Alteo Limited (ALT.mu) Q32018 Interim Report

first_imgAlteo Limited (ALT.mu) listed on the Stock Exchange of Mauritius under the Energy sector has released it’s 2018 interim results for the third quarter.For more information about Alteo Limited (ALT.mu) reports, abridged reports, interim earnings results and earnings presentations, visit the Alteo Limited (ALT.mu) company page on AfricanFinancials.Document: Alteo Limited (ALT.mu)  2018 interim results for the third quarter.Company ProfileAlteo Limited is a holding company, which deals in cane farming, sugar milling, sugar refining, energy production, real estate and hospitality in Mauritius and regionally. The company was established in September 2017 and is headquartered in San Pierre, Mauritius. Alteo Limited is listed on the Stock Exchange of Mauritius.last_img

SFS Real Estate Investment Trust (SFSREIT.ng) 2020 Abridged Report

first_imgSFS Real Estate Investment Trust (SFSREIT.ng) listed on the Nigerian Stock Exchange under the Property sector has released it’s 2020 abridged results.For more information about SFS Real Estate Investment Trust (SFSREIT.ng) reports, abridged reports, interim earnings results and earnings presentations, visit the SFS Real Estate Investment Trust (SFSREIT.ng) company page on AfricanFinancials.Document: SFS Real Estate Investment Trust (SFSREIT.ng)  2020 abridged results.Company ProfileSFS Real Estate Investment Trust is a close-ended Real Estate Investment Trust Scheme in Nigeria which pools funds for the primary purpose of investing in income-generating real estate. This includes residential homes, residential apartments, office blocks, shopping malls and warehouses. The Fund managers are dedicated to developing and/or acquiring high-quality stock of properties in select locations in Nigeria. They will also make opportunist investments in joint venture developments in partnership with reputable developers. Typically, the Skye Shelter Fund invests 75% in real estate and 25% is invested in real estate related investments such as mortgages, real estate backed securities and real estate related equities. This portion includes a 10% allocation to cash for liquidity purposes. The company head office is in Lagos, Nigeria. SFS Real Estate Investment Trust is listed on the Nigerian Stock Exchangelast_img read more

