Creditor

INTRODUCTION Most VAT regimes impose VAT only on sales for consideration, and the sale is taxable if there is a clear connection between the sale and that consideration. This chapter examines the required link between a sale and the consideration received by the seller that is a prerequisite to a taxable sale. The classification of a sale as a sale of goods or a sale of services may be significant for tax purposes. For example, in most countries, imports of most goods are taxed but imports of only specified services are taxed. A sale for a single price may incorporate elements of multiple supplies that are taxed differently. For example, a portion of the sale, if supplied independently, would be taxable at a positive rate, and another portion, if supplied independently, may be exempt from tax. It therefore is significant for VAT purposes if the transaction is respected as a single supply or is treated as multiple supplies. In some cases, a transaction that includes elements that are both taxable and exempt, the VAT legislation and case law may draw a distinction between mixed supplies (with main and incidental elements) that are classified as a single supply of the main element, and composite supplies that can be disaggregated and classified as multiple independent supplies. This chapter explores the question – “what is ‘the supply’ for VAT purposes?

This paper considers the historical origins and efficacy of enforcement of civil court judgments, with a special focus on court auctions. It reviews the procedural and practical options available to courts and associated agencies for the identification of assets that may be used to satisfy a judgment debt and the processes for court-supervised asset seizure and sale by public auction. The efficiencies of public court auction processes are considered, including the elements of enforcement systems that can produce sub-optimal returns on sold assets and higher incentives for corrupt practices. Also considered is the trend in some systems for greater use of private agents as a means by which the cost of court enforcement processes can be reduced and for overcoming sometimes lengthy delays in enforcement. The paper concludes by identifying alternatives to public auction that in some cases can offer better prospects of assuring full payment of a judgment debt.

Shareholders play an important role in raising capital for organizations and companies typically provide all the necessary proofs to shareholders to show that they are investing at a right place. The fair and reliable audit figures from income statement and balance sheet are used as evidence of overall performance for the benefit of shareholders. The traditional vulnerability of creditors can be traced to an entity theory of the corporation, coupled with limited liability. Creditor vulnerability is exacerbated by the existence of the corporate group, which has been described as achieving "limited liability within limited liability." Nonetheless, modern corporate law has retreated in a number of significant ways from its former "self-help" attitude to creditors, by shifting risk away from creditors to other parties, such as directors. Although directors and officers of a company are bound by fiduciary duties to act in the best interest of the shareholders, the shareholders themselves normally do not have such duties towards each other. However, in a few unusual cases, some courts have been willing to imply such a duty between shareholders. For example, in California, majority shareholders of closely held corporations have a duty not to destroy the value of the shares held by minority shareholders.The issue in the recent high-profile corporate governance failures in developed countries has always been central to finance and economics. The recent established exploration elucidates that financial development is largely dependent on investor protection in a country - de jure and de facto. Equally the adequacy of creditor protection is an on-going issue in corporate law. The governance issue in the US or the UK is essentially that of disciplining the management who have ceased to be effectively accountable to the owners. The problem in the Indian corporate sector (be it the public sector, the multinationals or the Indian private sector) is that of disciplining the dominant shareholder and protecting the minority shareholders. Clearly, the problem of corporate governance abuses by the dominant shareholder can be solved only by forces outside the company itself. The paper analyses the issues that whether the law can actually protect the creditors as under the companies act and how far is it effective‘ whether the impact of cross guarantees in corporate groups, and the inherent tension between entity and enterprise principles in their operation as a liability shifting device is also been taken into account. Whether the directors and shareholders have the duties to protect the interests of the creditors and what security is given to them at times of insolvency of company n winding up of company. The paper discusses the role of the regulator and the capital market and argues however that the corporate governance problems in India are very different than in USA and UK.

Although discussed nowhere in the U.S. Bankruptcy Code, fiduciary duties play a central role in guiding the administration of an insolvent debtor's assets. This book chapter explores the fiduciary obligations of trustees (including DIPs) under both statute and common law, with a special focus on the intrinsic conflicts that arise within the "menagerie of heterogeneous creditors" that constitute the claimants of a bankruptcy estate.

The main purpose of this work is to develop a case study assessing the recent patterns and impacts of ODA (official development assistance) and DAH (development assistance for health) to Liberia on overall government spending and domestic revenue generation as well as domestic government health spending. Specifically, the study will examine the recent flows of ODA and DAH resources into the country and test whether it is possible to determine the degree of fungibility in domestic budgetary expenditures and revenues, overall, as well as in domestic health budgetary spending and receipts (from internal and external sources) as a result of (or due to) ODA and DAH. The study will distinguish between targeted/earmarked aid and general budget support, and will attempt to distinguish commitments from actual disbursements (both for DAH and for government).

Creditors in international trade are often faced with issues of an insolvent foreign debtor who often has property and assets in several states. In such a case creditors are faced with difficulties of international collective insolvency proceedings. The introductory parts of the article examines the standard questions like the question of a single, universal property of an individual or legal person and on the other hand the principles of territoriality and universality in public international law as far as the effects of foreign collective insolvency proceedings are concerned. The article then deals with issues of the centre of main interests as the point of contact and issues opened with the application of the lex concursus.

Punjab is Pakistan’s most populous and economically vibrant province. Its fiscal health, therefore, is crucial to the fiscal stability and economic development of Pakistan as a whole. By end-June 2011, Punjab’s outstanding debt stood at Rs. 413 billion, or 4.0% of Gross Subnational Domestic Product (GSDP). The low debt level is perhaps not surprising given the historical barriers to borrowing imposed at the federal level. But this has changed profoundly with enactment of the 18th Constitutional Amendment which has allowed provinces to borrow domestically and externally, subject to limits imposed by National Economic Council (NEC). This change has heightened the need to examine what Punjab owes and the question of provincial debt sustainability in general. As there is no threshold defined for subnational debt levels, this sustainability analysis considers unsustainable fiscal policies and borrowing strategy to be those that lead to an explosive accumulation of debt such that it would...