Brown aide to join BHP board

first_img KCS-content Show Comments ▼ Share whatsapp Tags: NULL Brown aide to join BHP board BHP Billiton has appointed a former government minister and one of the architects of the 2008 banking bailout to its board. Baroness Shriti Vadera will join the miner as a non-executive director from 1 January. Vadera held a variety of roles in government, as minister for Africa, economic competitiveness, and enterprise. She left government in 2009 to advise the G20. Prior to her career in politics she spent 14 years working as an investment banker at UBS Warburg, specialising in emerging markets. More From Our Partners Florida woman allegedly crashes children’s birthday party, rapes teennypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.com Monday 13 December 2010 9:13 pm whatsapplast_img read more

Sazka benefits from Covid-19 measures easing in Q3

first_imgThis saw total stakes for the three months to 30 September grow 98.1% year-on-year to €2.61bn (£2.37bn/$3.18bn), aided by a full contribution from Casinos Austria, which was consolidated as a subsidiary from 26 June.  Sazka benefits from Covid-19 measures easing in Q3 Topics: Finance Lottery Sports betting Q3 results 2020 Online lottery Retail lottery Retail sports betting Sports betting regulation Digital revenue, which had grown strongly earlier in the year amid national lockdowns, also remained above prior year levels.  In its native Czech Republic, however, government restrictions had little effect on the sale of its products.  This was accompanied by a continued strong performance from its digital operations, which maintained once land-based restrictions were eased.  “We are particularly pleased to report that the strong momentum in online sales, including traditional products and digital-only games, has been maintained even as restrictions eased,” he continued. “Online is a major strategic focus for us and our investments and the changes in customer behaviour in the last several months will bring long term benefits.” Czech gaming giant Sazka Group benefitted from countries easing their novel coronavirus (Covid-19) restrictions in the third quarter of the year, which saw its land-based operations recover from the disruption caused by the pandemic.  “Our diverse geographic exposure, game portfolio and sales channel mix with a strong and growing online are key advantages in this environment. Sazka also saw Greek operator OPAP’s contribution recover from its Covid-19 hit second quarter, with declines in draw-based and instant lotteries offset by growth from sports betting and video lottery terminals. AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter After non-gaming revenue and other operating income, plus operating expenses and its share of profits from businesses in which it holds an equity interest, Sazka’s EBITDA for the period fell 15.4% to €363.4m.  “Overall, I’m very pleased with Sazka Group’s strong performance in Q3 and so far in Q4 and the strategic progress made so far this year,” he added. “I am confident in our ability to manage any further challenges and emerge with an even more resilient business that is well positioned for growth.” Looking ahead, the business’ fourth quarter performance is once again likely to be hit by Covid-19 restrictions. This saw Sazka’s land-based operations in Greece, Austria and Italy all restricted, though in each case their online offerings were not affected.  While this was significantly lower than the €509.9m net profit posted for the nine months to 30 September 2019, the prior year figures included a €292.8m share from discontinued operations.  14th December 2020 | By Robin Harrisoncenter_img After player winnings, gross gaming revenue came to €768.9m, up 66.1%, thanks to Casinos Austria’s €303.0m contribution.  For the nine months to 30 September, amounts wagered were up 14.0% at €4.46bn, with gross gaming revenue marginally ahead at €1.42bn. After gaming taxes, however, net gaming revenue was down 6.1% at €884.6m.  “All of our businesses traded well in Q3 as lockdown measures were eased and online sales remained high,” Sazka chief executive Robert Chvatal said. “The swift return to normalised trading in the markets and channels that were more affected by restrictions in H1 demonstrates the resilient underlying demand for our products as well as the agility of our teams across the regions. Q3 results 2020 Rising depreciation and amortisation charges, plus restructuring costs, then saw operating profit drop 42.9% to €194.2m. After net finance costs of €73.4m, pre-tax profit came to €120.8m, falling to €90.4m after income taxes.  Czech gaming giant Sazka Group benefitted from countries easing their novel coronavirus (Covid-19) restrictions in the third quarter of the year, which saw its land-based operations recover from the disruption caused by the pandemic. This was reduced further by €31.0m in net finance costs, leaving a pre-tax profit of €65.1m, down 31.9% year-on-year. After €16.6m in income taxes, net profit for the quarter came was 32.6% below prior year levels at €48.5m. Regions: Europe Central and Eastern Europe Southern Europe Western Europe Czech Republic Greece Italy Austria However, the rise in revenue meant that earnings before interest, tax, depreciation and amortisation (EBITDA) was 37.5% ahead of Q3 2019’s total, at €196.6m. Once €46.7m in depreciation and amortisation charges, plus €53.9m in restructuring costs related to an ongoing reshaping of Casinos Austria were factored in, operating profit was down 15.0% at €96.0m.  “In recent weeks, some Covid related restrictions have been reintroduced across our geographies, having some impact on our business,” Chvatal said. “With our resilient business and strong management team having coped well with the situation earlier in the year, we are well placed to manage the business through the current restrictions.  Gaming taxes, meanwhile, more than doubled to €313.1m, again as a result of Casinos Austria’s consolidation, leaving net gaming revenue of €455.9m, up 43.8%. The business recorded a further €50.4m in other revenue, from the sale of non-gaming products in its retail outlets, and €11.4m in other operating income, from sources such as deferred taxes.  Its share of profit from equity investments, namely its Italian lottery business, fell 30.1% to €23.5m, however, while other operating costs rose. The biggest jump was recorded for personnel expenses, which increased from €25.6m to €82.9m.  Subscribe to the iGaming newsletter Email Addresslast_img read more

