Session 4: Georgios Karrotsakis
Head of the Insolvency Service Cyprus and
Bankruptcies and Liquidations Section
Department of Registrar of Companies and Official Receiver
Ministry of Energy, Commerce, Industry and Tourism
Thursday, 14 September 2017
OECD Conference Centre, Paris
MEXICO’S 2014 TAX REFORM: A BRIEF REVIEW OF SOME OF ITS MOST RELEVANT ISSUESHogan Lovells BSTL
On 8 September 2013, the Mexican President
submitted to the Mexican Congress a bill
proposing a comprehensive tax reform.
Among other aspects, this bill proposed:
• the enactment of a new Income Tax Law;
• the suppression of the business flat rate tax
(‘IETU’) and tax on cash deposits (‘IDE’);
and
• significant amendments to the Value
Added Tax Law, Federal Tax Law and to
various excise taxes.
A lot has happened to Cyprus over the past 12 to 18 months as the country found itself caught up in the conflagration of the Eurozone debt and banking crisis. As a result, some taxes have been raised on both individuals and companies, but, on the whole, Cyprus remains an attractive jurisdiction for holding companies.
Newsletter on daily professional updates- 09/04/2020CA PRADEEP GOYAL
“Sharing your knowledge with others does not make you less important
Keep sharing, keep connected.”
Here is your Daily dose of professional updates 09/04/2020
Self-assessment in customs – more responsibility on the importer or exporter
Electronic declaration of imports or exports has been part of the EDI system, and there were regulations under which such declarations were accepted. Now a new set of regulations is proposed, in line with self-assessment. The new draft regulations, now up on the CBEC site, are commensurate with the general trend towards shifting the responsibility to the importer / exporter. The form of declaration is much longer and asks for much more information from the importer / exporter. See the draft circular at http://www.cbec.gov.in/draft-circ/draft-electronicbill.htm
Newsletter on daily professional updates- 13th September 2019CA PRADEEP GOYAL
Be a lifelong student. The more you learn, the more you earn and more self-confidence you will have. Here is your Daily dose of professional updates in newsletter form- 13th September, 2019
MEXICO’S 2014 TAX REFORM: A BRIEF REVIEW OF SOME OF ITS MOST RELEVANT ISSUESHogan Lovells BSTL
On 8 September 2013, the Mexican President
submitted to the Mexican Congress a bill
proposing a comprehensive tax reform.
Among other aspects, this bill proposed:
• the enactment of a new Income Tax Law;
• the suppression of the business flat rate tax
(‘IETU’) and tax on cash deposits (‘IDE’);
and
• significant amendments to the Value
Added Tax Law, Federal Tax Law and to
various excise taxes.
A lot has happened to Cyprus over the past 12 to 18 months as the country found itself caught up in the conflagration of the Eurozone debt and banking crisis. As a result, some taxes have been raised on both individuals and companies, but, on the whole, Cyprus remains an attractive jurisdiction for holding companies.
Newsletter on daily professional updates- 09/04/2020CA PRADEEP GOYAL
“Sharing your knowledge with others does not make you less important
Keep sharing, keep connected.”
Here is your Daily dose of professional updates 09/04/2020
Self-assessment in customs – more responsibility on the importer or exporter
Electronic declaration of imports or exports has been part of the EDI system, and there were regulations under which such declarations were accepted. Now a new set of regulations is proposed, in line with self-assessment. The new draft regulations, now up on the CBEC site, are commensurate with the general trend towards shifting the responsibility to the importer / exporter. The form of declaration is much longer and asks for much more information from the importer / exporter. See the draft circular at http://www.cbec.gov.in/draft-circ/draft-electronicbill.htm
Newsletter on daily professional updates- 13th September 2019CA PRADEEP GOYAL
Be a lifelong student. The more you learn, the more you earn and more self-confidence you will have. Here is your Daily dose of professional updates in newsletter form- 13th September, 2019
Cyprus Guidelines on Completing and Submitting Applications for Authorisation
as an Electronic Money Institution (‘EMI’) under Directive 2012 [“the EMD”]; the
Appointment of Agents & the Establishment of Branches
The Bureau of Internal Revenue (Filipino: Kawanihan ng Rentas Internas, or BIR) is an attached agency of Department of Finance. BIR collects more than one-half of the total revenues of the government. Kim Henares has been its Commissioner since the start Aquino Administration.
