Stay informed with the latest in insolvency news and industry updates. We can keep you up to date with insolvency and finance information from around the world.
The Financial Conduct Authority (FCA) has found that one in ten people have no cash savings at all, and another 21% have less than £1,000 to draw on in an emergency, as it reports its Financial Lives survey today. The regulator’s research also shows that one in four people in the UK have low financial resilience, meaning that they have missed payments, are struggling to keep up with commitments, or don’t have savings to help them through difficulties.
However, there is also good news. The FCA found when consumers seek support it makes financial pressures more manageable. Of the 1.7 million people who had used a debt advice or debt management service in the previous 12 months, 61% said their debts were more manageable as a…
LOS ANGELES (KABC) — More than 134,000 Los Angeles County residents will soon get an envelope in the mail with the words “medical debt” on it. But, the envelope carries good news of much needed relief.
Los Angeles County Supervisors posed a question: What if instead of collection agencies, the county purchased medical debt?
“And what if, instead of collecting it, we forgave it, and that’s exactly what we’ve done,” said Los Angeles County Supervisor Janice Hahn, who co-authored the motion to create the L.A. County Medical Debt Relief Program.
More than $183 million of debt was relieved in the first round of program.
“You don’t have to take any action,” explained L.A. County Supervisor Holly Mitchell, who also co-authored the motion. “It is…
The Dutch right-wing cabinet is cutting spending on tackling problematic debt from 2029, meaning a number of projects aimed at helping people regain control of their finances will have to stop, broadcaster Nu.nl reported on Friday.
News of the cuts comes as junior social affairs minister Jurgen Nobel launched a campaign to warn young people about the risks of “buy now, pay later” schemes, and Amsterdam unveiled its own plans to support families facing financial difficulties.
Nobel said in October that he planned to spend €75 million a year on tackling debt, of which €20 million would go to local authorities to help them identify the families most in need.
Some 700,000 people in the Netherlands are estimated to have problematic…
According to the monitoring of insolvency proceedings published in the Official State Gazette (BOE) carried out by Iberinform, the business fabric registered a year-on-year decrease of -3.5% in business insolvencies in April. For the year as a whole, they accumulate an increase of 12% compared to the same period in 2024.
A creditors’ contest is a judicial procedure designed to manage and administer the assets of a company that cannot meet its debts. Its aim is for the largest possible number of creditors to recover their debts, as well as to ensure the continuity of the company.
Gensol Engineering has been in the spotlight since April, when SEBI barred the company’s promoters from the securities market for alleged fund diversions and corporate governance lapses. Photo: X/@GensolGroup
State-run Indian Renewable Energy Development Agency Ltd. (IREDA) on Friday (May 16, 2025) moved an insolvency petition against Gensol Engineering Ltd before the National Company Law Tribunal (NCLT), Ahmedabad, following which NCLT directed for issue of notices to Gensol and posted the case for hearing on June 3.
IREDA filed the petition against Gensol on May 14 under Section 7 of the Insolvency & Bankruptcy Code claiming a default of over ₹510 crore, which it had…
New Delhi: The Ahmedabad bench of the National Company Law Tribunal (NCLT) on Friday issued a notice on a ₹510 crore insolvency plea filed by the Indian Renewable Energy Development Agency Ltd (Ireda).
The bench, comprising judicial member Shammi Khan and technical member Sanjeev Kumar Sharma, declined Ireda’s request to appoint an interim resolution professional (IRP) during today’s initial hearing, stating that Gensol Enegineering must be heard first.
Ireda’s counsel argued for immediate oversight, claiming the company was “headless” after its directors allegedly fled amid regulatory scrutiny. “Sir, by virtue of Sebi’s (Securities and Exchange Board of India) order, the company is now headless. Directors have walked out…
This week’s TGIF considers a recent decision concerning the voluntary administration of a Christian school, where the Court gave advice regarding an urgent funding package and questions arising in relation to the Committee of Inspection.
In Marsden, in the matter of Brindabella Christian Education Limited (administrators appointed) [2025] FCA 456, Derrington J gave judicial advice to the effect that the voluntary administrators were justified in:
having entered into certain urgent funding transactions; and
in forming a Committee of Inspection (COI) via a ballot process, including where the committee comprised a lender who might derive a profit or advantage from the company’s external administration.
According to disclosures available on the company’s website, Aviom India Housing Finance has admitted claims worth Rs 1,360 crore from financial creditors. The committee of creditors is being led by BlueOrchard, which has the largest exposure of funds to Aviom India Housing Finance. BlueOrchard is a Switzerland-based impact investor.
Other large creditors to the company include Japan ASEAN Women Empowerment Fund, Luxembourg-based InsuResilience Investment Fund, and LIC Housing Finance.
On May 13, the administrator had invited expressions of interest from potential investors. The EOIs are expected be submitted by May 28, according to the timeline provided by the administrator.
Aviom India Housing Finance lends largely to women borrowers…