The history of Mother’s Day

first_imgMother’s Day around the worldWhile versions of Mother’s Day are celebrated worldwide, traditions vary depending on the country. In Thailand, for example, Mother’s Day is always celebrated in August on the birthday of the current queen, Sirikit.Another alternate observance of Mother’s Day can be found in Ethiopia, where families gather each fall to sing songs and eat a large feast as part of Antrosht, a multi-day celebration honoring motherhood.In the United States, Mother’s Day continues to be celebrated by presenting mothers and other women with gifts and flowers, and it has become one of the biggest holidays for consumer spending. Families also celebrate by giving mothers a day off from activities like cooking or other household chores.At times, Mother’s Day has also been a date for launching political or feminist causes. In 1968 Coretta Scott King, wife of Martin Luther King Jr., used Mother’s Day to host a march in support of underprivileged women and children. In the 1970s women’s groups also used the holiday as a time to highlight the need for equal rights and access to childcare. LEAVE A REPLY Cancel reply Support conservation and fish with NEW Florida specialty license plate Reply TAGSMother’s Day Previous articleSmart windows could combine solar panels and TVs tooNext articleThe Best Mother’s Day Restaurant Deals You Can Score This Weekend Denise Connell RELATED ARTICLESMORE FROM AUTHOR Thank you for the article on Mothers Day. For SO many years I have been opposed and discussed by the enormous commercialism of Mother’s Day. So many generations have been guilted into buying flowers, cards etc for their Mom’s on one particular day of the year. I have two grown sons that let me know every day of the year how much they love me. It is not about the gifts, etc., it is about their actions as individuals. They are good, honest, hardworking men who show respect for others and have compasssion for people as well as animals, etc. they are not perfect humans, none of us are, but they honor me everyday and show their love for me everyday–no cards, flowers and gifts needed and no guilt for honoring my wish to ignore the holiday. My gift on Mothers Day is asking them to take a much needed day for themselves and enjoy! That makes Mom happy and to honor them because without them I wouldn’t even be a Mom! May 13, 2018 at 9:43 am Mama Mia Council lady, Megan Sladek, of Oviedo…..she has been called the ” mommy of the city council” by the mayor, and another council member said she is “not our mother,” and another time, she was referred to as a “petulant child”……I say, Happy Mothers Day, regardless of whether you are the mommy or not, or a petulant child, and a big thumbs up Megan!!! LOL…..she also said that the FEMA grant had not even been applied for yet, and that quote, “If they can’t explain why they’re going, then maybe the trip has no value for anybody.” Her term is up in Dec. and then she is running for the mayor’s seat….LOL Also the mayor has apologized for his anger and comments…..LOL Jarvis decries commercialized Mother’s DayAnna Jarvis had originally conceived of Mother’s Day as a day of personal celebration between mothers and families. Her version of the day involved wearing a white carnation as a badge and visiting one’s mother or attending church services. But once Mother’s Day became a national holiday, it was not long before florists, card companies and other merchants capitalized on its popularity.While Jarvis had initially worked with the floral industry to help raise Mother’s Day’s profile, by 1920 she had become disgusted with how the holiday had been commercialized. She outwardly denounced the transformation and urged people to stop buying Mother’s Day flowers, cards, and candies.Jarvis eventually resorted to an open campaign against Mother’s Day profiteers, speaking out against confectioners, florists, and even charities. She also launched countless lawsuits against groups that had used the name “Mother’s Day,” eventually spending most of her personal wealth in legal fees. By the time of her death in 1948 Jarvis had disowned the holiday altogether, and even actively lobbied the government to see it removed from the American calendar. Free webinar for job seekers on best interview answers, hosted by Goodwill June 11 Save my name, email, and website in this browser for the next time I comment. The Anatomy of Fear Mama Mia Please enter your name here Anna JarvisThe official Mother’s Day holiday arose in the 1900s as a result of the efforts of Anna Jarvis, daughter of Ann Reeves Jarvis. Following her mother’s 1905 death, Anna Jarvis conceived of Mother’s Day as a way of honoring the sacrifices mothers made for their children.After gaining financial backing from a Philadelphia department store owner named John Wanamaker, in May 1908 she organized the first official Mother’s Day celebration at a Methodist church in Grafton, West Virginia. That same day also saw thousands of people attend a Mother’s Day event at one of Wanamaker’s retail stores in Philadelphia.Following the success of her first Mother’s Day, Jarvis—who remained unmarried and childless her whole life—resolved to see her holiday added to the national calendar. Arguing that American holidays were biased toward male achievements, she started a massive letter writing campaign to newspapers and prominent politicians urging the adoption of a special day honoring motherhood.By 1912 many states, towns and churches had adopted Mother’s Day as an annual holiday, and Jarvis had established the Mother’s Day International Association to help promote her cause. Her persistence paid off in 1914 when President Woodrow Wilson signed a measure officially establishing the second Sunday in May as Mother’s Day. Reply Celebrations of mothers and motherhood can be traced back to the ancient Greeks and Romans, who held festivals in honor of the mother goddesses Rhea and Cybele, but the clearest modern precedent for Mother’s Day is the early Christian festival known as “Mothering Sunday.”Once a major tradition in the United Kingdom and parts of Europe, this celebration fell on the fourth Sunday in Lent and was originally seen as a time when the faithful would return to their “mother church”—the main church in the vicinity of their home—for a special service.Over time the Mothering Sunday tradition shifted into a more secular holiday, and children would present their mothers with flowers and other tokens of appreciation. This custom eventually faded in popularity before merging with the American Mother’s Day in the 1930s and 1940s. May 13, 2018 at 3:08 pm You have entered an incorrect email address! Please enter your email address here From the History ChannelMother’s Day is a holiday honoring motherhood that is observed in different forms throughout the world. The American incarnation of Mother’s Day was created by Anna Jarvis in 1908 and became an official U.S. holiday in 1914. Jarvis would later denounce the holiday’s commercialization and spent the latter part of her life trying to remove it from the calendar. While dates and celebrations vary, Mother’s Day most commonly falls on the second Sunday in May and traditionally involves presenting mothers with flowers, cards, and other gifts. Mama Miacenter_img Reply Ann Jarvis and Julia HoweThe origins of Mother’s Day as celebrated in the United States date back to the 19th century. In the years before the Civil War, Ann Reeves Jarvis of West Virginia helped start “Mothers’ Day Work Clubs” to teach local women how to properly care for their children.These clubs later became a unifying force in a region of the country still divided over the Civil War. In 1868 Jarvis organized “Mothers’ Friendship Day,” at which mothers gathered with former Union and Confederate soldiers to promote reconciliation.Another precursor to Mother’s Day came from the abolitionist and suffragette Julia Ward Howe. In 1870 Howe wrote the “Mother’s Day Proclamation,” a call to action that asked mothers to unite in promoting world peace. In 1873 Howe campaigned for a “Mother’s Peace Day” to be celebrated every June 2.Other early Mother’s Day pioneers include Juliet Calhoun Blakely, a temperance activist who inspired a local Mother’s Day in Albion, Michigan, in the 1870s. The duo of Mary Towles Sasseen and Frank Hering, meanwhile, both worked to organize a Mothers’ Day in the late 19th and early 20th centuries. Some have even called Hering “the father of Mothers’ Day.” May 13, 2018 at 4:01 pm Laura Buskers 6 COMMENTS Now on a silly note, of the political type…..I want to wish the “mommy of the city council”, council woman, Megan Sladek, of the City of Oviedo City Council, a very HAPPY MOTHERS DAY, for being named the “mother or mommy of the city council” by some of the other members of the Oviedo….!!! Have you heard of, or read this absolutely hilarious carrying on by the Oviedo city council members? The Oviedo Mayor, Mayor Dominic Persampiere, was planning a trip to Washington DC, to go there with the Assistant City Manager, Patrick Kelly, of Oviedo, and it was to meet with US Senators, and House of Representative members from Florida, and to go along with the city’s lobbyist group too to DC in the interest of Ovideo, supposedly, and to talk about FEMA reimbursing Oviedo for the two hurricane costs of removing the debris they incurred at a cost of 1.2 million they spent because of the hurricanes….the council lady, Megan Sladek, did not think it was a necessary trip, because they had the lobbyists there going, and they could pick up the phone and personally call Senators Bill Nelson, Senator Marco Rubio, and House member, Stephanie Murphy….and this is just what she did….she called them herself to discuss the FEMA reimbursments, and one even arranged to come to the city in person to talk with them…..and she said that she was not sure the trip was worth it to the tax payers of the city, and she then decided to invite herself along for the trip, to make sure it was worth it to the taxpayers, and would spend the night at a friend’s home she knew, instead of at a hotel at Oviedo tax payers expense…..long story short, this went over like a lead balloon with the mayor, and he was furious, got emotional and lashed out, and quote said, “You know what…..nobody is going”….The council woman, Megan Sladek, has decided, as our mommy, that none of us should go, and it’s not good for the city!”…….Another council member, Steve Henken, stated quote, “You’re not our mother, and we don’t need supervision when we are doing stuff”……plus at another time the council lady, Megan, had been referred to as a “petulant child”……LOL Reply Share on Facebook Tweet on Twitter May 13, 2018 at 4:10 pm Okay, airfare, was $250 to $350 per person, meals….$58-$68 per person……hotel accommodations listed as $200-$400 per person for the Oviedo trip planned…..you know, to me, these costs sound very familiar, except Apopka’s trip costs were higher, I do believe! And it was to San Francisco, Nashville, DC, and where else, and don’t forget the hotel suite rented, that no one stayed in, when another room was rented, at a cost of the empty suite, of what was it?…..$2,200 wasn’t it? I see in the newspaper, that Mr. Bass, the new Apopka City Administrator, is going to reel in these free city vacations….good for him! I wish I could have placed flowers on my mother’s grave today, but it is so far away…about 500 miles one way……I have asked some of my family members to put them on my mother’s grave for me, out of state, and I would pay them to do the errand for me, and for the flowers they select, and I would send them the money in advance, pay for the gas out to the cemetery in advance, and pay them to go, and all I would get would be excuses. One family member did place some flowers for me one year, and I paid her, but found out she got them out there to the cemetery at about dark on Mother’s Day, as she had spent the day with her mom, and hadn’t even bought new flowers, but used some other ones from somewhere, but collected the good amount of money I sent her….so I didn’t ask her to do it again…. It is true, and it upsets me to even say this, as to how my family members are…. I did finally find one local florist up there, that delivered to cemeteries, as most don’t, and for several years I ordered the flowers from them, and paid with my credit card, and they kept getting higher and higher every year. One year, I went up there in June, which was when my mother’s birthday was, and I had ordered the flowers in May for Mother’s Day for her grave, and they were still there in June, but they were nothing like what I thought they would have looked like for the amount I spent, plus they were knocked over, and the red clay dry dirt of the cemetery was in a pile around the flowers, and the ants had made it there home…..an ant hill. After that I didn’t order any more…….does this still upset me? Oh yes, very much so……… May 13, 2018 at 3:35 pm Please enter your comment! May 13, 2018 at 4:19 pm Did You Know?More phone calls are made on Mother’s Day than any other day of the year.These holiday chats with Mom often cause phone traffic to spike by as much as 37 percent. Mama Mia Mama Mia Reply I want to wish all mother’s a very special and HAPPY MOTHER’S DAY! And I mean this sincerely, whether you are an actual mother, or an assumed mother, to your loved ones, whether they are two-footed loved ones, or four-footed loved ones, as I myself, I am not an actual mother to the two-footed human variety, but multiple ones of the four-footed pet variety, and if you say that is not the same, as to raising a child, well, it is to me, as that is all I ever knew…..and yet my pen name is Mama Mia, which stands for mama missing in action, in case you never knew….LOL Reply last_img read more

