Submission. New Zealand Council of Trade Unions. Status of Redundancy Payments Bill
|
|
- Simon Bell
- 8 years ago
- Views:
Transcription
1 Submission of the New Zealand Council of Trade Unions on the Status of Redundancy Payments Bill 15 April 2003
2 1. Introduction 1.1 The New Zealand Council of Trade Unions (CTU) is the internationally recognised central trade union centre in New Zealand. It represents 34 affiliated unions with a membership of approximately 300, The CTU welcomes the opportunity to make a submission on the. The CTU wholeheartedly supports this Bill. 1.3 The CTU is requesting that this Bill proceed without delay and is not subject to delays that may occur as part of the broader Review of Insolvency and subsequent drafting of legislation. 2. Issues in relation to the Bill 2.1 This Bill recognises that there is a strong case for removing the arbitrary $6000 limit on wages and other payments owed to workers in an insolvency situation. It also recognises that redundancy compensation is a valuable part of any employment agreement. It is particularly applicable when there is an actual redundancy situation. Redundancy compensation is just as important as wages at that time. 2.2 For employees it is a time of great distress when they are suddenly informed that their employer is insolvent. This is not to suggest that others are not also casualties in these circumstances. But employees are likely to be in a situation that their entire income is derived from their employment by that firm. Therefore there needs to be particular consideration of their interests. 2.3 Employees who have reached agreement with their employer on a form of redundancy compensation are understandably frustrated when, at the very time such a payment is applicable, it is not ranked as a priority
3 debt. Employees are therefore denied the benefit of such compensation unless there is a high level of payment to unsecured creditors. 2.4 There is a need for the Government to protect an employee's entitlement to a contractually negotiated redundancy payment. In the current situation, an employee may have (say) $2000 owed in wages and $12,000 owing in redundancy compensation. The maximum entitlement is $2000 even though $14,000 is contractually owed. This is unfair on the employee. 2.5 The CTU submits that the moral hazard issue where Managers could award themselves generous redundancy payments prior to an insolvency situation, should be covered under the normal processes in insolvency situations where there can be subsequent scrutiny of the actions of Directors and management prior to insolvency. 2.6 The restriction of preferential ranking for employees for wages and holiday pay up to a limit of only $6,000 is unfair. This limit has not been increased since October The CTU submits that if a new ceiling is enacted, there should be a mechanism for periodic review of this limit. 2.8 The Government has previously noted that while it supports the "pari passu" principle, which states that like creditors should be treated equally, there is also a need to protect the rights of vulnerable groups, such as employees. Frequently employee debts make up a relatively small percentage of the total debt owed by an insolvent entity. 2.9 Also, section 3 (a)(ii) of the Employment Relations Act 2000 notes: the inherent inequality of bargaining power in employment relationships.
4 2.10 This needs to be considered in the circumstances of employees in insolvency situations where they often are simply informed that they have lost their jobs and feel they are powerless to respond in any way The CTU has made submissions on the Review of Insolvency. Our proposal at that time was that the limit for wages and holiday pay should be increased from $6,000 to $12,000 and that redundancy notice and compensation should rank as a priority debt in addition to the limit on wages In addition, there are many instances in an insolvency situation where workers miss out on notice of termination or pay-in-lieu of notice. Liquidators are not directly bound by the notice of termination provisions in employment agreements and pay in lieu of notice has the status only of an unsecured claim. This Bill should also address that issue and ensure that pay in lieu of notice and other monies owed to employees come within the definition of priority payments We also note International Labour Organisation Convention 173: Protection of Workers Claims Convention, This Convention has not been ratified by New Zealand although Australia has done so. ILO Convention 173 requires in general that workers claims, including claims relating to wages, holiday pay and other paid absences, and pay relating to termination should be privileged. This Convention would therefore require that pay in lieu of notice is a preferential payment The CTU also notes that on 22 nd November 2001 the Associate Minister of Commerce announced that: The tier one change of most public interest is the increase in the amount of money that employees will be legally entitled to if their employer becomes insolvent. This will increase from $6000 to $15000, and can be made up of any combination of unpaid wages, salary, holiday pay or redundancy payments for the four month period prior to liquidation.