Rugby World versus Richie McCaw

first_imgRM: I got to play with Schalk Burger for the Barbarians a few years ago and I enjoyed that game. Hell of a nice guy, but out on the field he’s hard-hitting! I take my hat off him to fight his way back to playing (after illness).Click here to find out more about Richie McCaw’s post-career coaching plans with the Rugby Site! LATEST RUGBY WORLD MAGAZINE SUBSCRIPTION DEALS RW: You’re in your 12th year of international rugby. How does the body feel now compared to when you started?RM: It’s actually pretty good to be honest. I’ve had a couple of niggly injuries over the last year, but they’re ones you when you have when you’re younger you don’t think much of them and move on.RW: Do you do anything differently now?RM: I’m a little bit smarter, from the recovery point of view and in looking after myself. You don’t get away with things as much as you used to, but you mature, can carry a bit of extra weight and be stronger, which is more natural when you’re older. Little things like that help, and what you eat, you learn over the years.RW: Who’s your rugby icon?RM: From a New Zealand point of view, Brian Lochore. An All Black captain, he coached the World Cup winning team in ’87, and then he was selector with us for four years. I really have a lot of time for how he looks at the game. He moved on to see how things were different with the way we were compared to how things were in his day, and when he was coaching in the 80s. He’s a wise man, and I really enjoyed having a few years close to him.Three bust-kateers: Burger, Botha and McCawRW ReadersChallenge 365 (@challenge_365): Who are your dream back row partners?RM: I’d like to play alongside Dusautoir, I reckon he’d be good at 6. And No 8, I would’ve liked to play with Zinzan Brooke.Sean Craggs (@SeanCraggs): Has the introduction of Sam Cane made you become more clinical?RM: I don’t think I’ve changed things too much. I’ve a lot of time for Sam, and for a young fella he’s a top player. But I can’t afford to be worrying about that, I’ve just got to keep doing what I do, and helping him too, because that helps me. It’s good having a guy like that in the team, but if you look over your shoulder and start worrying you’ve got trouble.Shannon McMillan: Which of your regular international opposition would you like to play alongside? LONDON – DECEMBER 03: (L to R) Schalk Burger, Bakkies Botha and Richie McCaw of The Barbarians pose for the camera following the 1908 – 2008 London Olympic Centenary match between The Barbarians and Australia at Wembley Stadium on December 3, 2008 in London, England. (Photo by David Rogers/Getty Images) Worth an ovation: Richie McCaw applauds the crowd after his last international match of 2013 in DublinRugby World: Tell us about your sabbaticalRichie McCaw: I’d had a couple of injuries over the previous couple of years. My body was OK, it was more the mental side that goes with being injured and off the back of the World Cup, I just wanted to get a break mentally. I spent the summer at home, and then I decided to get out of New Zealand and away from the rugby. I went to the States and did some snow skiing and caught up with some people, and then caught up with a few mates in London, and did a bit of skiing in the Alps.RW: You were allowed to go skiing?!RM: Yeah that was a debate with the union! But they were actually pretty good, and I came back in one piece. We did have a bit of a chat about whether that was the right thing, but I figured they let me fly aeroplanes and helicopters so skiing was probably fine!I didn’t watch any Super Rugby in that time, and when I came back I gave myself a good three months to get back in shape.Best of enemies: Richie McCaw and Thierry DusautoirRW: Did you make an effort to keep active?RM: There weren’t many days went past when I didn’t do something, a bit of running and that. But it was just nice that if you woke up and felt, ‘nah, not today’ that you didn’t have to. You find you actually wanna do something. To be honest I didn’t (miss the rugby). I think being away from it was a good thing. When I got home and watched the All Blacks play France and I was back training, I started to miss it then.RW: Are you looking forward to the Super 15?RM: I am looking forward to having a full season. I played two games at the end of last season and that was hard, when you haven’t been there the whole time. And then the previous two years I had injuries early on, so it was pretty hard to really feel involved. But this year I’ll be there from the start. The Crusaders have been close but just haven’t quite been able to nail it in the last few years. That’s what drives me: that chance again. You can’t go into it thinking it’s going to be a long few weeks and hard work, you’ve got to go in with the right attitude and get excited by it, and enjoy it.RW: Which are the dangerous teams in the Super 15?RM: Playing home and away against the other four New Zealand teams are tough matches. Even though the Highlanders didn’t have such a good year last year, when you’re playing against your mates and people you know so well it’s pretty hard rugby. The Chiefs have beaten us in the play-offs the last couple of years, which is pretty annoying! They’ll definitely have confidence. And the Blues have put a good squad together this year. It’s hard to know until you get started with the other teams overseas.With his greatest prize: Webb Ellis CupRW: Who’s been your toughest opponent?RM: George Smith. We played them a hell of a lot, the Wallabies and the Brumbies, around five times a year. Every time I played him it was a tough, tough battle. He’s a very smart player with the influence he has. In the World Cups, Thierry Dusautoir has had two phenomenal games against us, and again in the autumn, so I’ve got a lot of respect for him.RW: Was the 2007 World Cup quarter-final your toughest defeat?RM: Yeah, I think because four years work comes down to that one game, a few minutes and then it goes away. When the pressure really came on we didn’t really have an answer. We thought we’d be able to handle it because we’d been in touch situations before, but never the same as a World Cup where it all counts. There was a feeling of frustration that we came off the field and hadn’t played like we could’ve. That’s what really got me, but that’s what the World Cup and pressure does to you.last_img read more

Online advertising overtakes newspaper advertising

first_img Howard Lake | 30 March 2007 | News Tagged with: Digital Individual giving Research / statistics Online advertising overtakes newspaper advertising AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis Guy Phillipson, Chief Executive of the Internet Advertising Bureau, said: “2006 was a tough 12 months for the advertising market as a whole, but once again the internet bucked the trend, recording a 41% increase in ad revenues.”center_img Advertisers spent more on advertising online in the UK last year than they did on advertising in newspapers, according to research by trade body the Internet Advertising Bureau (IAB), in partnership with PricewaterhouseCoopers (PwC) and the World Advertising Research Centre (WARC).The research found that in 2006 advertisers spent £2.016 billion online compared to £1,9 billion spent on newspaper advertising. Online advertising accounted for 11.4% of all UK advertising revenues, up from 7.8% in 2005, with newspapers accounting for a 10.9% market share.Online advertising last year was just over half the size of TV advertising which was worth £3.9 billion. Advertisement  18 total views,  1 views today AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis About Howard Lake Howard Lake is a digital fundraising entrepreneur. Publisher of UK Fundraising, the world’s first web resource for professional fundraisers, since 1994. Trainer and consultant in digital fundraising. Founder of Fundraising Camp and co-founder of GoodJobs.org.uk. Researching massive growth in giving.last_img read more