Chão das Giestas House / AVA Architects

first_imgArchitects: AVA Architects Area Area of this architecture project Photographs:  Fernando Guerra | FG+SGText description provided by the architects. ContextThe house evolves planimetricly with the city of Guarda as a background. The place profoundly altered exists in a peripheral context recently urbanized. The natural territory was depersonalized by the topographic changes caused by the urbanization. The existing public space is build without an organisation that matches the topography of the place, forcing an artificial and uncharacteristic lotting where there are different morphologic construction formulations e several typologies.Save this picture!© Fernando Guerra | FG+SGLotCorner lot of trapezoidal configuration. Streets layout involving the lot with high sloping. Good solar exposure. Restrictions in the implantation of the building volume initially predicted. Save this picture!© Fernando Guerra | FG+SGProgramThe program evolves in three floors, imposed by the rules of the lotting. The garage, support kitchen, store-room, and service toilet are organised in the ground floor and in function of the external space previously defined. Save this picture!© Fernando Guerra | FG+SGOn the 0 floor, common spaces were formed around the central entry space (it unites and divides the two compact bodies). This entrance space makes the functional and visual link between all the construction levels. In these two bodies are included the kitchen, living-room, dining-room, work space and service toilet. It ́s in this floor that are placed the common spaces, relating from the entry space where the stairs are inserted. The stairs where conceived as a sculpture, beyond their utilitarian function. We tried to establish a logic visual relation between the exterior and the interior and vice-versa an interdependency between the two bodies. In the last floor are the most intimate spaces, the bedrooms and bathrooms, baring in mind their articulations from the central space. Save this picture!© Fernando Guerra | FG+SGSolutionForeseen the building of an isolated house with 320m2 of covered area. A garage in the basement and the residence in the two upper floors. Relating to the surrounding landscape. The construction volume is materialized in two apparently compact masses, two bodies that extend the shape of a living space between them. The solution tried to minimize the impact of the predicted building volume of three floors. Lot delimitated by a level wall. The setting favours visual stringing between the back and front parts of the site. The visual permeability between the inside and the outside, the public and the private is controlled and guided.Save this picture!© Fernando Guerra | FG+SGProject gallerySee allShow lessFinishing touches for Lincoln Center / DS + RArticlesCAA Águeda Arts Center / AND-RÉArticles Share 2006 Portugal CopyHouses•Guarda, Portugal Photographs Year:  ArchDaily Chão das Giestas House / AVA Architects “COPY” “COPY” Area:  320 m² Year Completion year of this architecture project ShareFacebookTwitterPinterestWhatsappMailOrhttps://www.archdaily.com/76314/chao-das-giestas-house-ava-architects Clipboard ShareFacebookTwitterPinterestWhatsappMailOrhttps://www.archdaily.com/76314/chao-das-giestas-house-ava-architects Clipboard Projects Chão das Giestas House / AVA ArchitectsSave this projectSaveChão das Giestas House / AVA Architects Save this picture!© Fernando Guerra | FG+SG+ 26 Share Houses CopyAbout this officeAVA ArchitectsOfficeFollowProductConcrete#TagsProjectsBuilt ProjectsSelected ProjectsResidential ArchitectureHousesGuardaHousesPortugalPublished on September 08, 2010Cite: “Chão das Giestas House / AVA Architects” 08 Sep 2010. ArchDaily. Accessed 12 Jun 2021. ISSN 0719-8884Read commentsBrowse the CatalogPanels / Prefabricated AssembliesTechnowoodGRP Siding Façade SystemGlassMitrexSolar PanelsMetal PanelsAurubisCopper Alloy: Nordic BrassWoodParklex International S.L.Wood cladding – FacadeSignage / Display SystemsGoppionDisplay Case – Qd-ClassSkylightsLAMILUXGlass Skylight FE PassivhausStonesCosentinoDekton Surfaces – Cap Ferrat BuildingStonesNeolithSintered Stone – Strata Argentum – Classtone CollectionAcousticSchöckStaircase Insulation – Tronsole®CeramicsTerrealCustom Shape Terracotta CladdingSeatingInterstuhlPillows – HUBPartitionsBuzzispacePrivacy Booth – BuzziRingMore products »Read commentsSave想阅读文章的中文版本吗?Chão das Giestas House / AVA Architects是否翻译成中文现有为你所在地区特制的网站?想浏览ArchDaily中国吗?Take me there »✖You’ve started following your first account!Did you know?You’ll now receive updates based on what you follow! Personalize your stream and start following your favorite authors, offices and users.Go to my streamlast_img read more

