Nikola said on Wednesday, February 19, it had filed for Chapter 11 bankruptcy protection and would pursue a sale of its assets, the latest electric-vehicle (EV) maker to go bankrupt after grappling with tepid demand, rapid cash burn and funding challenges. In recent years, the EV truck maker has endured cash-flow issues, slow demand, short-seller…
Seven GOP-led states had filed suit against former President Joe Biden’s SAVE student loan relief plan, arguing that debt cancellation should be addressed through legislation, and the judge agreed, saying “ that a taxpayer-funded bailout is blatant executive overreach.” Read the original article here
Finance minister Enoch Godongwana’s 2025 budget was set to announced that the department of electricity and energy will call for proposals to pilot an independent transmission project by November this year. Godongwana tabled the 2025 budget in parliament on Wednesday afternoon. It was the first budget speech under the government of national unity (GNU). The…
US appeals court blocks Biden-era student debt relief plan – reports (SOFI:NASDAQ) Seeking Alpha Read the original article here
The matter of Salesio Kinyua Njagi and Nine Others v Invesco Assurance Company Limited [2021] (eKLR) dealt with the application of the law around the insolvency of insurance companies. Public interest is of great concern to the insurance industry, necessitating its consideration when filing liquidation proceedings against such companies. It is imperative to have clarity on…
Missouri Eighth Circuit Court of Appeals affirmed a preliminary injunction on Tuesday, which blocks former President Joe Biden’s student debt relief plan from taking effect. The plaintiffs in the case are the states of Missouri, Arkansas, Florida, Georgia, North Dakota, Ohio, and Oklahoma. The defendants include President Donald Trump and Denise Carter, the Secretary of…
This week’s company insolvency statistics show accommodation and food services insolvencies were down 7% year-on-year from 3,737 in 2023 to 3,464 in 2024, and fell 29% when compared to the same month in the previous year (315). Insolvencies in the sector saw an even bigger drop month-on-month, down 31% from 327 in November 2024 to…
Doing business with a customer in the shadow of bankruptcy is risky. A hallmark of bankruptcy law is equal treatment of similarly-situated creditors. The Bankruptcy Code frowns upon a debtor who, while insolvent, pays some creditors but not others in the run-up to bankruptcy – whether voluntarily or due to pressure. Under the Bankruptcy Code,…
Motivating clients to implement estate and income tax-efficient strategies in 2025 will be challenging for those clients who perceive the election’s outcome as favorable for tax purposes. Advisors know this is a priority and struggle with many clients who become paralyzed or stuck because of all the noise and uncertainty surrounding tax legislation. I’ll explore…
Haydale places “loss-making” US arm into corporate insolvency process Insider Media Read the original article here