Viva Fidel! Socialist revolution!

first_imgComandante Fidel Castro Ruz, ¡presente!We mourn his loss. We remember, we celebrate and we seek to emulate his revolutionary life and leader­ship. Fidel lifted the banner of socialist revolution on April 16, 1961, at the funeral for the martyrs of the bombing that preceded the Bay of Pigs invasion of Cuba by the U.S. To an assembled crowd, which was armed, Fidel said:“What the imperialists cannot forgive us is that we are here. What they cannot forgive us is the dignity, the determination, the courage, the ideological firmness, the spirit of sacrifice and the ­revolutionary spirit of the Cuban people, and the fact that we have undertaken a socialist ­revolution. And that socialist revolution we defend with these guns!”“We defend that socialist revolution with the same courage with which our antiaircraft artillery force riddled the attacking planes with bullets yesterday! We do not defend it with mercenaries; we defend it with the men and women of our people!“Is it the millionaires who have the weapons?” (Shouts of “No!”)“Is it the children of the rich who have the weapons?”(Shouts of “No!”)“Is it the foremen who have the weapons?” (Shouts of “No!”)“Who has the weapons?” (Shouts of “The Cuban people!”)“Whose hands are those raising those weapons?”(Shouts of “The people!”)“Are they the hands of the rich?” (Shouts of “No!”)“Are they the hands of the exploiters?” (Shouts of “No!”)“Whose hands are those raising those weapons?”(Shouts of “The people!”)“Are they not the hands of workers, are they not the handsof peasants, are they not hands callused by work, are theynot creative hands, are they not the humble hands of the people?” (Shouts of “Yes!”)“And who makes up the majority of the people, the millionaires or the workers?” (Shouts of “The workers!”)“The exploiters or the exploited?” (Shouts of “The exploited!”)“The privileged or the humble?” (Shouts of “The humble!”)“Are the privileged the minority?” (Shouts of “Yes!”)“Are the humble the majority?” (Shouts of “Yes!”)“Is a revolution democratic when it is the humble who have the weapons?” (Shouts of “Yes!”)“Comrades, workers and peasants: This is the socialist and democratic revolution of the humble, by the humble andfor the humble!”(Applause and shouts of “Long live the Commander in Chief!”)“And for this revolution of the humble, by the humble and for the humble, we are willing to give our lives!”These words were included in the speech delivered by ­Commander in Chief Fidel Castro Ruz in Havana on April 16, 2001, on the 40th anniversary of the proclamation of the­socialist nature of the Cuban Revolution.FacebookTwitterWhatsAppEmailPrintMoreShare thisFacebookTwitterWhatsAppEmailPrintMoreShare thislast_img read more

Cartoonist still held despite court’s release order

first_img YemenMiddle East – North Africa September 29, 2010 – Updated on January 20, 2016 Cartoonist still held despite court’s release order Follow the news on Yemen to go further Yemeni journalist killed, nine wounded in Aden airport explosions Fixer for foreign reporters held in Aden for past five months YemenMiddle East – North Africa February 11, 2021 Find out more Reporters Without Borders urges the authorities to immediately free cartoonist Kamal Sharaf, who is still being held despite a ruling by a special state security court on 22 September ordering his release.The press freedom organisation also calls for the release of reporter Abdul Ilah Haydar Shae although the same state security court ruled on 22 September that he should be held for another 30 days to continue the investigation into his alleged Al-Qaeda links (http://en.rsf.org/yemen-one-journalist-has-detention-23-09-2010,38427.html).The illegal way these two journalists were arrested and the arbitrary prolongation of their detention has reinforced fears about the future of media freedom in Yemen. The fighting in the north of the country and the efforts to combat terrorism do not justify such practices. January 6, 2021 Find out more Organisation center_img News February 26, 2021 Find out more News United Nations: press freedom situation “deeply worrying” in Yemen, according to RSF News Help by sharing this information News Receive email alerts RSF_en last_img read more