5 2.15 This announcement effectively capped the amount of redundancy pay that could be preferential whereas the CTU submission was that there should be no cap However, the announcement by the Associate Minister was made nearly 18 months ago but there still has been no progress on legislation to address this policy announcement. 3. Conclusion 3.1 The CTU supports the. 3.2 The CTU does not want to see the matter of priority payments for employees delayed by the ongoing Review of Insolvency. 3.3 The CTU supports pay-in-lieu of notice being a secured debt. 3.4 If a new ceiling is legislated, there should be a mechanism for a periodic review.
DRAFT ONLY. Submission. Commerce Select Committee. Insolvency Law Reform Bill. to the. on the. PO Box 1925 Wellington Ph: 04 496 6555 Fax: 04 496 6550
DRAFT ONLY Submission By to the Commerce Select Committee on the Insolvency Law Reform Bill March 2006 PO Box 1925 Wellington Ph: 04 496 6555 Fax: 04 496 6550 2 INSOLVENCY LAW REFORM BILL SUBMISSION BY
More informationRecommendations on the treatment of employee wages and other debts arising in the employment relationship in the context of debt settlement
Recommendations on the treatment of employee wages and other debts arising in the employment relationship in the context of debt settlement arrangements under the Personal Insolvency Bill 2012 November
More informationComparison of Provisions and Schemes of Employees Protection in Hong Kong and other Jurisdictions
LC Paper No. CB(1)259/01-02(06) Comparison of Provisions and Schemes of Employees Protection in Hong Kong and other Jurisdictions Severance payment/ 1 Hong Kong Severance payment (for dismissal by reason
More informationINSOLVENCY BENEFIT GUIDANCE FOR DULY APPOINTED INSOLVENCY PRACTITIONERS
INSOLVENCY BENEFIT GUIDANCE FOR DULY APPOINTED INSOLVENCY PRACTITIONERS Background An amendment to the Social Security (Jersey) Law, 1974 1 (the Law ), came into force on 1 December 2012 that created a
More informationSubmission. Ministry of Economic Development. Draft Insolvency Law Reform Bill Discussion Document. to the. on the
Submission by to the Ministry of Economic Development on the Draft Insolvency Law Reform Bill Discussion Document 11 June 2004 PO Box 1925 Wellington Ph: 04 496 6555 Fax: 04 496 6550 1. INTRODUCTION 1.1.
More informationProtecting Workers Entitlements Package
Protecting Workers Entitlements Package OVERVIEW The Gillard Labor Government s Protecting Workers Entitlements package will provide the strongest protection of employee entitlements Australian workers
More informationWhy wasn t I transferred to the new company? (UK Coal Production Limited or one of its subsidiaries)
Ocanti Opco Limited (formerly UK Coal Operations Limited) in Liquidation ( the Company ) Website - Questions and answers Daw Mill workers Is there any possibility that the Daw Mill mine will open again?
More informationIBRC customers who have queries can contact the helpdesk at 1800 303632 between 9am to 5pm
Q&A IBRC liquidation 6 Feb 2013 Note: This Q& A document is provided solely for information purposes. It does not constitute (and shall not be construed as constituting) legal advice. It is also not a
More informationDealing with Employee Claims
STATEMENT OF INSOLVENCY PRACTICE S15B Dealing with Employee Claims Contents Paragraphs Introduction 1 4 Statutory Entitlements 5 6 Redundancy Payments Acts 1967 to 2003 7 11 Protection of Employees (Employers
More informationLiquidation: a guide for employees
INFORMATION SHEET 46 Liquidation: a guide for employees If a company is in financial difficulty, its shareholders, creditors or the court can put the company into liquidation. This information sheet provides
More informationGUIDE TO INSOLVENT LIQUIDATIONS IN BERMUDA
GUIDE TO INSOLVENT LIQUIDATIONS IN BERMUDA CONTENTS PREFACE 1 1. Introduction 2 2. Statutory Liquidation Procedures: an Overview 2 3. Compulsory Winding-up 2 4. Creditors Voluntary Winding-up 4 5. Related
More informationLiquidation: a guide for employees
INFORMATION SHEET 46 Liquidation: a guide for employees If a company is in financial difficulty, its shareholders, creditors or the court can put the company into liquidation. This information sheet provides
More informationPacific NonWovens (Australia) Pty Limited (Administrators Appointed) ACN 163 768 474 (the Company)
18 May 2015 Circular to Employees Dear Sir/Madam Pacific NonWovens (Australia) Pty Limited (Administrators Appointed) ACN 163 768 474 (the Company) Stewart McCallum and I were appointed joint and several