MFH Lohn-Ammannsegg / phalt architekten

first_img “COPY” MFH Lohn-Ammannsegg / phalt architektenSave this projectSaveMFH Lohn-Ammannsegg / phalt architekten “COPY” Apartments MFH Lohn-Ammannsegg / phalt architekten Switzerland Save this picture!© Dominique Wehrli+ 15 Share Year:  Photographs:  Dominique Wehrli, Joël TettamantiSave this picture!© Dominique WehrliRecommended ProductsPorcelain StonewareApavisaSlabs – ConcreteCoffee tablesBoConceptMadrid Coffee Table AD21Panels / Prefabricated AssembliesULMA Architectural SolutionsMIS Facade PanelText description provided by the architects. In the rural community of Lohn-Ammannsegg, an apartment building with six residentialunits and a separate office has been incorporated into a heterogeneous developmentstructure. The position and design of the new building was a result of creating themaximum possible distances to the surrounding development and an optimum alignmentwithin the residential zone on a gentle slope with an appealing view. The cube-shapedbuilding structure consists of two offset building sections with a shared entrance areaas a common denominator. Save this picture!© Dominique WehrliThe offset alignment of the buildings and the protrusionsand recesses of the different storeys, serve to loosen up the structure of the buildingvolume. As a result, the building not only has a differentiated appearance but also ascale that is appropriate to the surroundings despite the high level of utilisation. Thetextured outer façade on all sides with its unobtrusive colour gives the building ist own identity within the location – and provides the residents with individual livingunits, each with a panoramic view. In the outside area, the concept of differentiationhas been taken up once again and a composition with different residential qualitieshas been created.Save this picture!ElevationProject gallerySee allShow lessCasuarinas House / MetropolisArticles’Time Light’ Steven Holl Lecture at the Cooper UnionArticlesProject locationAddress:Lohn-Ammannsegg, SwitzerlandLocation to be used only as a reference. It could indicate city/country but not exact address. Share ArchDailycenter_img 2011 CopyAbout this officephalt ArchitektenOfficeFollowProductConcrete#TagsProjectsBuilt ProjectsSelected ProjectsResidential ArchitectureHousingApartmentsHousingLohn-AmmannseggSwitzerlandPublished on November 23, 2012Cite: “MFH Lohn-Ammannsegg / phalt architekten” 23 Nov 2012. ArchDaily. Accessed 11 Jun 2021. ISSN 0719-8884Browse the CatalogLouvers / ShuttersTechnowoodSunshade SystemsRailing / BalustradesMitrexIntegrated Photovoltaic Railing – BIPV RailingMetal PanelsAurubisCopper Alloy: Nordic BrassWindowsVitrocsaMinimalist Window – GuillotineGlassLAMILUXGlass Roof PR60 PassivhausSinksBradley Corporation USASinks – Verge LVG-SeriesSealantsSikaConstruction Solutions in Stavros FoundationShower TraysAcquabellaShower Tray – Focus BetonPatios / TerracesFranken-SchotterPatios and TerracesCeramicsTerrealTerracotta cladding in Le TrèfleSkylightsFAKROWooden pivot roof windows FYP-V proSkySynthetics / AsphaltFirestone Building ProductsRoofing System – RubberGard EPDMMore products »Save世界上最受欢迎的建筑网站现已推出你的母语版本!想浏览ArchDaily中国吗?是否翻译成中文现有为你所在地区特制的网站?想浏览ArchDaily中国吗?Take me there »✖You’ve started following your first account!Did you know?You’ll now receive updates based on what you follow! Personalize your stream and start following your favorite authors, offices and users.Go to my stream Photographs Projects ShareFacebookTwitterPinterestWhatsappMailOrhttps://www.archdaily.com/297149/mfh-lohn-ammannsegg-phalt-architekten Clipboard ShareFacebookTwitterPinterestWhatsappMailOrhttps://www.archdaily.com/297149/mfh-lohn-ammannsegg-phalt-architekten Clipboard CopyApartments•Lohn-Ammannsegg, Switzerland Architects: phalt Architekten Year Completion year of this architecture project last_img read more

LSD Residence / Davidov Partners Architects

first_img LSD Residence / Davidov Partners Architects CopyHouses•Melbourne, Australia Houses “COPY” Architects: Davidov Partners Architects Area Area of this architecture project Structural Engineers: “COPY” ShareFacebookTwitterPinterestWhatsappMailOrhttps://www.archdaily.com/789669/lsd-residence-davidov-partners-architects Clipboard Photographs LSD Residence / Davidov Partners ArchitectsSave this projectSaveLSD Residence / Davidov Partners Architects Landscape Architect: 2015 Year:  Pat Baygar and Associates ArchDaily Davidov Partners Architects Projects Australia Area:  400 m² Year Completion year of this architecture project John Patrick Landscape Architects CopyAbout this officeDavidov Partners ArchitectsOfficeFollowProductConcrete#TagsProjectsBuilt ProjectsSelected ProjectsResidential ArchitectureHousesMelbourneAustraliaPublished on June 17, 2016Cite: “LSD Residence / Davidov Partners Architects” 17 Jun 2016. ArchDaily. Accessed 11 Jun 2021. ISSN 0719-8884Browse the CatalogPartitionsSkyfoldChoosing the Skyfold Wall for Your SpaceGlass3MSun Control Film – Prestige ExteriorShowerhansgroheShowers – Croma SelectWall / Ceiling LightsSpectrum LightingLED Downlight – Infinium 3″ Round FlangelessVentilated / Double Skin FacadeCosentinoDekton Cladding in LD Sevilla hotelSealantsSikaJoint SealingBeams / PillarsLunawoodThermowood Frames and BearersPorcelain StonewareApariciPorcelain Tiles – MarblesCeramicsTerrealTerracotta Facade in Manchester HospitalWindowspanoramah!®ah! CornerHome AppliancesGIRAGira Keyless in – Door communicationLightsLinea Light GroupIntegrated Lighting – Fylo+More products »Save世界上最受欢迎的建筑网站现已推出你的母语版本!想浏览ArchDaily中国吗?是否翻译成中文现有为你所在地区特制的网站?想浏览ArchDaily中国吗?Take me there »✖You’ve started following your first account!Did you know?You’ll now receive updates based on what you follow! Personalize your stream and start following your favorite authors, offices and users.Go to my stream ShareFacebookTwitterPinterestWhatsappMailOrhttps://www.archdaily.com/789669/lsd-residence-davidov-partners-architects Clipboard Save this picture!© Jack Lovel+ 15 Share Photographs:  Jack Lovel Manufacturers Brands with products used in this architecture project Manufacturers: Dulux, G-LUX, Gaggenau, Gessi, InStyle, Paco Jaanson, Tom Dixon, Victoria Carpets, Easyliving, Platinum Travertine – G Lux Melbourne, Total Aluminium Fabrication, Unitex – Unirok Architect In Charge:Davidov Partners ArchitectsCity:MelbourneCountry:AustraliaMore SpecsLess SpecsSave this picture!© Jack LovelRecommended ProductsWindowsLibartVertical Retracting Doors & WindowsWindowsFAKRORoof Windows – FPP-V preSelect MAXWoodGustafsWood Veneered Wall & Ceiling PanelsWoodAccoyaAccoya® Cladding, Siding & FacadesSave this picture!DiagramText description provided by the architects. LSD Residence was designed for a couple of soon to be empty-nesters. A significant driver behind the came about from the irregular sized lot on which the residence was built. The aim was to make both inhabitants and visitors unaware of the change in width reducing from 12m to 8m wide. The perceived width of the property is maximised through the careful consideration in the programming of both levels. As the site is fairly linear, the design was conceived as 3 blocks punctuated by 2 glazed interstitial zones which contain the staircase/entry and kitchen/bar/alfresco areas.Save this picture!© Jack LovelThe kitchen’s design proves to be a novel element in LSD Residence. The clients required a public kitchen or bar to be presented in such a way for it to be a natural hub when visitors and family are around, however also wanted another private kitchen for the real cooking and cleaning to take place. This resulted in a butler kitchen designed in close proximity to the central island of the now communal kitchen area.Save this picture!PlanAdditionally, the master bedroom, which has been designed in the guise of an open plan hotel suite, has a feature façade glazing which extends from below the floor level to the parapet line allowing for completely full height windows which maximise view lines. The room also incorporates an innovative oculus in the concrete rendered shower which features a concealed LED lighting halo as the only artificial light source. The curved wall of the shower animates the stark façade of the building, which, depending on the lighting levels and time of day emerges and submerges from view from the street.Save this picture!© Jack LovelApart from the irregular block for the site, a major challenge during the project were town planning restrictions. Attempting to maximise view lines on such a constrained block brought up limitations with overlooking. Additional challenges that needed to be catered to were overshadowing, and boundary walls due to the limited space present.Save this picture!© Jack LovelSustainabilityLSD Residence achieves a 6 star energy rating through the use of multiple sustainable design featured. All glass employed in the design is high performance and has a low E value and the use of brick veneer walls and an insulated concrete slab on ground further improves the thermal performance of the house. The finishes and render used internally and externally are significantly hard wearing and low maintenance allowing the building to age gracefully. Solar boosted hot water and rain water harvesting is also present in the design. The 2 feature ponds are also intended to assist in passive cooling. The limited palate of natural materials, namely cement render and unfilled travertine are used throughout the house both internally and externally. Over time the contrasting effects of external wear and internal protection will allow the inherent nature of these materials to become more pronounced adding another layer of interest and subtle contrast to the house.Save this picture!SectionProject gallerySee allShow lessTN Nursery / HIBINOSEKKEI + Youji no ShiroSelected ProjectsWatch the Louvre Abu Dhabi Perimeter FloodArchitecture News Share Interiors: last_img read more