Assembly Majority Leader Holden to Recognize Pasadena’s Joan Williams

first_img Community News Pasadena Will Allow Vaccinated People to Go Without Masks in Most Settings Starting on Tuesday Subscribe Get our daily Pasadena newspaper in your email box. Free.Get all the latest Pasadena news, more than 10 fresh stories daily, 7 days a week at 7 a.m. Community News Your email address will not be published. Required fields are marked * Assemblymember Chris Holden (D-Pasadena) and the California Legislative Black Caucus will honor longtime Pasadena resident Joan Williams at a February 9 ceremony at the State Capitol marking Black History Month.Williams’ story came to light late last year when reporters wrote about her being denied the honor of riding in the 1958 Rose Parade because of her race. After she had been named Miss Crown City that year, city officials discovered she was African American and suddenly there was “no money” for a float. 57 years later, the city apologized and Tournament officials offered her a place in this year’s parade. Her story has now come full circle.“During this month when we celebrate Black History, we pay tribute to the extraordinary contributions of citizens such as Joan Williams whose actions and bravery improve the quality of life for all,” said Assemblymember Holden. “Nearly 60 years ago, Mrs. Williams faced the racial prejudice of the day with fortitude and grit and found the courage to go on. With her recognition at the State Capitol, we are saying let’s correct this injustice.”Williams will fly to the Capitol as a guest of Assemblymember Holden for a special ceremony on the floor of the Assembly where she will be honored as part of “A Century of Black Life, History and Culture.”Mrs. Williams, a mother of 3 and grandmother to 4, had a 32-year career with Kaiser Permanente, serving in a variety of roles. Following retirement in 1994, Joan volunteered her time at Pasadena’s AIDS Service Center and also helped to organize a Saturday School for Pasadena children with the ladies of The Links, Incorporated. She was married to former Tuskegee Airman Captain Robert Williams for 45 years. Name (required)  Mail (required) (not be published)  Website  EVENTS & ENTERTAINMENT | FOOD & DRINK | THE ARTS | REAL ESTATE | HOME & GARDEN | WELLNESS | SOCIAL SCENE | GETAWAYS | PARENTS & KIDS Home of the Week: Unique Pasadena Home Located on Madeline Drive, Pasadena Top of the News center_img 0 commentsShareShareTweetSharePin it More Cool Stuff First Heatwave Expected Next Week HerbeautyIs It Bad To Give Your Boyfriend An Ultimatum?HerbeautyHerbeautyHerbeautyNutritional Strategies To Ease AnxietyHerbeautyHerbeautyHerbeautyDoes Giving Ultimatums In A Relationship Ever Work Out?HerbeautyHerbeautyHerbeautyShort On Time? 10-Minute Workouts Are Just What You NeedHerbeautyHerbeautyHerbeauty15 Countries Where Men Have Difficulties Finding A WifeHerbeautyHerbeautyHerbeauty6 Strong Female TV Characters Who Deserve To Have A SpinoffHerbeautyHerbeauty Business News Pasadena’s ‘626 Day’ Aims to Celebrate City, Boost Local Economy faithfernandez More » ShareTweetShare on Google+Pin on PinterestSend with WhatsApp,Virtual Schools PasadenaHomes Solve Community/Gov/Pub SafetyPasadena Public WorksPasadena Water and PowerPASADENA EVENTS & ACTIVITIES CALENDARClick here for Movie Showtimes Government Assembly Majority Leader Holden to Recognize Pasadena’s Joan Williams 57 Years After She was Denied a Place in the Rose Parade Published on Monday, February 2, 2015 | 4:37 pm Make a commentlast_img read more