Asia Counsel Insights gives readers a concise insight into legal and business developments in Vietnam. This edition has news on online registration of foreign loans with the State Bank of Vietnam; safe deposit box services by credit institutions; and capital gains tax on upstream change of control in the petroleum sector.
Newsletter on daily professional updates- 23/03/2020CA PRADEEP GOYAL
Stay Healthy, Stay Strong.
Stay at your home, we will come out of it soon.
Keep studying, keep learning, I will update you regularly.
Here is your Daily dose of professional updates 23.03.2020
"Sharing knowledge occurs when people are genuinely interested in helping one another develop new capacities for action; it is about creating learning processes", attached is today's Newsletter dated 03.08.2020. Have a great day ahead & Happy rakshabandhan to all of you- Pradeep Goyal
Effect of Republic Act 10963 “Tax reform for Acceleration and inclusion (Trai...IJAEMSJORNAL
The study was conducted in one of Nueva Ecija's Revenue District Offices. Thirty (30) revenue officers assigned to the assessment, client assistance, collection, and compliance sections, as well as twenty (20) taxpaying citizens, participated in the study. The researchers found out that the effects of the TRAIN LAW on the collection performance in Income Tax for the taxable year 2018 and 2019 of the said revenue district office gradually improved on its full implementation by the year 2019, despite the decrease in collections from the personal income taxes of purely compensation and purely business income earners but still the collections from mixed-income earners [1] increases in 2018 and there is a positive growth in tax revenues collected from personal income taxes in 2019.
Cyprus Guidelines on Completing and Submitting Applications for Authorisation
as an Electronic Money Institution (‘EMI’) under Directive 2012 [“the EMD”]; the
Appointment of Agents & the Establishment of Branches
The Bureau of Internal Revenue (Filipino: Kawanihan ng Rentas Internas, or BIR) is an attached agency of Department of Finance. BIR collects more than one-half of the total revenues of the government. Kim Henares has been its Commissioner since the start Aquino Administration.
Asia Counsel Insights gives readers a concise insight into legal and business developments in Vietnam. This edition has news on online registration of foreign loans with the State Bank of Vietnam; safe deposit box services by credit institutions; and capital gains tax on upstream change of control in the petroleum sector.
Newsletter on daily professional updates- 23/03/2020CA PRADEEP GOYAL
Stay Healthy, Stay Strong.
Stay at your home, we will come out of it soon.
Keep studying, keep learning, I will update you regularly.
Here is your Daily dose of professional updates 23.03.2020
"Sharing knowledge occurs when people are genuinely interested in helping one another develop new capacities for action; it is about creating learning processes", attached is today's Newsletter dated 03.08.2020. Have a great day ahead & Happy rakshabandhan to all of you- Pradeep Goyal
Effect of Republic Act 10963 “Tax reform for Acceleration and inclusion (Trai...IJAEMSJORNAL
The study was conducted in one of Nueva Ecija's Revenue District Offices. Thirty (30) revenue officers assigned to the assessment, client assistance, collection, and compliance sections, as well as twenty (20) taxpaying citizens, participated in the study. The researchers found out that the effects of the TRAIN LAW on the collection performance in Income Tax for the taxable year 2018 and 2019 of the said revenue district office gradually improved on its full implementation by the year 2019, despite the decrease in collections from the personal income taxes of purely compensation and purely business income earners but still the collections from mixed-income earners [1] increases in 2018 and there is a positive growth in tax revenues collected from personal income taxes in 2019.