Mississippi is still burning

first_imgBoth the Black Lives Matter movement of today and the Civil Rights movement of Freedom Summer 1964 were ignited by police murders of African Americans.Fifty-two years after the vicious “Mississippi Burning” murders of civil rights activists James Chaney, Andrew Goodman and Mickey Schwerner, in Philadelphia, Miss., it remains an ongoing practice for police to kill Native people and African Americans with impunity in Neshoba County, Miss.Rexdale Henry, Choctaw activist, dead in police custody, Philadelphia, Miss.Rexdale Henry, a Native American member of the Choctaw tribe, Medicine Man and a longtime community activist, was found brutally beaten to death in a jail cell in Philadelphia on July 14, 2015. He was first detained on July 9, after failing to pay a traffic fine, according to Neshoba County Sheriff Tommy Waddell.Henry’s death occurred one day after the body of Sandra Bland was found in a Waller County, Texas, jail cell. She also was jailed on a “traffic” offense.“There is a circumstance that we have to deal with throughout this country, where we find people who are dying in suspicious circumstances while in the custody of those we look for protection from,” said Chokwe Antar Lumumba of Jackson, Miss., Henry’s attorney.Rexdale Henry was the second person to die recently in the custody of the Neshoba County jail.Michael McDougle, dead in police custody, Philadelphia, Miss.Michael McDougle, an African American, also died there on the evening of Nov. 1, 2014. “According to eyewitness testimony, Brittany McDougle’s husband, Michael McDougle, while in handcuffs, was beaten and Tasered by officers of the Philadelphia Police Department,” said attorney Carlos Moore, who filed a lawsuit on behalf of Brittany McDougle. “Mr. McDougle was found dead in his jail cell around 7:30 a.m. on Nov. 2.”These two brutal deaths are eerily reminiscent of the events of June 21, 1964, when three civil rights activists, seeking to register African Americans to vote, were arrested for allegedly speeding and taken to the Neshoba County Jail in Philadelphia, Miss. The three men — James Earl Chaney from Meridian, Miss., and Andrew Goodman and Mickey Schwerner from New York City — were handed over to the Klan by a deputy police chief. After an extensive search was conducted by thousands of federal troops, their tortured, broken bodies were found buried in an earthen dam 44 days after their arrest.The nation and the world were appalled. These racist murders of Freedom Summer spurred the passage of the Civil Rights Act.The 1989 movie, “Mississippi Burning,” chronicled the federal civil rights violation investigation that years later resulted in guilty verdicts for the deputy police chief and several Klansmen. Despite evidence of a widespread conspiracy involving police, White Citizens Council members and the Ku Klux Klan, no one was ever convicted of murdering the three young Freedom Summer activists.Decades later, as the record of police impunity grows, the distrust and anger of communities of color towards official law enforcement accounts of deaths while in police custody deepens.Kevin Moran is a volunteer investigator for Chokwe A. Lumumba, Esq, Lumumba & Associates, Jackson, Miss.FacebookTwitterWhatsAppEmailPrintMoreShare thisFacebookTwitterWhatsAppEmailPrintMoreShare thislast_img read more

Court upholds acquittal on charge of torturing journalist

first_img Organisation BahrainMiddle East – North Africa Follow the news on Bahrain BahrainMiddle East – North Africa Receive email alerts Coronavirus “information heroes” – journalism that saves lives Tenth anniversary of Bahraini blogger’s arrest March 17, 2021 Find out more October 14, 2020 Find out more News to go furthercenter_img News June 15, 2020 Find out more German spyware company FinFisher searched by public prosecutors News Help by sharing this information June 24, 2013 – Updated on January 20, 2016 Court upholds acquittal on charge of torturing journalist Reporters Without Borders and Media Legal Defence Initiative condemn yesterday’s decision by a Manama appeal court to uphold Police Lt. Sarah Al-Moosa’s acquittal on charges of torturing and mistreating Nazeeha Saeed, Bahrain correspondent for France 24 and Radio Monte Carlo Doualiya.“The appeal court’s decision to confirm the police officer’s acquittal clearly shows the lack of independence of the Bahraini judicial system and the duplicitous nature of the government’s concern for its image in the eyes of the international community,” RWB and MLDI said.“We call on the prosecutor-general to take charge of the case and refer it to the Court of Cassation.”“This verdict encourages impunity among security system in Bahrain. I have three medical reports, two of them from Ministry of interior, and still nobody is punished”, Saeed said to RWB.Saeed was tortured and mistreated at Rifaa police station on 22 May 2011, when she was summoned for questioning about her coverage of pro-democracy protests and was accused of lying in her reports. She was also interrogated about possible links with the Hezbollah TV station Al-Manah and Iran’s Arabic-language TV station Al-Alam.The treatment Saeed received during interrogation was condemned by Reporters Without Borders at the time.The Media Legal Defence Initiative sent a Letter of Allegation to UN Special Rapporteurs earlier this year, asking them to make enquiries with the Bahraini authorities on the handling of Nazeeha’s case.A Manama court originally acquitted Lt. Al-Moosa on 22 October 2012, describing Saeed’s evidence as “contradictory” and “not consistent with the forensic report.”Following a great deal of media criticism of the verdict, the prosecutor’s office appealed against the acquittal in an apparent attempt to emphasize Bahrain’s respect for its international obligations.But, operating out of sight of the cameras, the judicial system stood by its decision to clear the policewoman on grounds for which there has been little substantiation.This denial of justice is unfortunately not isolated. Other cases have highlighted how difficult it is for journalists to work freely in Bahrain, which is ranked 165th out of 179 countries in the 2013 Reporters Without Borders press freedom index. News RSF_en last_img read more

Government to introduce double penalty points for drivers using mobile phones

first_img Twitter It’s reported that proposals to double the penalty points for drivers using mobile phones while driving have got the green light.The Irish Independent says the government’s accepted the recommendations from an all-party transport committee.Transport Minister Varadkar says the culture needs to be changed so that talking on a handheld mobile while driving becomes socially unacceptable.Donegal spokesperson for Road Safety Group PARC, Susan Grey, has welcomed todays news, but she says the law will have to be enforced when it comes in….[podcast]http://www.highlandradio.com/wp-content/uploads/2012/10/sus1pm.mp3[/podcast] WhatsApp LUH system challenged by however, work to reduce risk to patients ongoing – Dr Hamilton Guidelines for reopening of hospitality sector published Government to introduce double penalty points for drivers using mobile phones Pinterest Facebook RELATED ARTICLESMORE FROM AUTHOR Twitter Three factors driving Donegal housing market – Robinson Almost 10,000 appointments cancelled in Saolta Hospital Group this weekcenter_img Pinterest By News Highland – October 9, 2012 Previous articleFunding for Letterkenny to drop by 60% with Town Council proposalsNext articleMalin Head man suffered injuries consistent with a car crash in fatal attack News Highland News Google+ Calls for maternity restrictions to be lifted at LUH WhatsApp Facebook NPHET ‘positive’ on easing restrictions – Donnelly Google+last_img read more