More informationWinding up. All the things you need to know, when your pension scheme is winding up
Winding up All the things you need to know, when your pension scheme is winding up About The Pensions Advisory Service Contacting us Pensions can change people s lives. Most of us would like to be able
More informationEmployment and Labour Law in Canada
Employment and Labour Law in Canada By Colin Kelly & Sven Poysa Frequent changes in Canadian employment and labour law present a significant challenge for employers doing business here. That challenge
More informationProtection of Employees Rights in Insolvency
Protection of Employees Rights in Insolvency Introduction Since the beginning of the 21st century, the world faced many economic challenges (to be gentle), the crash of the dot-com bubble in 2000 2001,
More informationEmployment Law in Bermuda
Employment Law in Bermuda Foreword This memorandum has been prepared for the assistance of those who are considering issues pertaining to employment law in Bermuda. It deals in broad terms with the requirements
More informationA guide to creditors voluntary liquidations
A guide to creditors voluntary liquidations Introduction A company can be put into liquidation voluntarily, at the instigation of its directors, or compulsorily, by order of the Court. The effect, in either
More informationOrder of creditor and shareholder ranking on a company s insolvency
Order of creditor and shareholder ranking on a company insolvency This table is part of the PLC multi-jurisdictional guide to restructuring and insolvency law. For a full list of jurisdictional Q&As visit
More informationTransfer of Undertakings. (Protection of Employment) Regulations 2006
Transfer of Undertakings (Protection of Employment) Regulations 2006 A brief guide to the Transfer of Undertakings (Protection of Employment) Regulations 2006 Published by Unite the Union General Secretary
More informationSubmission. Ministry of Economic Development. Business Rehabilitation Insolvency Review Discussion Document. 7 August 2002
Submission by to Ministry of Economic Development on the Business Rehabilitation Insolvency Review Discussion Document 7 August 2002 PO Box 1925 Wellington Ph: 04 496 6555 Fax: 04 496 6550 1 1. Introduction
More informationSubmission ACC. Cost of Treatment Regulations Consultation Document (Adjustment to Specified Treatment Provider Rates) October 2006
Submission By to ACC on Cost of Treatment Regulations Consultation Document (Adjustment to Specified Treatment Provider Rates) October 2006 PO Box 1925 Wellington Ph: 04 496 6555 Fax: 04 496 6550 2 COST
More informationInsolvency Reform in Spain
Ashurst Madrid January 2012 Restructuring and special situations briefing Insolvency Reform in Spain On 11 October 2011, the third amendment to the Spanish Insolvency Act was published. Its aim is not
More informationReview of Corporate Rescue Procedure Legislative Proposals
Review of Corporate Rescue Procedure Legislative Proposals Consultation Paper Financial Services and the Treasury Bureau www.fstb.gov.hk October 2009 ABOUT THIS DOCUMENT 1. This paper is published by the
More informationA BASIC GUIDE TO INSOLVENCY PROCEEDINGS. 1. The Transfer of Undertakings (Protection of Employment) Regulations
A BASIC GUIDE TO INSOLVENCY PROCEEDINGS 1. The Transfer of Undertakings (Protection of Employment) Regulations ( TUPE ) are notoriously difficult to interpret. This is partly because they refer to other
More information44. FAIR PAY AND CONDITIONS STANDARD
Australian Master Human Resources Guide 45. NATIONAL EMPLOYMENT STANDARDS (NES) Janet Wood Workplace Relations Writer and Consultant [ 45-010] Introduction Under the Fair Work Act 2009 (FW Act), the National
More informationCORPORATE RECOVERY & INSOLVENCY
Brochure Corporate-14:Layout 1 1/7/09 13:50 Page 1 CORPORATE RECOVERY & INSOLVENCY Directors Responsibilities Brochure Corporate-14:Layout 1 1/7/09 13:50 Page 2 Your responsibilities as a company director
More informationSchedule 11. The Transfer of Undertakings (Protection of Employment) Regulations 2006
Schedule 11 The Transfer of Undertakings (Protection of Employment) Regulations 2006 1 Definitions 1.1 In this Schedule 11 the following definitions apply: Contractor Personnel means any employee, worker,
More informationOne of the Australian Government s core economic policy objectives is improving Australia s productive capacity.