OmniPro\'s Company Law Spring Update 2011. Includes review of the European Communities (statutory Audit Regulations) 2010, Criminal Justice (Money Laundering & Terrorist Financing) Act 2010 & Multi-Unit Development Act 2010
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With the recent changes in the legal landscape of India, the Insolvency & Bankruptcy Code, 2016 (“Code”) is the biggest and major legal reforms in the recent times, which has curtailed the earlier extensive process of debt recovery and insolvency. The Code has repealed around eleven laws and provides a comprehensive and time bound mechanism to either put a distressed entity on a firm revival path or timely liquidation of assets.
The Adjudication Authority for companies shall be National Company Law Tribunal (NCLT) and National Company Law Appellate Tribunal (NCLAT) and Supreme Court shall be the highest order of appeal or having jurisdiction to grant any stay or injunction in respect of matters within the domain of the NCLT and NCLAT.
Covers all the issues related to Insolvency Laws and also compares the steps taken by other countries in Insolvency Laws. Views on the impact of COVID-19 on IBC laws are discussed.
I prepared this ppt on Insolvency and Bankruptcy Code, 2016 to give a brief overview of it. This Code has repealed various Acts and made the insolvency procedure easier.
Rollits Dispute Resolution Newsletter October 2016 Pat Coyle
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Pocketbook: Competitiveness in South East Europe 2018OECDglobal
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Jennifer Schaus and Associates hosts a complimentary webinar series on The FAR in 2024. Join the webinars on Wednesdays and Fridays at noon, eastern.
Recordings are on YouTube and the company website.
https://www.youtube.com/@jenniferschaus/videos
Jennifer Schaus and Associates hosts a complimentary webinar series on The FAR in 2024. Join the webinars on Wednesdays and Fridays at noon, eastern.
Recordings are on YouTube and the company website.
https://www.youtube.com/@jenniferschaus/videos
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A process server is a authorized person for delivering legal documents, such as summons, complaints, subpoenas, and other court papers, to peoples involved in legal proceedings.
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Understanding the Challenges of Street ChildrenSERUDS INDIA
By raising awareness, providing support, advocating for change, and offering assistance to children in need, individuals can play a crucial role in improving the lives of street children and helping them realize their full potential
Donate Us
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1. Overcoming cultural
barriers to Second Chance
Presentation by:
Georgios Karrotsakis
Head of the Insolvency Service Cyprus and
Bankruptcies and Liquidations Section
Department of Registrar of Companies and Official Receiver
Ministry of Energy, Commerce, Industry and Tourism
2. Why second chance?
According to Commission Staff Working Document, Impact
Assessment accompanying Commission recommendation
on a New Approach to Business Failure and Insolvency, it
is estimated that in the EU, 200 000 firms go bankrupt each
year, resulting in 1.7 million direct job losses every year.
50% of enterprises do not survive the first five years of their
lives.
bankruptcies account for 15% of all business closures.
Over-indebtedness of natural persons has severe economic
and social implications.
The unfavorable macroeconomic conditions in the context of
financial and economic crisis led to increase in long-term
unemployed rates and increase in NPLs .
2
3. It is estimated that offering a true second chance to
honest entrepreneurs to restart business activities would
create 3 million jobs across Europe.
Fear of consequences of failure is limiting business
activity.
Discrimination faced after bankruptcy - the stigma of
bankruptcy - is also a deterrent factor for the honest
entrepreneur who wishes to re-start a business.
According to Flash Eurobarometer 354 (2012), 43% of
Europeans would not start a business because of the fear
of failure (p.72).
3
Why second chance?
4. Implementation of second chance in
Cyprus
Cyprus memorandum in 2013; alarmingly high NPLs; unemployment; economic recession; and
high private and public debt.
Predicted increase in already high numbers of bankruptcies & business failures.
