Whether such solvency test and statement can be out-sourced to external professional services providers? Companies Act, 2013; Rules; Schedules; IB Code. What are these corporate activities and/or undertakings? ... New solvency test requirement There will be different varieties of new solvency tests applicable to different situations. Companies Act. No. In terms of Section 4 of the Companies Act, 2008, there is a solvency and liquidity test. ... has no knowledge that the company did not satisfy the solvency test. ACT 777 . Companies (Share Capital and Debenture) Amendment Rules, 2016 dated 10/03/2016 Companies (Share Capital and Debentures) Second Amendment Rules, 2016 dated 29/03/2016 Form No. Section 305- Declaration of solvency in case of proposal to wind up voluntarily. Published 6 April 2017 Brexit transition. Please contact the organiser for further Terms and Conditions. Ministry of Corporate Affairs vide notification dated 30 th March, 2017 notified Section 59 of the Insolvency and Bankruptcy Code, 2016 which is relating to Voluntary Liquidation of Corporate persons. How to read and understand the Solvency Statement? Circular on fund raising by issuance of Debt Securities by Large Entities 7. 27 COMPANIES ACT (ACTNO15 OF2013) COMPANIES (SHAREHOLDER’S CODE OF CONDUCT) ORDER, 2016 INEXERCISEof the powers conferred by section 73 and 74 of the Companies Act, 2013, I, JOSEPHMWANAMVEKHA, Minister of Industry, Trade and Tourism, make the following Order— 1. [Section 305 omitted w.e.f.15.11.2016 vide Notification dated 28.05.2016 (Insolvency and Bankruptcy Code, 2016) read with MCA Notification S.O.3453(E) dated 15.11.2016]. Companies Act 2016 : Practice Note No. The Companies Act 2016 (CA 2016), which came into force on 31 January, is a much-needed revision of legislation that had governed business in Malaysia for over 50 years. 9:30am - 4:30pm / Selangor Bar Committee Auditorium, https://www.youtube.com/watch?v=N3lFnXyBfb4, https://www.youtube.com/watch?v=4OrT0mfjjTg, https://www.youtube.com/watch?v=Tuggt9-dE_M&t=11s. Changes to the dividend regime are among the major reforms proposed under the Companies Bill 2015 (the “Bill”). For example, only a solvent and liquid company may grant a loan to one of its directors to ensure that e.g. We will only use your personal information to handle your enquiry, see our policy, Copyright 2020 PKF South Africa Inc. | PKF South Africa Inc. is a family of legally independent firms in South Africa and is a member firm of the, PKF appoints Director of Risk & Compliance, PKF increases its footprint in the Western Cape, PKF Partner Kobus Nell raising funds for CHOC in Rhodes Extreme Race, APPORTIONMENT OF EXPENDITURE FOR INCOME TAX PURPOSES, THE COMPANIES ACT’S SOLVENCY AND LIQUIDITY TEST, REGISTRATION REQUIREMENTS FOR THE SKILLS DEVELOPMENT LEVY, BE PREPARED AS GOVERNMENT TAKES AIM AT TRUSTS, A GOOD NEWS STORY: FARMING IS DOING BETTER THAN WE THINK, YOUR SME: KING IV CORPORATE GOVERNANCE CODE MAY APPLY TO YOU, SPECIAL VOLUNTARY DISCLOSURE PROGRAMME (SVDP), Tax Implications for International Branches, Offshore companies and doing business in South Africa - A Companies Act Perspective, Asset-for-share transactions: Tax Free Restructure, FOREIGN EXCHANGE VOLUNTARY DISCLOSURE UPDATE. Application of this Act PART II - COMPANY INCORPORATION Sub-Part I – Types of international business companies 5. How to relate solvency with a Company’s Annual Reports and Its Audited Financial Statements? Short title and commencement date 2. When a company declares dividends or provide financial assistance the Act specifically requires a written board resolution and compliance with the solvency and liquidity test should be documented in the resolution. 4/2018: Procedures on Resignation of Secretary under Section 237 of the Companies Act 2016 PDF 5. PRELIMINARY. PART I—P RELIMINARY 1. Short title 2. (i) 12 months after the date on which the test is considered; or (ii) in the case of a distribution/dividend generally, 12 months following that distribution/dividend declaration. F: 03-2050 2112 What types of corporate activities and/or undertakings require such declaration? This form can be used to notify Companies House of a statutory declaration of solvency. The revamped act is the culmination of over a decade’s worth of extensive review, debate and collective insights from regulatory, professional and industry bodies.