The Industry Pulse: Updates on UBS, LRES, and More

first_imgHome / Daily Dose / The Industry Pulse: Updates on UBS, LRES, and More About Author: Seth Welborn Previous: Black, Hispanic Communities Still Feeling Legacy of Housing Crisis Next: Home Loan Delinquencies Impacted by Positive Outlook? Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago  Print This Post The Best Markets For Residential Property Investors 2 days ago The Best Markets For Residential Property Investors 2 days ago Tagged with: Hladik industry pulse LoanScoreCard LRES Onorato & Federman UBS The Industry Pulse: Updates on UBS, LRES, and More Seth Welborn is a Reporter for DS News and MReport. A graduate of Harding University, he has covered numerous topics across the real estate and default servicing industries. Additionally, he has written B2B marketing copy for Dallas-based companies such as AT&T. An East Texas Native, he also works part-time as a photographer. April 25, 2019 1,429 Views Servicers Navigate the Post-Pandemic World 2 days ago Subscribecenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago in Daily Dose, Featured, News, Technology Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save Hladik industry pulse LoanScoreCard LRES Onorato & Federman UBS 2019-04-25 Seth Welborn Demand Propels Home Prices Upward 2 days ago Sign up for DS News Daily From key hires and promotions to new technologies, catch the latest happenings in the industry in this update.Jeb Hensarling, the former Chairman of the House Financial Services Committee, has joined UBS as the Executive Vice Chairman of its Americas division. He will be based out of Dallas with regional responsibilities across all UBS Americas businesses. In his new role, Hensarling will focus on building and strengthening client relationships.Hensarling most recently represented Texas’s Fifth Congressional District in the US House of Representatives for eight terms (2003-2019). Prior to serving in Congress, he worked in both the financial services and energy industries, and practiced both corporate and real estate law.”Jeb will work closely with our leadership team, Financial Advisors and bankers to build and strengthen our most important client relationships across our businesses,” said Tom Naratil, President, UBS Americas and Co-President, Global Wealth Management. “With a long career in both politics and business, Jeb will be a great addition to our shared efforts to deliver insights and ideas that differentiate UBS in the eyes of our clients.”___________________________________________________________________________LRES, a national residential and commercial mortgage services company providing valuations, REO asset management, and HOA solutions for the mortgage and real estate industry, announced Scott Spencer as its Chief Technology Officer. In this role, Spencer will drive efficiencies by delivering technological applications, tools, and services intended to streamline and enhance the company’s current capabilities.Spencer previously served as VP and Divisional CTO of First American Mortgage Solutions, where he successfully led an IT organization in supporting and driving digital transformation across five separate lines of business. Prior to First American, Spencer held a leadership position at CoreLogic, where he served as a SVP.“Scott’s experience in IT leadership, enterprise architecture, digital transformation, cloud solutions, as well as analysis and reporting of Big Data will play a crucial role for the growth and expansion of the company. The organization is pleased to welcome him to the executive team,” said Roger Beane, CEO of LRES.___________________________________________________________________________Irvine, California-based LoanScorecard, a provider of nonagency automated underwriting systems has expanded its partnership with Deephaven Mortgage to power IDENTI-FI AUS for Deephaven’s correspondent division. LoanScorecard already powers IDENTI-FI AUS for the mortgage lender’s wholesale division.With this expanded partnership, LoanScorecard’s Portfolio Underwriter technology will power IDENTI-FI AUS, a non-QM point-of-sale/pre-qualification tool, for Deephaven’s correspondent division. IDENTI-FI AUS lets approved correspondent partners run loan scenarios and instantly determine potential options across Deephaven’s non-agency loan programs—allowing them to expand their potential borrower base.Correspondent lenders can run an AUS findings report on any loan file for a detailed breakdown of Deephaven’s qualification criteria and documentation requirements through this platform.“We’ve been using LoanScorecard’s technology for the past six months in our wholesale division and have already seen tremendous success helping LOs at the ever important point of sale,” said Mike Brenning, Chief Production Officer at Deephaven. “We’re confident leveraging LoanScorecard’s technology will allow our partners to offer non-QM products that can help them responsibly expand their businesses—and ultimately replicate the success we’ve had in our wholesale division.”___________________________________________________________________________Hladik, Onorato & Federman, LLP has announced that Bradley J. Osborne, Esquire has joined the firm as a Senior Associate. The firm notes that Brad has experience in all phases of default litigation and has handled all aspects of foreclosure, eviction, bankruptcy and collection litigation before the United States District Courts and state courts of Pennsylvania and New Jersey.  Brad received his B.S. from S.U.N.Y. College at Brockport and his J.D., cum laude, from Western Michigan University Cooley Law School.In addition to managing certain key components of the firm’s NJ and PA default cases, Brad will be part of the firm’s expanding capabilities in complex UDAAP and FDCPA defense litigation practice for lenders, servicers and investors.“We are excited to welcome Brad to the HOF family and look forward to his participation in our continued commitment to providing clients with the highest quality legal representation,” according to partner Tom Federman. Related Articles The Week Ahead: Nearing the Forbearance Exit 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days agolast_img read more