A To Z Of The Insolvency And Bankruptcy Code: A Beginner’s Guide (Part III)

first_imgColumnsA To Z Of The Insolvency And Bankruptcy Code: A Beginner’s Guide (Part III) Bharat Chugh & Advaya Hari Singh22 Jun 2020 10:40 PMShare This – xIn the previous two parts (click here[part-1] and here[part-2]), we tried unpacking the broad mechanics of the Insolvency and Bankruptcy Code, 2016 (IBC) and the central actors of the IBC regime. In Part II, we explored IBC’s basic features, concepts such as: information memorandum, liquidation value, moratorium, non-obstante clause, operational creditor and concept preferential transactions….Your free access to Live Law has expiredTo read the article, get a premium account.Your Subscription Supports Independent JournalismSubscription starts from ₹ 599+GST (For 6 Months)View PlansPremium account gives you:Unlimited access to Live Law Archives, Weekly/Monthly Digest, Exclusive Notifications, Comments.Reading experience of Ad Free Version, Petition Copies, Judgement/Order Copies.Subscribe NowAlready a subscriber?LoginIn the previous two parts (click here[part-1] and here[part-2]), we tried unpacking the broad mechanics of the Insolvency and Bankruptcy Code, 2016 (IBC) and the central actors of the IBC regime. In Part II, we explored IBC’s basic features, concepts such as: information memorandum, liquidation value, moratorium, non-obstante clause, operational creditor and concept preferential transactions. We also tried unraveling some elaborate topics like the scope of judicial review of a Committee of Creditor’s (CoC) decision, the economic philosophy of creative destruction and the vexed issue of the application of the Limitation Act, 1963 to the IBC.In the third and final part of this series, we go back and dig a little deeper into the roles of some actors and features that have made special appearances in the previous two parts, while introducing you to a few new ones – towards the end. (Here, we deal with terms starting alphabets Q to Z).Q – Quorum in CoC meetingsQuorum, simply speaking, refers to the minimum number of voting members that must be in attendance at a meeting for the CoC to be able to carry out its proceedings. The IBC, by itself, does not provide any guidance on this. Instead, one has to look towards the Insolvency and Bankruptcy Board of India (IBBI) (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (Regulations of 2016). The Regulation in question is Regulation 22(1) which provides that a meeting of the CoC will be quorate if members representing at least 33% of the voting rights are present. However, this is not cast in stone and the CoC has the discretion to modify the percentage for future meetings. It also dispenses with the requirement of physical presence and allows presence by video conferencing, or other audio and visual means. While the convening of the meeting, by itself, only requires members representing 33% of the voting rights, all major decisions like the extension of time-limit of completion of corporate insolvency resolution process (CIRP), appointment and replacement of the resolution professional (RP), other actions enumerated in Section 28 of the IBC, approval of the resolution plan and a decision to liquidate the corporate debtor (CD), can only pass muster by a vote of 66% of the voting shares. This voting percentage has replaced the earlier voting threshold of 75%, by way of an amendment in 2018, pursuant to the recommendations of the Insolvency Law Committee.[1] This was due to the onerous nature of the earlier threshold which facilitated liquidation rather than resolution, and which was right in the face of IBC’s basic purpose, i.e to revive and resolve. R – Resolution Professional Simply put, a RP is the pivot around which the whole CIRP revolves. Most of the times, the RP initially fulfills several important functions acting in the capacity of an interim RP itself, or in some cases he takes the baton from the interim RP to manage the business of the CD, once he has been appointed by the CoC. Once appointed, the RP steps into the shoes of the CD’s management to conduct its business and help it sail through the CIRP. Section 25 of the IBC lays down several duties of the RP, the foremost of which is to preserve and protect the CD’s assets. Most importantly, the RP has to prepare the information memorandum, invite bids from resolution applicants (RA) and also undertake a limited review of the resolution plans received to check their compliance with statutory requirements. Also, R – Resolution Applicant In context of insolvency, a RA is the white knight who comes to the dying company’s aid and channelizes its efforts towards revival. In response to the invitation for bids, the RA submits a resolution plan outlining its ideas and proposals for the CD’s revival. Earlier, Section 5(25) of the IBC defined a RA a bit too simplistically to mean a person who submits a resolution plan to the resolution professional. This meant that the same persons who managed the CD earlier could now don a different hat and bid for it. The revolving doors, thus, allowed promoters or related entities to get their company back with reduced liabilities and to start afresh with a clean slate. This was problematic since it allowed the very people who had led the company to insolvency, to take advantage of their own wrong. This prompted the Parliament to add Section 29A to the IBC which enumerates several categories of persons who are ineligible to be RAs. This includes both persons who have antecedents which disqualify them and persons who have played a role in causing the CD’s insolvency. Section 29A, however, became a catch-all provision disqualifying a wide variety of persons, who were even remotely connected to an ineligible RA, from bidding. This prompted the Insolvency Law Committee, in its Report in 2018, to suggest amendments to the provision so as to limit its scope.[2] The Parliament did amend Section 29A in 2018, but did not incorporate all the suggestions of the Committee in the amendment.The provision came into the limelight with the decision of the Supreme Court of India in ArcelorMittal India Private Limited v. Satish Kumar Gupta[3] (ArcelorMittal) where it clarified several aspects of Section 29A. On the factual front, the decision declared both Numetal and ArcelorMittal ineligible to bid for Essar Steel, but allowed them to submit resolution plans on the condition of curing their ineligibility under Section 29A (c). For ArcelorMittal, this required it to clear the dues of two connected companies which were declared non-performing assets. Numetal’s ineligibility, however, was more intractable; since it was ultimately controlled by members of the promoter family of Essar Steel, it now bore the burden of paying off the dues of Essar Steel and of any other companies of the Essar group. This proved to be commercially unviable and led the way for ArcelorMittal to win the bid for Essar Steel (this was also confirmed by the Supreme Court in Committee of Creditors of Essar Steel India Limited Through Authorised Signatory v. Satish Kumar Gupta[4]). The Supreme Court’s decision in Swiss Ribbons v. Union of India[5] has further cemented Section 29A by upholding its constitutionality.Presently, the question which needs to be addressed is to what extent should the revolving doors be open for RAs who want to bid for the CD. This question gains more prominence in the aftermath of the IBC’s suspension, since one of the concerns that drove the suspension was the inadequacy of finding RA’s who are willing to rescue a CD. The struggle is between two positions which exist at completely opposite ends of the spectrum— should the doors be left wide open so that RAs, even ex-promoters, can bid for the CD at a time when the appetite for reviving CDs is low or should there be limited access so that unscrupulous RAs do not take advantage of the situation to take back their company. Moving forward, striking a balance between these two competing positions should be the objective, though this, by no means, would be easy. S – Swiss Challenge Method of BiddingIt is often said that a competitive market promotes greater productivity, dynamism and innovation in the goods and services that are produced. A similar logic guides the Swiss Challenge Method of Bidding which has been a prominent feature in awarding Government contracts. As per the method, the Government receives an unsolicited bid to develop a particular project which is then released in the public domain from where counter-bids are invited. If the counter-bids are better than the original bid, the original bidder is given a chance to improve his earlier bid. If he is unable to outdo these counter-bids, the next best counter-bid is accepted. A sense of competition between the bidders ensures that only the best proposal is put forth.The Swiss Challenge Method has also made its way to the insolvency regime where the CoC, by pitting bidders against one other, is able to command the best price for the CD. For e.g. the RP of Company ‘A’ invites bids from RAs; RA 1 makes a bid of 4000 crores. This bid then becomes the base price for another round of bidding where RA 2 makes a higher bid of 5000 crores. RA 1 is now given an opportunity to reconsider its original bid