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.
Harland & Wolff, the 163-year-old firm that built the Titanic, has declared itself insolvent after failing to secure funding to continue trading.
The loss-making UK shipbuilder said Monday that it would likely begin administration proceedings in the coming days. Administration provides a way for companies in the United Kingdom to restructure when they cannot pay their debts, as opposed to being wound up, or liquidated, immediately.
In a statement, Harland & Wolff said its request for a £200 million ($264 million) “facility” from UK Export Finance, a government department, had been rejected, leaving it…
The Technical University of Kenya (TUK) has officially been declared financially insolvent by the National Assembly, as fresh revelations expose deep-rooted mismanagement and a staggering Sh12 billion debt burden that has crippled the institution.
This comes amid shocking disclosures that no employee at TUK has received a full salary since 2013, the same year the institution received its charter and full university status.
‘As privileged professionals, who live by the words of the English language, lawyers have a special duty to be clear in what they say and write’[1]
When discussing any area of law, precision is essential.
A common source of confusion amongst both lawyers and the public generally is the difference between insolvency and bankruptcy. Though you may see the terms being used interchangeably (especially in legal dramas), the two concepts are distinct.
Insolvency and Bankruptcy: A Distinction
Insolvency is defined by the Corporations Act 2001 (Cth) as the inability to pay one’s debts as and when they fall due.[2]
There are two types of insolvency: personal and corporate insolvency. Whilst it…
ORLANDO, Fla. — Thousands of Central Floridians are about to find out that their medical debt has been wiped away.
Members of the Orange County Board of County Commissioners announced that letters are going out now to people who qualified to have their medical debt cleared.
What You Need To Know
Some residents of Orange County will be getting letters this week informing them that their outstanding medical debt has been cleared
The plan was approved in February, with $4.5 million allocated for the proposal
The county worked with Undue Medical Debt to clear the debt
On Feb. 20, 2024, the Board of County Commissioners allocated $4.5 million from Federal ARPA funds to help clear medical debt for Orange County…
The school district in Arkansas’ largest city is asking for help to pay off school lunch debt. At a press conference this week, Little Rock School District Superintendent Jermall Wright said the district’s nutrition department has few resources to bridge the gap between school budgets and unpaid student lunch debt.
Stephanie Walker Hynes is a Little Rock food commissioner and school nutritionist for the LRSD. She said the district’s total school lunch debt was over $174,000 halfway through the week, which is still growing.
The debt comes from 13 schools throughout Little Rock. Arkansas is the most food-insecure state in the nation, according to a report from Feeding America.
By Sydney Price ( May 2, 2025, 7:07 PM EDT) — An Illinois federal judge has ordered the former owner of a defunct debt-relief provider to pay more than $43 million in restitution and penalties to settle claims that the firm preyed on student loan borrowers….
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A bankrupt landlord has been handed a suspended sentence after he “took advantage” of a taxpayer-backed Covid loan scheme by applying for tens of thousands of pounds – despite his pub closing before the pandemic.
The bounce-back scheme was introduced to help small businesses through the pandemic by allowing applicants to borrow up to £50,000 at a low interest rate.
But Wright’s pub closed down in September 2019, six months before the first Covid lockdown, and he was declared bankrupt in February 2020.
He was sentenced to two years in prison, suspended for two years, and ordered to complete 150 hours of…
The Supreme Court’s decision to liquidate Bhushan Power and Steel is likely to have an impact on the company’s lenders, led by State Bank of India (SBI) and Punjab National Bank (PNB), and the insolvency process.
The SC order has cast a shadow on other bankruptcy cases as the total admitted claims under the Insolvency and Bankruptcy Code (IBC) stood at Rs 10.46 lakh crore as of March 2024, with financial creditors’ claims amounting to Rs 9.46 lakh crore. The big worry among bankers is that bidders for companies under IBC will be cautious and their interest in such firms could wane in the wake of the order.
Bhushan Steel owes over Rs 47,000 crore to lenders, and JSW Steel’s proposal to pay Rs 19,700 crore to financial creditors…
NEW DELHI: Supreme Court on Friday quashed the acquisition of bankrupt Bhushan Power & Steel Ltd by JSW under the Insolvency and Bankruptcy Code and ordered liquidation of the debt-ridden company, in a blow to the Sajjan Jindal-led group and public sector banks, reports Amit Anand Choudhary. The court said there were multiple violations of law and regulations in accepting JSW’s Rs 19,700 crore plan and held that the resolution professional “utterly failed to discharge his statutory duties” and the committee of creditors, largely comprising lenders, “failed to exercise its commercial wisdom” and protect the interest of creditors. The bench accepted the submission that there was “a dishonest and fraudulent attempt” by JSW by misusing the…
I take issue with inferences in “Outrage at Student Loans Should Be Aimed at Colleges” (4/28/2025) and “The Student Loan Bubble is About to Burst” (4/29/2025). These commentaries attempted to accuse students in debt of being irresponsible, fueled outrage that taxpayers might be…
