Company Law Changes in 2016 - The Small Business, Enterprise and Employment Act 2015 Note: The requirement to keep a PSC register came into force on 6 April 2016.
In January 2016 the first UK company to be prosecuted for corruption was sentenced to a fine of just over £1.3m, had over £800k confiscated and was ordered to pay £25k in prosecution costs; with two directors being convicted and sentenced (in 2015): Christopher Smith received an 18-monthimprisonment sentence (suspended for two years) for two […]
The UAE’s New Bankruptcy Law – A Bankable Solution?
The new UAE bankruptcy law (Federal Law No. 9 of 2016) (the “New Bankruptcy Law”) was published on 29 September 2016 and came into effect on 29 December 2016.
Increasing tax revenues has proven to be a significant challenge for recent Pakistani governments. The stagnation of the tax to GDP ratio to around 10 percent has widely been attributed to a host of inter-connected factors including weak enforcement, fragmented revenue administrations, low compliance by taxpayers, generous and distortionary exemptions and concessions to entire sectors of the economy and narrow tax bases.
Memorandum on Pakistan Companies Ordinance, 2016 – Salient Changes
The Companies Ordinance, 2016 (the “2016 Ordinance”) was promulgated on 11 November 2016 and repealed the Companies Ordinance, 1984 (the “1984 Ordinance”), save for the provisions appearing in Sections 282A to 282N of the 1984 Ordinance relating to Non-Banking Finance Companies. This memorandum outlines the material changes brought about by the 2016 Ordinance.
