corporate debtor as a going concern, then the supply of such goods or services shall not be terminated, suspended or interrupted during the period of moratorium, except where such corporate debtor has not paid dues arising from such supply during the moratorium period or in such circumstances as may be specified.”; (c) in sub-section (3), for clause (a), the following clause shall be substituted, namely:—. %PDF-1.7 (2) Notwithstanding such repeal, anything done or any action taken under the Insolvency and Bankruptcy Code, 2016, as amended by the said Ordinance, shall be deemed to have been done or taken under the corresponding provisions of the said Code, as amended by this Act. (i) in clause (c), in the second proviso, in Explanation I, after the words, “convertible into equity shares”, the words “or completion of such transactions as may be prescribed,” shall be inserted; (ii) in clause (j), in Explanation I, in the second proviso, after the words “convertible into equity shares”, the words “or completion of such transactions as may be prescribed,” shall be inserted. <>/ExtGState<>/XObject<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 594.96 842.04] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> 1062. 2 Commencement (1) Section 56 (which enables the making of regulations) comes into force on the day after the date of Royal assent. In section 5 of the Insolvency and Bankruptcy Code, 2016 (hereafter referred to as the principal Act),— (i) in clause … Amendments to the Insolvency Act 2006 and how they will affect you 11 December 2019 In December last year, a commission from the Economic Development, Science and Innovation Committee of the Ministry of Business, Innovation and Employment, led by Hon Phil Twyford, submitted the Regulatory Systems (Economic Development) Amendment … In the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as the principal Act), in section 3, in clause (12), for the word "repaid", the word "paid" … <> Insolvency Amendment Act, 1995 [No. Files: Attachment Size; act122of1993.pdf: 1.47 MB: 122 of 1993. (1) This Act may be called the Insolvency and Bankruptcy Code (Amendment) Act, 2020. (b) a person with regard to whom the relevant investigating authority has, on the basis of material in its possession, reason to believe that he had abetted or conspired for the commission of the offence, and has submitted or filed a report or a complaint to the relevant statutory authority or Court: Provided that if a prosecution had been instituted during the corporate insolvency resolution process against such corporate debtor, it shall stand discharged from the date of approval of the resolution plan subject to The new Bankruptcy (Amendment) Act 2017, which came into force on 6th October 2017, has renamed the existing Bankruptcy Act 1967 as the ‘Insolvency Act 1967’. 3 “ (1) Where a debtor fails to comply with any of his obligations under a voluntary arrangement, any creditor bound by the voluntary arrangement may file or proceed with a bankruptcy petition against the debtor.” Clause 2(a) of the Insolvency Bill seeks to amend the Insolvency Act 1967 “Act”) by increasing the minimum debt threshold for the presentation of a bankruptcy petition, from RM50,000 to RM100,000. (1) This Act may be called the Insolvency and Bankruptcy Code (Amendment) Act, 2018.” Section 2: Amendment of section: “2. The Regulations provide that the Court may make an order in … Short title and application Interpretation 2. In section 16 of the principal Act, in sub-section (1), for the words “within fourteen days from the insolvency commencement date”, the words “on the insolvency commencement date” shall be substituted. Explanation.—For the purposes of this sub-section, it is hereby clarified that,—. “Explanation.—For the removal of doubts, it is hereby clarified that the insolvency and liquidation proceedings for financial service providers or categories of financial service providers may be conducted with such modifications and in such manner as may be prescribed.”. 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