Outcome 4: Safer, fairer and more productive workplaces for employers and employees by promoting and supporting the adoption of fair and flexible workplace arrangements and safer working arrangements Outcome
More informationRegulatory Impact Statement
Regulatory Impact Statement Information sharing Arrangement with Australia for the recovery of student loan debt Agency Disclosure Statement This Regulatory Impact Statement (RIS) has been prepared by
More informationSubmission. Transport and Industrial Relations Select Committee. Employment Relations Amendment Bill (No 2) 2010. to the. on the
Submission By to the Transport and Industrial Relations Select Committee on the Employment Relations Amendment Bill (No 2) 2010 September 2010 PO Box 1925 Wellington Ph: 04 496 6555 Fax: 04 496 6550 EMPLOYMENT
More informationHe also has a duty not to diminish such assets as remain, so he is unlikely to enter into unprofitable contracts.
W.S.C.C. BUILDING CONTRACT DIRECTIVE BCD.50 CAPITAL & ASSET MANAGEMENT DATE: April 2010 Copyright Reserved PROCEDURES TO BE ADOPTED UPON THE INSOLVENCY OF A CONTRACTOR 1. A multitude of problems arise
More informationDenmark. Chapter. Gorrissen Federspiel. 1 Issues Arising When a Company is in Financial Difficulties. 2 Formal Procedures
Chapter Lars Grøngaard Gorrissen Federspiel John Sommer Schmidt 1 Issues Arising When a Company is in Financial Difficulties 1.1 How does a creditor take security over assets in? Security over assets can
More informationCode of Conduct. Version 3, November 2009 BSCI 2.3-11/09
Code of Conduct Version 3, November 2009 BSCI 2.3-11/09 All rights reserved. No part of this publication may be reproduced, translated, stored in a retrieval system, or transmitted, in any form or by any
More informationA summary of the law on: Unfair Dismissal and Redundancy
A summary of the law on: Unfair Dismissal and Redundancy Employees are protected under the Employment Rights (Northern Ireland) Order 1996 from being unfairly dismissed or chosen unfairly for redundancy.
More informationCompany Insolvency Overview
February 2010 Introduction 1. This overview is a general information guide only to highlight the differences between the various types of external controllers over company assets. Creditors should seek
More informationPersonal Debt Management Form T: 0845 034 5130 F: 0845 034 5140
Personal Debt Management Form T: 0845 034 5130 F: 0845 034 5140 INTRODUCER S DETAILS Introducer: Phone No: Mobile: Contact Name: Fax No: Email: Applicant 1 Title (Mr/Mrs/Ms/Other): Date of Birth: National
More informationLampros Vassiliou Allens Arthur Robinson Group Bangkok
Organisation for Economic Co-operation and Development the World Bank Asia Pacific Economic Cooperation and the Australian Treasury with the support of AusAID INSOLVENCY SYSTEMS IN ASIA: AN EFFICIENCY
More informationDebt management (and credit repair services) guidance: A consultation (OFT1338con) A Response by Credit Action
Debt management (and credit repair services) guidance: A consultation (OFT1338con) A Response by Credit Action Background Credit Action is a national money education charity (registered Charity in England
More informationBrief guide to Administration
Brief guide to Administration Administration is a rescue procedure for companies that are, or are likely to become, insolvent. It is similar in concept to Chapter 11 proceedings in the United States but
More informationAccounting and Reporting Policy FRS 102. Staff Education Note 9 Short-term employee benefits and termination benefits
Accounting and Reporting Policy FRS 102 Staff Education Note 9 Short-term employee benefits and termination benefits Disclaimer This Education Note has been prepared by FRC staff for the convenience of
More informationLEGAL UPDATES AND FACTSHEETS
LEGAL UPDATES AND FACTSHEETS TRANSFER OF UNDERTAKINGS (TUPE) PREFACE: TUPE 1981: This factsheet looks at the law surrounding the transfer of undertakings, established by The Transfer of Undertakings (Protection
More informationTermination of employment legislation digest
Please note that this country profile might not reflect the current state of the law on termination of employment. For updated information, you are invited to consult the EPLex database. Termination of
More informationSubmission to the Commerce Select Committee on the Draft Insolvency Law Reform Bill Prepared by Grant Thornton 7 April 2006
Submission to the Commerce Select Committee on the Draft Insolvency Law Prepared by Grant Thornton 7 April 2006 2 Contents Introduction 3 Key issues Not Addressed by the Draft Bill 4 Recommended Changes
More informationJapan s Personal Insolvency Law
Japan s Personal Insolvency Law JUNICHI MATSUSHITA * SUMMARY I. OVERVIEW OF JAPAN S PERSONAL INSOLVENCY LAW: BANKRUPTCY PROCEEDINGS AND SPECIAL REHABILITATION PROCEEDINGS FOR INDIVIDUAL DEBTORS...766 A.