and improve it to match RA 2’s bid. If RA 1 is unable to do so, RA 2’s bid is accepted. This method increases the amount of money which the creditors receive, and additionally ensures that the more financially well-equipped RA takes control of the CD.T – Time Value of Money The concept of time value of money (TVM) proceeds on the premise that an amount of money held today is more valuable than an amount held tomorrow. This is because the possession of money in the present time is certain as opposed to a future possession, and also because presently-held money has the potential to earn interest for its holder, which an amount of money receivable in the future does not. Therefore, a person parting away with money to someone else in the present has to be compensated for the opportunity cost he incurs in delaying the possession of the amount to a later date, as in the case of loans. The payment of interest on the loan, for example, is a recognition of the time-value of money of the lender. In the context of the IBC, TMV is a crucial feature to identify a financial debt (which is defined under Section 5(8) of the IBC to mean a debt disbursed against the consideration for the TMV) and a person to whom such debt is owed, as a financial creditor. It also helps in distinguishing between financial creditors and operational creditors who render goods and services against a monetary consideration. This amount is given in exchange for goods and services and not against any disbursement of any money, which unlike the case of financial creditors. While the concept of TMV has figured routinely in many judgments, it became a rather contentious topic in discussions on classifying homebuyers as financial creditors, before they were made so in 2018. The case with which this began was Nikhil Mehta v. AMR Infrastructure[6] where the National Company Law Appellate Tribunal (NCLAT) ruled that a purchaser of real estate, under an ‘assured-returns’ plan, would qualify as a financial creditor for the purposes of the IBC. This entitled the homebuyer to initiate a CIRP against the builder, in case of non-payment of such ‘assured/committed returns’. The NCLAT considered the ‘assured returns’, which was to be paid to the allottees till the date of handing over of possession, as a recognition of the time-value of money. This was followed by an amendment to the IBC in 2018, which conferred the status of financial creditors on homebuyers by treating the amount raised from such allottees as a financial debt. However, it did not clarify how the element of TMV was present in transactions with homebuyers who do not exactly lend money to real estate developers. This is because, unlike financial transactions where the debtor is obliged to give back the money lent to him, homebuyers do not lend money for a temporary period of time with the promise of its return. This money for money element is replaced by a money for apartment element, which does not qualify it as a financial transaction.All of these concerns were put to rest by the Supreme Court of India in Pioneer Urban Land and Infrastructure Limited v. Union of India.[7] The Supreme Court held that the absence of a money for money element was not fatal since the real estate developer was always obliged to give back something equivalent of money’s worth—the apartment itself. This lent the transaction a commercial effect of borrowing. Further, it also located the presence of TMV in such transactions by holding that the homebuyers paid a lesser amount for an incomplete flat, since they paid in installments, than they would have had to pay for a complete flat. To the Supreme Court, this difference between the amount paid by way of installments and the price they would have had to pay upfront for a completed flat was the recognition of TMV.U – Undervalued transactions Section 45 of the IBC deals with the avoidance of transactions entered into by a CD at an undervalue such as a gift or for a consideration which is significantly lesser than the consideration provided by the CD when it purchased the asset itself. Transacting at an undervalue lends an element of falsehood to the transaction and indicates that it has not been entered into for a legitimate commercial objective. For e.g. Company ‘A’ is going to go under insolvency but its promoters are keen to retain control over some assets which will not be available once the CIRP begins. The promoters sell these properties to related parties for a paltry consideration, in order to lend legitimacy to the transaction. The transaction does result in a transfer to another party, but the assets are still effectively owned by the promoters by virtue of the relation with the transferee (this may even amount to a Benami transaction, but more on that some other day!). The provision treats such transactions as void, since they move the assets out of the control of the creditors who need them the most at the insolvency stage.Section 46 prescribes the same ‘look-back period’ to review undervalued transactions, that Section 43 prescribes for avoidance of preferential transactions, as we highlighted in the previous part. Section 47 also enables the creditors of the CD to approach the Adjudication Authority (AA) to report an undervalued transaction where such transaction has not been reported by the liquidator or the RP. Apart from passing orders to restore the original position of the CD under Section 48, the AA can require the IBBI to initiate disciplinary proceedings against such errant RPs or liquidator.Section 49 of the IBC goes a step further in regulating undervalued transactions if they have been deliberately entered to keep the assets beyond the control of the creditors or to adversely affect the interest of such creditors. This provision differs from the main provision in Section 45 in two respects: first, it requires the transaction to have been undertaken with a mala fide intent, and second, it does not prescribe any look-back period for a scrutiny of such transactions. The effect of the second distinction is that every such transaction, irrespective of the time at which it was entered into, will be hit by the provision.V – Value thereofFor all those scanning the IBC to look for this term, it does not figure anywhere in the bare text of the law. And no, we are not referring to ‘value’ in the hackneyed sense of ‘maximisation of value’ of the CD’s assets. In using this term, we revisit the IBC-Prevention of Money Laundering Act (PMLA) conflict, which we have analysed in the previous part. As noted earlier, under the PMLA, the Enforcement Directorate (ED) is empowered to provisionally attach properties which are the proceeds of crime. PMLA also empowers the ED to attach the value of such property or property of an equivalent value. Prior to the Insolvency and Bankruptcy Code (Amendment) Act, 2020, this was problematic for an RA who had bid for certain assets which were part of the information memorandum, but which were later sought to be attached by the ED as proceeds of crime. The expansive definition of ‘proceeds of crime’ under PMLA allowed the ED to attach even untainted assets which affected the legitimate expectations of an RA who had bid for the CD on the basis of its assets, which were now being attached. This left an RA a severely damaged CD to tend for and protracted litigation to look forward to.This problem most prominently manifested itself in the insolvency of Bhushan Steel and Power Limited (BPSL) where its assets were attached under the PMLA, in complete disregard of its bidder, JSW Steel’s interest. Interestingly, after winning the bid, JSW Steel had sought immunity from any prosecution since a forensic audit of BPSL’s accounts had allowed it to anticipate attachment by the ED. JSW Steel was successful in obtaining relief from the NCLAT which had ordered the release of properties attached by the ED, but also stayed the implementation of the resolution plan.Pending the disposal of the case and prompted by it, the Government amended the IBC, by way of an ordinance in December, 2019, to insert Section 32A (the provision has been permanently added through the amendments to the IBC in March, 2020). The provision immunises the CD from the prosecution for any offence committed prior to the CIRP, once the RP is approved. It also ringfences the CD’s assets against possible attachment in relation to any offence committed prior to the CIRP. Here the term ‘Property’ can be read expansively to include all kinds of property, whether in the nature of proceeds of crime or property of an equivalent value. On the strength of Section 32A, the NCLAT held that BPSL’s assets could not be attached by the ED and paved the way for a successful acquisition by JSW Steel. The amendment unmistakably intends to provide protection against prosecution and attachment under laws like the PMLA. It seeks to preserve the legitimate expectations of an RA in bidding for a CD and provides the latter with a clean slate beginning. The amendment has rendered the ED almost disabled from proceeding against the CD’s assets, once its resolution plan is accepted but has not stripped it of all its powers. The provision should not be perceived as providing a safety route to unscrupulous promoters since Section 32A itself disallows