Amendments in national law providing for insolvency procedures to limit impact, namely
introduction of:
o restructuring plans for both natural persons and companies (Personal
Repayment Plans and Examinership)
o Debt Relief Orders for natural persons with no substantial assets and minimum
income
o automatic discharge of all bankrupts in three years following the bankruptcy
order
o discharge of honest bankrupts by Court Order
o Mediation between debtors and financial institutions via the Financial
Ombudsman
o Restructurings by financial institutions as provided in the Arrears Management
Directive of 2015, issued by the Central Bank of Cyprus
o Debt to asset swaps enhanced by allowing financial institutions to manage
such assets for a limited period of time
o Foreclosure Law
o Legislative provisions that incentivize restructurings and reorganizations.
4
5. Policy Actions towards a new Insolvency
Regime and its effective implementation
The policy decisions for the introduction and enforcement of
the 2015 Insolvency Regime were formed by the following
Committees:
- Ministerial Committee (2014): Made up of the Minister of
Finance, the Minister of Energy, Commerce, Industry and
Tourism, the Minister of Justice and the Minister of Interior
- Steering Committee (2014): Mainly advisory role and
negotiating/public consultation with all stakeholders, including
political parties
- Project Team for introducing the Insolvency Regime (2014)
- Project Team for implementing the Insolvency Regime (2014)
- Committee for the evaluation of the Insolvency Regime (2017)
5
6. Automatic discharge
Automatic Discharge, provided under s. 27A of the Bankruptcy
Law as amended in 2015, applies to all bankrupts.
Automatic discharge does not involve directly any distinction
between the honest and fraudulent bankrupt.
Once discharged, one is no longer liable to repayment of any
proven debts declared in the bankruptcy procedure, unless
there is a Repayment Order still in force. However, their assets
remain with the Trustee of the Bankrupt's estate until
liquidated and distributed for the repayment of their creditors.
If someone is discharged from a second or any subsequent
bankruptcy, then he remains liable for repayment of all proved
debts up to 6 years following his discharge. This provision
includes indirectly some kind of distinction between
bankrupts.
6
7. Discharge by Court Order
Additionally, bankrupts may apply to Court themselves for discharge
any time after the bankruptcy order and before their automatic
discharge.
This procedure, provided in s.27 of the Bankruptcy Law, provides for
certain requirements and distinguishes between honest
and fraudulent entrepreneurs.
The Court will request and examine the Official Receiver’s report on
the bankrupt’s affairs and behavior which includes among others
assurances that the bankrupt has not acted fraudulently, nor
committed any criminal offense during bankruptcy, nor contributed
to his/her bankruptcy by acting reckless.
The Court order issued may be accompanied by a certificate stating
that the bankruptcy was caused by some unfortunate event, not
caused by the bankrupt. This may be requested for purposes of
amending any disqualification of the bankrupt that occurred
because of the bankruptcy.
7
8. Measures for promoting second chance for
entrepreneurs who have experienced bankruptcy
Quick automatic discharge from bankruptcy through a precise, simplified
and speedy procedure, as it is effected immediately. The ISC discharged
more than 9000 of the overall 9500 bankrupts in the past two years.
The procedure of discharge by Court order, that distinguishes between
honest and fraudulent entrepreneur, is precise as to the requirements for
discharge, which may take 3-4 months to conclude.
Speedy liquidation procedures for dissolving a failed business and
managing a bankrupt’s estate were introduced by the 2015 amendments
to the Companies Act (Winding-up) and the Bankruptcies Act.
Specialization of judges and effective Courts for faster decision making in
insolvency and pre-insolvency procedures that involve the Court.
Planed actions: A program for the training of judges on insolvency matters
shall be initiated before the end of the year.
8
9. Measures for promoting second chance for
entrepreneurs who have experienced bankruptcy
• Competent Ministry for Insolvency matters: MECIT is the competent authority and has
undertaken the role and responsibility for Insolvency policy and associated matters.