Interaction Between Admiralty Courts And Company Courts: A Critical Analysis Of Raj Shipping Case

first_imgColumnsInteraction Between Admiralty Courts And Company Courts: A Critical Analysis Of Raj Shipping Case Kashyab Venkatesh S16 July 2020 2:05 AMShare This – xOn 19th May, 2020, a single judge bench of Bombay High Court delivered a judgment in the case of Raj Shipping Agencies v. Barge Madhwa [“Raj Shipping case”] . The court through this judgment answered two major questions of law with respect to interaction of Admiralty (Jurisdiction and Settlement of Maritime Claims) Act, 2017 [“Admiralty Act, 2017”] with Companies Act, 1956 and Insolvency…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?LoginOn 19th May, 2020, a single judge bench of Bombay High Court delivered a judgment in the case of Raj Shipping Agencies v. Barge Madhwa [“Raj Shipping case”] . The court through this judgment answered two major questions of law with respect to interaction of Admiralty (Jurisdiction and Settlement of Maritime Claims) Act, 2017 [“Admiralty Act, 2017”] with Companies Act, 1956 and Insolvency and Bankruptcy Code, 2016 [“IBC, 2016”]. The questions answered were: [1] Is there a conflict between Action-in-rem filed under the Admiralty (Jurisdiction and Settlement of Maritime Claims) Act, 2017 and the provisions of Insolvency and Bankruptcy Code, 2016 and if so, how is the conflict to be resolved? [2] Whether leave under section 446(1) of the Companies Act, 1956 [Now, Section 279 of Companies Act, 2013] is required for the commencement or continuation of an Admiralty Action-in-rem where a winding up order has been made or the Official Liquidator has been appointed as Provisional Liquidator of the company that owned the ship? In a nutshell, the Court held that there is no need for obtaining leave under Section 446(1) of Companies Act, 1956 for commencing or continuation of an Admiralty Action-in-rem where a winding up order has been made or the Official Liquidator has been appointed to discharge the assets of the company that owned the ship. Also, the Court held that, there is no conflict between Insolvency and Bankruptcy Code, 2016 and Admiralty (Jurisdiction and Settlement of Maritime Claims) Act, 2017 and observed that, the latter will compliment to achieve the objective of the former by facilitating the Corporate Insolvency Resolution Process [“CIRP”]. Even though, Question [2] was previously answered by a Division bench of Madras High Court in Pratibha Shipping Co Ltd v. Praxis Energy Agents S.A [“Prathiba shipping case”] in 2019 and this court also reached the same conclusion, both can be distinguished by way of its reasoning. Action-in-rem by the Admiralty Courts: Background and Procedure: Globally, neither resolution process nor winding up proceedings hinder a claimant from pursuing an Action-in-rem directly against the vessel-a res. For understanding the interplay between Admiralty Act, 2017 with Companies Act, 1956 and IBC, 2016, it is essential for us to understand about Action-in-rem proceedings by the Admiralty Courts. Action-in-rem against vessel is an age old tradition in shipping industry where actions will be taken by a Creditor against the vessel – a res and not the owner of the vessel. This is made possible through the Legal personality conferred on vessel. Also, a vessel can be sued without reference to its owners. The owners are neither a proper or necessary party in the eyes of law in an Action-in-rem against the vessel. Usually, the vessel is sued for the claims such as payment of wages, Maritime lien, for loss of lives, personal injury, damages and other claims as mentioned in Section 4 of Admiralty Act, 2017. Also, if the owner does not appear to bail out the vessel during the course of the proceedings, the designated high courts [Section 3] has powers to arrest the vessel [Section 5], sell the vessel [Section 8] and distribute the sales proceeds in the order of priority [Section 10]. The owner or any interested party may interfere in the proceedings and shall provide security to the satisfaction of the Court for releasing the vessel from arrest. Till that time the proceedings will continue as an action-in-rem. Important issues addressed in Raj shipping case: On initiation of Action-in-rem proceedings: Bombay High Court concluded that, Action-in-rem can be initiated during and before the moratorium is imposed and also when corporate debtor was ordered to be liquidated. [1] If the security was provided by the Corporate Debtor [Owner] before the commencement of Moratorium, the proceedings will be considered as Action-in-personam and the Maritime Claimants will be treated as secured creditors to the limit of value of the asset and decided in accordance to Admiralty Act, 2017 by the appropriate High Courts within whose jurisdiction the vessel lies in. [2] If the security was not provided by the Corporate Debtor [Owner] and if the Moratorium has commenced, the Resolution Professional will be obligated to maintain the vessel from deterioration in the interest of the secured creditors. But, the vessel will still remain within the purview of Admiralty Court and the expenses incurred for the maintenance will be treated as sheriff’s expenses in Admiralty and Resolution Process costs under the IBC and paid out in priority from the sale proceeds of the ship or on a priority basis in the resolution plan as resolution process costs. [3] If the Resolution fails and corporate debtor was ordered to be liquidated, the plaintiff still shall raise Action-in-Rem proceedings, since it is against the vessel-a res and not the corporate debtor [Owner]. Also, the Action-in-rem proceedings are not barred even when the corporate debtor [Owner] gets liquidated. Only factor distinguishing decision reached in Raj Shipping case from Pratibha shipping case is that, in Raj Shipping the Court necessitated the giving of notice to the Official Liquidator prior to the sale of the ship in an Action-in-rem under the Admiralty Act, unless the Official Liquidator has already entered appearance. On determination of priorities: Section 9 and 10 of Admiralty Act, 2017 deals with order of priority inter se parties in an Admiralty proceeding. This provision is in accordance to International Convention on Maritime Liens and Mortgages, 1993. Admiralty legislation has overriding effect over Insolvency legislation to determine priorities over sale proceeds of a vessel in most countries which have ratified this convention. In Prathiba Shipping case it was said that Admiralty Act, 2017 will be dealing with determination of priorities