such immunity and attachment, in cases where the management and control of the CD or its assets pass to a previous promoter of the company or a related party or to anyone who the Investigation Authority may perceive to have abetted the crime or conspired in the commission of the offence. This seems to have been added ex abundanti cautela, since the IBC already contains strong disqualification provisions which prevent a promoter from bidding for his company again by coming in through a revolving door, as we have noted earlier. Therefore, the provision has struck a delicate balance between protecting the RA’s interest who has bid for the CD’s assets with the assurance of acquiring them and the authority of the ED in bringing offenders to book. The provision will also encourage the ED to go after the assets of the ex-promoters, directors, wrongdoers, especially when PMLA does not limit attachment to just the tainted assets but extends it to property equivalent in value. Also, with no fear of the Damocles Sword of attachment hanging above them, more and more RAs will come forward to place bids for the CD and increase its chances of a turn-around. W – Waterfall MechanismThis term is used to refer to the order of priority followed by the IBC in distributing the proceeds from liquidation among the various heads of creditors and is set out in Section 53 of the IBC. At the stage of liquidation, the CoC has no role to determine the distribution of proceeds to the creditors, instead the manner of distribution of the proceeds from sale of the CD’s assets has to be in strict accordance with Section 53 of the Code. But its utility extends even beyond the unfortunate situation of liquidation—as we highlighted in the previous two parts—it helps determine the minimum pay-out (liquidation value or resolution value) to operational creditors under Section 30, it may be used to determine the manner of distribution under a resolution plan and it is also a basis for inquiring into the occurrence of any preferential transactions.The proceeds from the sale of the CD’s assets flow down the pecking order in the following manner: the first priority is given to defraying the insolvency resolution process and liquidation costs. It is only after this has been paid in full, does the stream flow downwards to other creditors. First in line and standing together are the workmen claiming dues for the period of 24 months preceding the liquidation commencement date, and secured creditors who have relinquished their security in favour of the liquidation. Upon satisfaction of these claims and if there are still some proceeds available for distribution, the provision distributes it in the following order: 12 months’ wages and unpaid dues owed to employees, financial debts owed to unsecured creditors; government dues and unpaid debt to a secured creditor who pursues individual enforcement, equally; remaining debts and dues; and lastly preference and equity shareholders and partners, etc. Like the workmen’s dues and claims of secured creditors, the IBC requires the government and secured creditors who still have unsatisfied claims after relinquishment to be paid equally. It is interesting to note that secured creditors, who have relinquished their security but who still have an unpaid claim, have been placed all the way down at the bottom when all the water has already dried up. This is to, presumably, encourage them to relinquish their security for the creditors at large, with the benefit of better recovery, rather than pursuing individual claims against the CD and recovering only negligible amounts.X – (e)xtortionate transactions- Section 50 of the IBC empowers the RP and the liquidator to apply to the AA to avoid extortionate transactions, which is also defined in Regulation 5 of the Regulations of 2016. A collective reading of Section 50 and Regulation 5 reveals that there are three elements of an extortionate transaction: (i) it involves the receipt of financial or operational debt by the CD; (ii) the terms of the transaction requires the CD to make exorbitant payments in respect of the credit provided, and (iii) the terms are unconscionable under the principles of law of contracts. While the first two are conjunctive elements and have to be present together in order to qualify a transaction as an extortionate transaction, the presence of the third element may independently do so. The provision prescribes a look-back period of two years preceding the insolvency commencement date.Unlike other vulnerable transactions where the CD’s ill-intentioned actions invite scrutiny, in extortionate credit transaction, the CD itself becomes the wronged party. This is because such transactions may require it to pay usurious rates of interest or be a party to a contract which imposes unfair obligations on it. Since these transactions, more often than not, affect the financial viability of the CD and diminish its value, they become liable to be avoided. Section 51 of the IBC enables the AA to pass a variety of orders such as restoring the position as it existed prior to the transaction, setting aside the debt created on account of such transaction or requiring the person to return any amount received under such transaction.Y – YieldThere could not have been a better placement for the term yield, than here—the final stage of this article. This is because yield, in context of the IBC, can help us take stock of the IBC’s performance and test the prefatory statements we had made about the IBC in the first part. Previously, we have talked about how the IBC has spurred interest in revival and reduced liquidation to a measure of last resort. Let us examine whether this is evidenced in practice. The most recent research shows that in the 3774 CIRP’s initiated since the commencement of the IBC in 2016, 914 have yielded orders for liquidation and 221 have yielded resolution plans.[8] The average time taken in completion of the CIRP’s yielding resolution is 415 days, including the time taken by the AA. This is a far cry from the time limit envisaged in the IBC, which stipulated a 330-days time limit, including the time taken in legal proceedings. This situation could only worsen with time, as we highlighted in the first part, with the judgment of the Supreme Court of India in ArcelorMittal which has watered down the 330-days time limit. Although the data reveals an inclination towards liquidation rather than resolution and thus indicates a failure of the IBC, this should not be taken at face value. This is because a majority of the CDs that were pushed to liquidation were entrants from the earlier debt resolution regime or were defunct, and therefore, had little value to offer. Further, creditors still recover their dues in a far better manner than under any other avenues—with the IBC yielding 207% of the realizable value of CDs assets.[9] There is another less noticeable change that the IBC has effected through a change from the debtors in possession to creditors in possession model. The threat of a shift in control has prompted debtors to settle their debt with creditors, something they did not consider doing before the IBC. Z – Zombie CompaniesThe Cambridge English Dictionary defines ‘zombie’ as a frightening creature that is a dead person who has been brought back to life, but without human qualities. Add ‘corporate’ before ‘creature’; replace ‘person’ with ‘company’ and ‘human’ with ‘company-like’—you have the definition of a zombie company. Zombie companies, much like undead zombies in a horror movie which refuse to die and don’t let others live, continue to survive off financial aid, either from banks or from governments. As living companies, however, they do very little than just disrupting the natural interplay of demand and supply in the economy.Since they are mostly subsidized by the Government or survive off lent capital by banks, they have little to worry about generating profits on these investments. This lackadaisical attitude allows them to artificially keep prices low and operate in an uncompetitive manner, to the complete detriment of other players in the market. By keeping prices low, zombie companies force other companies to also lower their prices and operate at a loss, causing them to head towards insolvency. At this stage, the IBC steps in to give such companies a second chance and prevent their corporate death. It plays the dual role of both a zombie company hunter and healer; by targeting them, it kills their zombie instincts and, in the process, breaths fresh life into them.(Bharat Chugh, Former Judge & Partner, L&L Partners, Law Offices and Mr. Advaya Hari Singh, 4th-year B.A., LL.B student at National Law University, Nagpur. The views of the authors are personal) This article was first published here[1]https://ibbi.gov.in/uploads/resources/ILRReport2603_03042018.pdf. [2]Ibid. [3](2019) 2 SCC 1. [4](2019) SCC OnLine SC 1478. [5](2019) 4 SCC 17. [6](2017) SCC OnLine NCLAT 859. [7](2019) 8 SCC 416. [8]https://ibbi.gov.in/uploads/publication/3a3e6013ea3e0b73d5a3575d5c38b9c5.pdf. [9]https://www.financialexpress.com/industry/banking-finance/interview-80-of-stressed-assets-resolved-only-20-in-liquidation-says-ms-sahoo-head-of-the-insolvency-regulator-ibbi/1885598/ Next Storylast_img read more