More informationWiltshire Council Human Resources Pay Policy Statement
Wiltshire Council Human Resources Pay Policy Statement This policy can be made available in other languages and formats such as large print and audio on request. What is it? The pay policy statement sets
More informationThe Asian Bankers Association (ABA) And Formal Workout Regime
Position Paper PROVIDING THE LEGAL AND POLICY ENVIRONMENT TO SUPPORT EFFECTIVE INFORMAL WORKOUT REGIMES IN THE ASIA-PACIFIC REGION 1. The Asian Bankers Association (ABA) considers robust insolvency and
More informationACCOUNTING SOLUTIONS SCO: 209, First Floor, Sector-36/D. Chandigarh (M): 0172-4670390-5017149, 9876149390
Liquidation of Companies Meaning: Liquidation is the legal procedure by which a company comes to an end. The term Liquidation mean The process of law where by a company is wound up to terminate its corporate
More informationGuide to Redundancy. A guide by Burton & Dyson
Guide to Redundancy A guide by Burton & Dyson Introduction When a business has to make people redundant, it is never a decision that is taken lightly and is a process that is likely to cause anxiety and
More informationRestructuring/Insolvency Newsletter Recent Changes in Restructuring and Insolvency Law
Restructuring/Insolvency Newsletter Recent Changes in Restructuring and Insolvency Law 18 December 2015 Greece has lately reformed its national restructuring and insolvency law to improve the existing
More informationRestructuring, enforcement or bankruptcy in Russia: Options of a creditor
Restructuring, enforcement or bankruptcy in Russia: Options of a creditor by Jennifer Handz, Julia Romanova, Oxana Gorshkolepova and Daria Litvinova, Chadbourne & Parke LLP The financial crisis has strongly
More informationWelcome to Adare Human Resource Management s July 2007 edition of our HR Newsletter.
Welcome to Adare Human Resource Management s July 2007 edition of our HR Newsletter. Contact our HR Helpdesk on 1890 20 55 20 or HRhelpdesk@adarehrm.ie Adare Human Resource Management Partnership Programmes
More informationLiquidating an insolvent Jersey company
Liquidating an insolvent Jersey company DECEMBER 2011 For more briefings visit mourantozannes.com This briefing is only intended to give a summary and general overview of the subject matter. It is not
More informationSOCIETY OF PRACTITIONERS OF INSOLVENCY TECHNICAL RELEASE 6
SOCIETY OF PRACTITIONERS OF INSOLVENCY TECHNICAL RELEASE 6 Treatment of Directors Claims as Employees in Insolvencies Contents Paragraph Introduction 1 What Constitutes an Employee? 2-4 The Position of
More informationCollective Redundancy Consultation For Employees Facing Insolvency
P.O. BOX 353 UXBRIDGE UB10 0UN TELEPHONE/FAX 01895 256972 E-MAIL ela@elaweb.org.uk WEBSITE www.elaweb.org.uk Collective Redundancy Consultation for Employees facing Insolvency Response from the Employment
More informationA Guide on Employee s Rights in Bankruptcy, Winding-up and Receivership
A Guide on Employee s Rights in Bankruptcy, Winding-up and Receivership Labour Department 09/2014 Foreword When an employer becomes insolvent, employees who are owed wages, wages in lieu of notice, pay
More informationANNUAL RON McCALLUM DEBATE FREE TO ASSOCIATE? STEPHEN SMITH, HEAD OF NATIONAL WORKPLACE RELATIONS POLICY, AUSTRALIAN INDUSTRY GROUP.
