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.
President Donald Trump's administration is taking the next step toward revamping key student-loan forgiveness programs.On Thursday, the Department of Education
Key Insurance, a Kansas-based insurer specializing in non-standard auto, was placed into liquidation this week after a court ruled the company insolvent.
The Shawnee County District Court ordered the liquidation of Key on March 31 after reviewing significant evidence that Key’s liabilities exceed its admitted assets. The court found that Key’s consistent underwriting losses, existing claims and negative policyholders’ surplus “demonstrate a substantially deteriorating financial position equating to insolvency.”
The court appointed Kansas Insurance Commissioner Vicki Schmidt as liquidator, and Schmidt appointed Jodi Adolf and Bruce Baty as the special deputy receivers to carry out the day-to-day responsibilities of the…
Pope Francis has been promoting Jubilee 2025, which began in December, as a year of spiritual renewal for the people of God, but he has also connected this jubilee year with a call for debt forgiveness for nations in the developing world, which are struggling with fiscal burdens that prevent basic national investments in education, health care and human development.
Caritas Internationalis, the church’s network for humanitarian relief and development, describes “an urgent yet silent debt crisis.”
“Over 100 countries are struggling with unjust and unsustainable public debt, 65% of which is held by private lenders, slowing down, if not completely hampering, development and climate action,” according to Caritas. Scores of…
MILAN – Italy’s pledges to increase defence spending to help Ukraine could scupper government efforts to rein in the mammoth public debt, analysts say, posing a threat to the creditworthiness of the euro zone’s third-largest economy.
A European Union drive to hike military expenditure, in response to the Trump administration’s moves towards a rapprochement with Russia and warnings that European security can no longer be its primary focus, is set to strain budgets around the bloc.
Italy, however, with its extremely low defence spending, heavy debt load and the euro zone’s highest borrowing costs, is in a particularly difficult position.
Rome currently spends around 1.5% of gross domestic product on defence, one of the lowest levels in the…
NEW DELHI: The National Company Law Tribunal (NCLT), Mumbai bench, has approved the resolution plan submitted by Nuvoco Vistas Corp. for the acquisition of Vadraj Cement (VCL) in the corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016 (IBC).
The resolution plan includes an upfront payment of ₹1,800 crore. Nuvoco intends to fund the transaction without a significant rise in its consolidated debt levels.
The acquisition will be undertaken through Vanya Corporation (Vanya), a wholly-owned subsidiary of the company. Subsequently, Vanya will be merged with VCL. After the merger, VCL will become the wholly-owned…
A company which had dreams of becoming the world’s largest deep sea mining company has declared bankruptcy. Norwegian company, Loke Marine Minerals, aimed to hold licences in the Pacific and the Arctic. Now, their deep sea mining dreams have been shattered. Loke also owns UK Seabed Resources, which holds the UK’s two deep sea mining licences in the Pacific.
Last November, Loke Marine Minerals, pleaded for new investors, but recognised that they were struggling.[2] The reason: their potential investors “were not immune” to the strong resistance against deep sea mining. The news comes as protestors disrupted a deep sea mining conference in the Norwegian city of Bergen.[3]
President Donald Trump’s administration is taking the next step toward revamping key student-loan forgiveness programs.
On Thursday, the Department of Education announced it would be holding two public hearings to solicit feedback on its plans to refine the Public Service Loan Forgiveness program and income-driven repayment plans.
This is part of the negotiated rulemaking process, a lengthy process federal agencies are required to undergo to change existing regulations. The department said that public hearings will be held in person on April 29 and virtually on May 1.
“Not only will this rulemaking serve as an opportunity to identify and cut unnecessary red tape, but it will allow key stakeholders to offer…
My personal journey into volunteering began in 2013 when I flew home to Texas to be by my grandpa’s side before he died.
Grandpa was an Army veteran of the Korean and Vietnam wars and was forever changed by service. His kidneys and liver were shutting down because of the effects of toxic exposure.
He knew his time was short, and he wanted to spend his remaining time at home, not in a hospital.
We set him up with home hospice care. He died peacefully not long after. It was then, sitting by his side, that I realized how meaningful it is to be with people during their final moments.
Ocean Reeve Publishing, a hybrid publisher based in Queensland and in Aotearoa New Zealand, has declared bankruptcy. In a statement, the Reeve family said, ‘websites, emails, [and] social media related to ORP or Ocean Reeve will be disabled and no longer active as Ocean Reeve Publishing will cease all operations’….
Kota Kinabalu: Pacific Sanctuary Holdings Sdn Bhd, the developer of the abandoned PacifiCity Project along Jalan Istiadat, Likas, was wound up by the High Court here on Oct 17, 2024.
By a Court Order one Dato’ Raveendra Kumar a/l Nathan of RKN & Co. has been appointed as the Liquidator.
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RKN & Co. have since called on property buyers of the PacifiCity Project to furnish documentary proof of their legal ownership interests.
To recover outstanding loans running into millions of ringgit, at least one creditor bank has placed advertisements in the Daily Express as substituted personal service of bankruptcy notices against the officers of Pacific Sanctuary Holdings Sdn Bhd who could no longber be traced in Sabah.
The proposed changes will allow businesses to keep trading while they develop a debt restructuring plan. Photo: Supplied.
Federal Treasurer Josh Frydenberg has announced plans to overhaul insolvency rules in an effort to help small businesses that are struggling because of the coronavirus pandemic.
The changes will apply to businesses with liabilities of less than $1 million and would see small business owners remain in control of their company and assets, rather than immediately being placed in the hands of an administrator.
The Treasurer says the changes will help viable small businesses to trade out of the current crisis “rather than going into a liquidation process where they lose control of the company”.