• Setting up the Insolvency Service Cyprus (ISC). The Insolvency Service was established
immediately after the introduction of the Insolvency Regime Laws and the Bankruptcies
and Liquidations Section has undertaken the role and duties of the Insolvency Service.
• Enforcement of the Insolvency Regime Laws: The competent Minister has appointed
the ISC to effectively enforce and implement the Insolvency Regime Laws.
Use of electronic means to speed up the process.
The Bankruptcies Registry, maintained by the ISC, where discharges are registered too,
is available electronically to all financial institutions and some professional bodies, too
and will soon be available online on the ISC website.
Connection with all the Public Registers for effective collection of data and
envistigations.
The ISC created an electronic database for processing and administering the Debt Relief
Orders (DROs) and Personal Repayment Plans (PRPs) which is connected to the Courts.
9
10. Measures for promoting second chance for
entrepreneurs who have experienced bankruptcy
The ISC plans to introduce a fully automated system which will also accommodate
case management and provide statistics that will be able to evaluate the
effectiveness of the Insolvency Regime.
The interconnection of all insolvency procedures registers with those of other EU
member states is planned to be concluded in June 2018.
The Insolvency Regime laws also introduced the profession of Insolvency
Practitioners and the ISC is one of three competent authorities for their licensing
and supervision. Currently the MECIT, and ISC in collaboration with the EBRD, is
planning additional training sessions for Insolvency Practitioners and to enhance
their supervision.
Disqualifications linked to over-indebtedness should also be limited in time, so that
they expire upon discharge the latest. To ensure this the ISC provides the
Bankruptcies Registry, where the discharge date is also registered, electronically to
professional bodies.
Personal data in connection with the bankrupt’s financial affairs / situation should
be adequate, relevant and limited to what is necessary in relation to the purposes
for which they are processed. These are the principles upon the Bankruptcies
Registry was developed and is maintained, thus it includes only information which
should be publicized by Law.
10
11. Measures for promoting second chance for
entrepreneurs who have experienced bankruptcy
Increase networking among these entrepreneurs. Net working has begun with the
two major Businesses Associations and seminars are currently conducted for their
members. The ISC plans to enhance further this networking and updating of the
entrepreneurs on the Insolvency Laws.
Set up an insolvency framework and other practices to prevent bankruptcy and
liquidation of Companies. The 2015 Insolvency Regime introduced several pre-
insolvency and restructuring procedures for preventing bankruptcy and liquidation
of Companies.
Provide early warning signal tools. The ISC, in collaboration with the Central Bank
of Cyprus, are currently developing an interactive tool for debtors to assess their
situation, and this shall include extensive informative material made available
electronically for all of the insolvency tools available. This is expected to be
concluded by end of the Year. It is planed to establish additional early warning
signals for companies.
The Insolvency Laws introduced are based on best practices and provide a good
balance of the debtors and creditors interests.
Recognize and emphasize to public the distinction between honest from fraudulent
entrepreneur.
11
12. Measures for promoting second chance for
entrepreneurs who have experienced bankruptcy
Give a fresh start to honest entrepreneurs and promote the benefits of it.
Actively support re-starters. Government intervention to assist these
entrepreneurs. This should be non – discriminative, and at the same time avoiding
any preferential treatment.
Promote a culture that removes the stigma of bankruptcy, especially with the
financial institutions and suppliers that finance and support entrepreneur’s re-start.
Change attitudes: improve public image through education and the media.
Promote the notion that bankruptcy should not be a life sentence.
Set up a suitable financing instrument for re-starters – access to new financing is
paramount to second chance.
The ISC promotes these through publications, informative guides, information on
its website and the media, as well as by targeted, constant cooperation and
discussion with financial institutions and professional bodies.
More extensive and targeted promotion is planned ahead with our strategic
partner, the EBRD, within the running project for “strengthening the
implementation of the Insolvency Framework in Cyprus”.
12