By Omar Mohammed, Leigh Thomas 3 Min Read NAIROBI (Reuters) – Ethiopia plans to seek a restructuring of its sovereign debt under a new G20 common framework and is looking at all the available options, the countrys finance ministry told Reuters on Friday. Ethiopias government bonds saw their biggest ever daily fall on the news…
Lauren Tavener Recent History and Economics graduate and content writer for Credit Strategy. The spike in the last quarter was driven by a rise in the number of IVAs, which accounted for 77% of total insolvencies during Q4. The Insolvency Service said that IVAs accounted for 70% of all personal insolvencies during 2020. There were…
On next weeks Neighbours in the UK, another residents money struggles tempt them into Kanes underground blackjack games. Will they stay quiet when they realise Hendrix is also caught up? These episodes air in the UK from Monday 1st February. Its fair to say Nicolettes life has taken a downward spiral of late. She was…
COPENHAGEN, Denmark (AP) Norways government said Friday it will give low-cost carrier Norwegian Air Shuttle a 1.5 billion kroner ($173 million) loan as long as the ailing company manages to raise at least 4.5 billion kroner ($520 million) from other investors. The government had put several conditions for participating in the Norwegian airlines restructuring, including…
The makers of the personal finance app Charlie have revamped the tool to focus squarely on getting consumers out of debt and soon hope to add banklike products, such as loan refinancing and a debit card. The app, which first launched in 2016, started as a chatbot that analyzed users transactions and provided budgeting recommendations.…
Ushering in significant behavioural changes, the insolvency law has redefined the debtor-creditor relationship with more than 80 per cent of the corporate debtors getting resolved before official announcement of resolution process till September 2020, according to the Economic Survey. The Insolvency and Bankruptcy Code (IBC) has rescued 308 corporate debtors as on December 2020 through…
The number of individuals unable to pay their debts rose to 31,059 between October and December, a 57% increase from the third quarter, the Insolvency Service said on Friday. Total personal insolvencies in 2020 were down 9% compared with 2019 Figures distorted by government response to the pandemic, including reduced enforcement, enhanced support for firms…
INCREASING numbers of individuals declared themselves bust in the final three months of 2020. Official data from the Insolvency Service shows there were 31,059 individual insolvencies in the four quarter of 2020, up 57% on the previous three months. 2 The number of IVAs rose 90% during the fourth quarter of 2020 The Insolvency Service…
Keppel has announced that it is restructuring its Offshore & Marine (O&M) business so it will be well-placed to support the energy transition. In a statement issued yesterday (28 January), Keppel said that the company will be restructured into three parts, separating construction and ownership of legacy drilling rig assets from its core yard operations…
In May 2019, a gold Ford Transit exploded against the backdrop of Canary Wharf in Londons financial district, sending paper fluttering through the air. With this act, 1.2m of high interest debt carried by local people living in east London had been cancelled. Yet there was a bigger shock to come. Those debts had been…