ANNUAL RON McCALLUM DEBATE FREE TO ASSOCIATE? STEPHEN SMITH, HEAD OF NATIONAL WORKPLACE RELATIONS POLICY, AUSTRALIAN INDUSTRY GROUP 6 October 2015 It is a pleasure to be part of a debate named in honour
More informationHome and Community Support (Payment for Travel between Clients) Settlement Bill. Report of the Ministry of Health to the Health Select Committee
Home and Community Support (Payment for Travel between Clients) Settlement Bill Report of the Ministry of Health to the Health Select Committee 9 November 2015 1 Background 1. The briefing by the Ministry
More informationIn the Matter of Del Stone London Limited And in the Matter of the Insolvency Act and Rules 1986
In the Matter of Del Stone London Limited And in the Matter of the Insolvency Act and Rules 1986 Company Number: 04487057 Trading As: Del Stone London Formerly: No previous names Registered Office: C12
More information[Type text] The Institute of Public Accountants. Single Touch Payroll discussion paper
[Type text] The Institute of Public Accountants Single Touch Payroll discussion paper DATE: 06 March 2015 06 March 2015 Martin Mane Service Delivery (Customer Service & Solutions) By email: singletouchpayroll@ato.gov.au
More informationGuidelines for Employees, Employers and Practitioners appearing before the Employment Appeals Tribunal
Guidelines for Employees, Employers and Practitioners appearing before the Employment Appeals Tribunal This is a guideline only and, as such, does not purport to give a full and comprehensive description
More informationProposed New Laws for Personal Insolvency
Proposed New Laws for briefing Draft legislation proposes to alter the law and procedures of personal insolvency in radical ways. The proposals include the establishment of an independent Insolvency Service
More informationEmployment law there s more to it. Tabytha Cunningham Associate Solicitor T: 023 8057 4343 E: tabythacunningham@coffinmew.co.uk
Employment law there s more to it than TUPE Tabytha Cunningham Associate Solicitor T: 023 8057 4343 E: tabythacunningham@coffinmew.co.uk The inherent problem Inherent clash between employment and insolvency
More informationPractical guide... termination of employment
The decision to dismiss an employee is an area of the employment relationship that requires an understanding of a wide range of legislative and other obligations of an employer. The decision is also a
More informationSubmission. Social Services Select Committee. Parental Leave and Employment Protection Amendment Bill
Submission By To Social Services Select Committee On Parental Leave and Employment Protection Amendment Bill June 2004 PO Box 1925 Wellington Ph: 04 496 6555 Fax: 04 496 6550 2 PARENTAL LEAVE AND EMPLOYMENT
More informationSettlement agreements: A JD Law guide
Settlement agreements: A JD Law guide Employment relationships do not always work out. Disputes between employees and employers arise for a variety of reasons. Often these disputes are dealt with between
More informationFDA and New Civil Service Regulations - A Consultative Review
2014 FDA RESPONSE TO HMT CONSULTATION ON THE RECOVERY OF PUBLIC SECTOR EXIT PAYMENTS Contact: Naomi Cooke, FDA Assistant General Secretary Address: 8 Leake Street, London, SE1 7NN Tel: 0207 401 5574 Email:
More informationWorkers Compensation and Rehabilitation and other Legislation Amendment Bill 2015
Submissions regarding Workers Compensation and Rehabilitation and other Legislation Amendment Bill 2015 Workers Compensation and Rehabilitation (Protecting Firefighters) Amendment Bill 2015 United Firefighters
More informationRETRENCHMENT: GUIDANCE FOR FLA-AFFILIATED COMPANIES
RETRENCHMENT: GUIDANCE FOR FLA-AFFILIATED COMPANIES February 2006 INTRODUCTION In a free market economy, companies that procure goods domestically or internationally often shift sources of supply from
More informationAN INTERNATIONAL COMPARISON OF INSOLVENCY LAWS. Meeting held on 27-28 April 2006
AN INTERNATIONAL COMPARISON OF INSOLVENCY LAWS by Wang Huaiyu Meeting held on 27-28 April 2006 This document reproduces a report by Mr. Wang Huaiyu written after the Fifth Forum for Asian Insolvency Reform
More informationA Creditor s Guide to Voluntary Liquidation in Hong Kong
A Creditor s Guide to Voluntary Liquidation in Hong Kong Creditors Voluntary Liquidation Creditors voluntary liquidation occurs when shareholders put a company into liquidation because it is insolvent,
More informationBanking law reforms: changes to cheques law and repeal of the Banking Act