and not Companies Act, 1956. But, Raj Shipping delved into the reason behind why determination has to be done in accordance with Admiralty Act, 2017 for Action-in-rem proceedings. Also, the Court answered a specific question pertaining to the treatment of workmen in the priority in the context of conflict between Section 529 and 529-A of Companies Act, 1956 and Section 10 of Admiralty Act, 2017. Precisely, the reason given by the court was that, provisions such as Section 53 of IBC and Section 529 and 529-A of Companies Act, 1956 are general law and gives access to all the assets of the Corporate Debtor. But, the Admiralty Act, 2017 is a special law dealing with Maritime claims against the vessel, which has separate legal personality. In International Coach Builders Ltd. v. Karnataka State Financial Corporation , the Supreme Court held that in spite of Companies Act, 1956 being a general law, the special treatment given to workmen under Section 529 and 529-A was considered as a special law, since it was introduced through an amendment by parliament in the year 1985. In this context, there arose a conflict as to which will prevail to address the plight of the workmen. The Bombay High Court in Raj Shipping said that, the application of Admiralty Act, 2017 is restricted only to maritime claims against ships/vessels of the corporate debtor [Owner], unlike Companies Act which gives the workmen access to general assets of the Corporate Debtor. Hence, the Admiralty Act, 2017 is considered as a special law to determine priorities in Maritime claims, especially for the claims from workmen. Also, crew members are given high priority and are ranked higher under Admiralty Act, 2017 inter se other claimants in the list. On Non-Obstante provision and bar on civil court jurisdiction provision of IBC, 2016 in the context of Admiralty Act, 2017: This is an important aspect of this judgment which compliments almost all the questions answered in this judgment. It was argued that in spite of IBC, 2016 and Admiralty Act, 2017, both being special enactments, IBC, 2016 will override Admiralty, 2017 for the sole reason of there being a non-obstante provision [Section 238] and barring of civil courts jurisdiction provision [Section 231] in IBC, 2016 and unlike Admiralty Act, 2017. This was in spite of Admiralty Act, 2017 being a special law introduced post the introduction of IBC, 2016. This was addressed by the court in totally three limbs: Firstly, the court asserted that, “the later special act prevails over the earlier special or general act especially in the context of the Admiralty Court exercising in rem jurisdiction. Even though there is no express provision in the Admiralty Act which overrides the jurisdiction of other Courts or statutes, impliedly it has an overriding effect. It is not necessary that there must be an express provision to override an earlier statute such as the Companies Act and the IBC.” This in turn also answers the question with respect to obtaining leave for having Action-in-rem proceedings under Section 446(1) of Companies Act, 1956, in negative. This comes as an addition to what was answered by the Madras High Court in Pratibha Shipping case, where the reasoning was restricted to the analogy around special law and general law. Secondly, the court held that there has to be Harmonious Construction of provisions of the two special enactments i.e., IBC, 2016 and Admiralty Act, 2016. To substantiate this conclusion the Court quoted the following paragraph from Ashoka Marketing Ltd. & Anr. v. Punjab National Bank : “The principle that emerges from these decisions is that in the case of inconsistency between the provisions of two enactments both of which can be regarded as special in nature, the conflict has to be resolved by reference to the purpose and policy underlying the two enactments and the clear intendment conveyed by the language of the relevant provisions therein.” Since, Action-in-rem proceedings are against the vessel-a res and not the Corporate Debtor [Owner], the statutes can co-exist within their respective ambit, i.e. to achieve their respective objective. Thirdly, contrary to the above two limbs, the Court also noted that the Plaintiff in an Admiralty Action-in-rem proceedings will be considered as a secured creditor. So, as per Section 52(4) of the IBC “A secured creditor may enforce, realise, settle, compromise or deal with the secured assets in accordance with such law as applicable to the security interest being realised and to the secured creditor and apply the proceeds to recover the debts due to it.” The law applicable for such creditors will be Admiralty Act and the designated High Court within whose jurisdiction the vessel lies will be the sole authority to entertain claims against the vessel of the Corporate Debtor [Owner]. Also, if the plaintiffs are not satisfied from the claim out of the sale proceeds in accordance with the priorities of their inter se claims as stipulated under the Admiralty Act, 2017, they are at the liberty to claim it through Action-in-personam from the Corporate Debtor as under IBC, 2016 or Companies Act, 1956 and will be treated as creditor by the Insolvency Professional or Official Liquidator [as the case maybe]. Concluding remarks: Introduction of Insolvency and Bankruptcy Code, 2016 instilled a sense of confidence amidst the creditors, since it created a framework to claim debts from corporate debtor by parri passu rule. It is to be noted that there is no compromise of parri passu rule by Admiralty Action-in-rem proceedings, since in the first place it protects Maritime claimants by considering them as secured creditors and it is primarily against the vessel-a res, which is conferred with legal personality. This makes the Maritime claimants no different from other secured creditors under IBC, 2016. Bombay High Court through Raj Shipping thoroughly analyzed aspects of interaction of Admiralty Act, 2017 with Companies Act, 1956 and Insolvency and Bankruptcy Code, 2016. This timely decision will benefit the creditors since it answers the fundamental question of law in this regard and protects age-old tradition of treating vessel as a legal person to satisfy the claims through vessels instead of opting for Action-in-personam proceedings.Views are personal only.(Author is a final year B.A LL.B [Hons.] Student at School of Law, Christ [Deemed to be University], Bangalore) Subscribe to LiveLaw, enjoy Ad free version and other unlimited features, just INR 599 Click here to Subscribe. All payment options available.loading….Next Storylast_img read more

