Indian businessman Anil Ambani has avoided imprisonment for contempt of court after his Reliance Communications completed a payment to Swedens Ericsson, two days before a deadline imposed by New Delhis supreme court. The court found Mr Ambani guilty of contempt last month over RComs repeated delays in paying outstanding fees of $77m to Ericsson for…
(MENAFN – Baystreet.ca) The millennial generation is struggling with high debt levels. According to a new study by Hoyes Michalos & Associates Inc., two in five insolvency filings in Ontario now come from millennials, defined as people born between 1981 and 1996. And the main debts burdening the generation are student loans and credit…
March 18 at 6:35 AM It was the egg crack heard around the world. Australian Sen. Fraser Anning, a far-right figure known for his extreme views on immigration, stood behind a bank of microphones at a Saturday news conference in Melbourne, Australia the day after he issued a statement suggesting that New Zealands decision to…
The founder of one of Britains best known classic car dealerships has failed to block three lawsuits against him totalling more than 100 million. Derek Hood, 58, the founder of JD Classics, had attempted to secure a form of personal insolvency known as an individual voluntary arrangement, which could have put on hold court cases…
PHI Inc. was facing a deadline to pay back $500 million in unsecured notes. The helicopter company didnt have the money. So instead, the Louisiana-based firm declared bankruptcy late March 14, just minutes before the day the payment came due. The Louisiana-headquartered firm, which operates over 240 aircraft, is the latest helicopter company to declare…
Since its enactment in 2016, the Insolvency and Bankruptcy Code has been the crowning achievement of the NDA governments reform agenda. With the Finance Minister quoting recoveries of close to 3-lakh crore due to the IBC, there is little doubt that the IBC has helped dent the bad loan crisis in the country and has…
Liquidation involves finalising the financial affairs of an organisation, selling off the businesss assets to repay any debts, and dismantling the companys structure. Often confused with bankruptcy, liquidation is the only way to wind down operations and shut down an organisation in an orderly way. Liquidation commonly occurs if a company cant meet debt obligations…
And experts warned that these difficulties come as care homes still struggle with debts from before the credit crunch. As a result, 101 care homes were declared insolvent in 2018. Analysts from the accountancy and business advisory firm BDO LLP, which conducted the research, warned that the sector is continuing to suffer from trading difficulties…
New York, yes, Paris, maybe, but you wouldnt think the tiny Welsh town of Blaenau Ffestiniog likely to be the centre of a million-pound art investment fraud. In fact the Insolvency Service, a government agency connected to the Department for Business, Energy & Industrial Strategy, has wound up two fraudulent art investment schemes, one in…
In this guest post Peter Doyle, a former senior IMF economist, argues for the sovereign insolvency regime to be brought in line with that for banks, starting with Venezuela. Motivation The prior instalment of this sovereign insolvency blog trilogy concluded that “output foregone” is huge in highly-indebted IMF programme countries with high growth potential. That…