Banking law reforms: changes to cheques law and repeal of the Banking Act Sachin Zodgekar, Banking System Department This article describes the changes to banking law which were introduced through the
More informationPROOF OF CLAIM (see reverse for instructions) IN THE MATTER OF THE BANKRUPTCY (OR THE PROPOSAL OR RECEIVERSHIP) OF Cover-All Building Systems Inc. (referred to in this form as the debtor ) and the claim
More informationLabour Law in Denmark
Labour Law in Denmark 2 Labour Law in Denmark Labour Law in Denmark The Danish labour market is in many ways significantly different from what you may have experienced in other jurisdictions. If you have
More informationMINIMISING THE RISK AND IMPACT OF AN INFLUENZA PANDEMIC ON YOUR BUSINESS. A practical guide for employers
MINIMISING THE RISK AND IMPACT OF AN INFLUENZA PANDEMIC ON YOUR BUSINESS A practical guide for employers This material is designed to help employers prepare and respond to the health and business risks
More informationLegal Masterclass: TUPE and Pensions
Legal Masterclass: TUPE and Pensions February 2014 Rhian Brace Partner, Employment What we are going to cover Introduction and Context TUPE Overview Contractual Issues and Due Diligence Pensions Transforming
More informationReceivership: a guide for creditors
INFORMATION SHEET 54 Receivership: a guide for creditors If a company is in financial difficulty, a secured creditor or the court may put the company into receivership. This information sheet provides
More informationThe New Bankruptcy Law Amendments and their Impact on Business Bankruptcy Cases
May 2005 The New Bankruptcy Law Amendments and their Impact on Business Bankruptcy Cases On April 14, 2005, President Bush signed into law the Bankruptcy Abuse Prevention and Consumer Protection Act of
More information1. Section 158 provides a regime for bank accounts held by Crown entities, including school boards of trustees (BoTs), and covers accounts at a:
Annex A: Bank accounts (section 158 of the Crown Entities Act). CROWN ENTITY BANK ACCOUNTS A. Overview of Provisions in the Crown Entities Act 1. Section 158 provides a regime for bank accounts held by
More informationPosition Paper. International Labour Conference, 95th Session, 2006 Report V(1) - The Employment Relationship
Position Paper International Labour Conference, 95th Session, 2006 Report V(1) - The Employment Relationship EXECUTIVE SUMMARY The 2006 discussion on the Employment Relationship is the heir of several
More informationInsolvency: a glossary of terms
Insolvency: a glossary of terms This is a brief explanation of some of the terms you may come across in company insolvency proceedings. Please note that this glossary is for general guidance only. Many
More information10 cases every insolvency practitioner should know. Andrew Cawkwell and Kelly Jordan
10 cases every insolvency practitioner should know Andrew Cawkwell and Kelly Jordan Welcome Welcome to Muckle LLP s Banking & Restructuring Team Webinar Please remember to mute your phones as you join
More informationCederroth Corporate Code of Conduct
Cederroth Corporate Code of Conduct Introduction Cederroth believes that we have an important role to play in the deve lopment of a sustainable society. We therefore work with a strong commitment to environmental
More informationEmployment and Labour Law in Canada
by JIM HASSELL & SVEN POYSA The constant change associated with employment and labour law in poses a significant challenge for employers doing business here. That challenge is compounded by the fact that
More informationPublic Sector Management & Executive Compensation Policy
Public Sector Management & Executive Compensation Freeze September 2012 Purpose This policy results in a freeze in compensation paid to managers and executives employed by public sector employers in British
More informationwww.superstaff.co.nz PO Box 11766 Ellerslie 1542 Auckland 0800 787379 TERMS OF BUSINESS
The Engagement of Temporary Employees TERMS OF BUSINESS 1. You ( the Client ) are deemed to have accepted the Terms of Business by engaging a Temporary Employee ( Temporary ) introduced to the Client by
More informationSAINSBURY S SUPERMARKETS LTD. Code of Conduct For Ethical Trade. Sainsbury s Supermarkets Ltd. 2013 1
SAINSBURY S SUPERMARKETS LTD Code of Conduct For Ethical Trade Sainsbury s Supermarkets Ltd. 2013 1 CONTENTS Sainsbury s Code of Conduct for Ethical Trade... 3 1.1. Introduction... 3 1.2. Scope... 3 1.3.