Postal worker killed in one of two shootings on major highway in Illinois

first_imgWLS-TV(CHICAGO) — A U.S. postal worker was shot and killed while driving on a major highway in Illinois on Monday night, authorities said.Tamara Clayton, a 55-year-old mail handler at the Chicago International Military Service Center facility, was on her way to work when she was shot on Interstate 57 just after 10 p.m. local time. She lost control of her vehicle and crashed into the center median. She was pronounced dead at the scene, according to the Illinois State Police.Clayton, a resident of Country Club Hills, Illinois, had worked for the United States Postal Service since 1993.“The Postal Service is deeply saddened on hearing of this tragedy and share our thoughts and prayers with the family,” a USPS spokesperson said in a statement to ABC News.Clayton’s 24-year-old daughter, Jayla Shelton, said she wants justice for her mother.“I wanted her to retire, I wanted her to see me get married, I wanted her to see me start a family,” Shelton told ABC Chicago station WLS-TV in a recent interview. “She is my absolute best friend, and I lost that because someone just decided to just take it away from me.”Clayton was killed about six hours after another shooting on the same expressway wounded a man and two children. A 38-year-old man was taken to a local hospital in critical condition, while a 15-year-old boy and a 12-year-old boy were hospitalized in stable condition. An 8-year-old girl also inside that vehicle was not shot, according to the Illinois State Police.Sgt. Jacqueline Cepeda of the Illinois State Police told ABC News the two shootings are currently being investigated as separate incidents. Copyright © 2019, ABC Radio. All rights reserved.last_img read more