More informationDUNFERMLINE BUILDING SOCIETY (DBS): AMOUNTS RECOVERABLE BY THE FINANCIAL SERVICES COMPENSATION SCHEME (FSCS) DETERMINATIONS AND REPORT
DUNFERMLINE BUILDING SOCIETY (DBS): AMOUNTS RECOVERABLE BY THE FINANCIAL SERVICES COMPENSATION SCHEME (FSCS) DETERMINATIONS AND REPORT Independent valuer Ian T Burns BA FCA CF dated 31 July 2012 This Report
More informationLiquidation: a guide for creditors
Liquidation: a guide for creditors If a company is in financial difficulty, its shareholders, creditors or the court can put the company into liquidation. This information sheet provides general information
More informationThe Transfer of Undertakings (Protection of Employment) Regulations 2006 ( TUPE )
The Transfer of Undertakings (Protection of Employment) Regulations 2006 ( TUPE ) what is TUPE? Prior to 1981 employees were afforded little protection when their employer changed as a result of the sale
More informationCREDITOR PARTICIPATION IN INSOLVENCY PROCEEDINGS. Meeting held on 27-28 April 2006
CREDITOR PARTICIPATION IN INSOLVENCY PROCEEDINGS by Roman Tomasic Meeting held on 27-28 April 2006 This document reproduces a report by Mr. Roman Tomasic written after the Fifth Forum for Asian Insolvency
More informationCORPORATE INSOLVENCY & DEBT RESTRUCTURING
CORPORATE INSOLVENCY & DEBT RESTRUCTURING Examining the value of Voluntary Administration Introduction Voluntary administration provides a moratorium period during which the future of a company can be
More informationU.K. Focus. Football and Fashion: No Way to Treat a Creditor? January/February 2011. Michael Rutstein Victoria Ferguson
U.K. Focus Football and Fashion: No Way to Treat a Creditor? January/February 2011 Michael Rutstein Victoria Ferguson Company voluntary arrangements ( CVAs ) have been used in increasingly diverse and
More informationTrustees and Liquidators in Bankruptcies and Compulsory Liquidations
Trustees and Liquidators in Bankruptcies and Compulsory Liquidations Information on the appointment, functions, powers and payment of trustees and liquidators, and their complaints procedure. Contents
More informationAMENDMENTS TO LEGISLATION
AMENDMENTS TO LEGISLATION The following outlines important legislative amendments made during the year which affect the work of the Tribunals. Penalties and Sentences and Other Legislation Amendment Act
More informationT R U S T E E S L I A B I L I T Y
TRUSTEES LIABILITY PROTECT YOUR ASSETS AND YOUR HOME TRUSTEES' EXPOSURE There are many types of non-charitable trust heritage, family, trading, Maori, rest homes, hospitals, education services and the
More informationSubmission. to the. Transport and Industrial Relations Select Committee. on the
Submission By to the Transport and Industrial Relations Select Committee on the Employment Relations (Workers Secret Ballot for Strikes) Amendment Bill 2010 May 2010 PO Box 1925 Wellington Ph: 04 496 6555
More informationBETTER THAN NOTHING LIMITING THE PRIORITY FOR TAXES IN INSOLVENCY TO ENHANCE UNSECURED CREDITOR RECOVERIES. Barbara K. Day *
INTRODUCTION BETTER THAN NOTHING LIMITING THE PRIORITY FOR TAXES IN INSOLVENCY TO ENHANCE UNSECURED CREDITOR RECOVERIES Barbara K. Day * Suppose a company with assets valued at $20 million has just filed
More informationInsolvency: a guide for shareholders
INFORMATION SHEET 43 Insolvency: a guide for shareholders If a company is in financial difficulty, it can be put under the control of an independent external administrator. The role of the external administrator
More information