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.
Debt consolidation can lower your monthly payments and help you get out of debt faster, but it can also cause a minor dip in your credit score.
That’s because applying for new credit — like a balance transfer card or a debt consolidation loan — triggers a hard inquiry of your credit, which temporarily lowers your score a few points.
But if you use debt consolidation to successfully pay off your debts, consolidation will likely help your score in the long run.
Does debt consolidation affect your credit?
Debt consolidation has the potential to help and hurt your credit score, but if you successfully pay off your debt and avoid too much debt in the future, the overall effect should be positive.
Schoolchildren and campaigners from across the UK visited Parliament this week to urge MPs to address the global debt crisis which is engulfing many poor countries around the world.
They’re calling for a new Debt Justice Law, to create a fairer global system for low-income countries facing insurmountable levels of debt. The aim is to target irresponsible, ‘loan-shark’ behaviour – seen in some private creditors over the years – who are able to avoid accountability but rake in profits from unfair lending to poorer countries, burdening them with debt that can never be repaid.
The result is what’s being called a ‘global debt crisis’, where some of the world’s poorest countries are forced to spend more on payments to big banks and hedge…
Microbiome health company Biome Australia (ASX:BIO) has announced that its wholly owned subsidiary, Biome Australia Trading, has entered into a $5 million secured debt facility with National Australia Bank (NAB).
The company said the new facility would replace the existing debt facility with Tradeplus24 at a significantly improved interest rate.
Biome said it will use the new facility to optimise inventory management and support the growth of the business both locally and internationally as volumes continue to increase.
The company said the facility has two components. The first is a $3.5 million facility for invoice funding for its Australian accounts receivables. It said the 7.75 per cent interest rate is a significant…
Bergen, Norway – Norwegian deep sea mining company, Loke Marine Minerals, has declared bankruptcy.[1] Loke had dreams of becoming the world’s largest deep sea mining company, holding licenses in the Pacific as well as setting their eyes on 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 licenses in the Pacific.
In November last year, 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. Today’s news comes as protestors disrupted a deep sea mining conference in…
The National Company Law Appellate Tribunal (NCLAT) New Delhi bench of Justice Ashok Bhushan (Judicial Member), Mr. Arun Baroka (Technical Member) and Mr. Barun Mitra (Technical Member) has held that the Adjudicating Authority cannot suo moto amend the date of default mentioned in the insolvency application unless an amendment application is filed; otherwise, it would tantamount to exceeding its jurisdiction, which is not permissible in law.
Brief Facts:
A petition under section 9 of the Insolvency and Bankruptcy Code, 2016 (Code) was filed by Royal Construction-Operational Creditor seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Gannon Dunkerley & Company Ltd.-Corporate Debtor for an alleged…
A crime ring travels around the nation, inviting athletes to parties where there’s gambling. The plan is to put the student-athletes in debt and compromise them for future exploitation.
The plot sounds like a Hollywood script. But at least one college official believes it’s happening in real life, part of a season pockmarked by suspicious bets on several low-profile schools across the country that suggest compromised competition.
“What we found out is they’re going into towns, throwing parties and having events, getting guys to come,” said Chris Grant, the commissioner of the Southland Conference. “And when they come to these parties, they get [players] to…
Atlas Technologies, a subsidiary of Netherlands-based Lightyear, has been declared bankrupt. For the last six years, the company has been in the works to develop the world’s first solar-powered electric car, christened Lightyear 0.
The parent firm submitted a request on January 23 to suspend payment proceedings for its operating company responsible for Lightyear 0.
According to the firm, a suspension was granted by Rechtbank Oost-Brabant located’s-Hertogenbosch in the Netherlands. “Lightyear regrets having to make this announcement for all employees, customers, investors, and suppliers and will work closely with the curator and all the people involved and hope for their understanding and support,” the company said in a
Sunday’s filing marked the brand’s second bankruptcy, as it previously filed in 2019. The company, which is expected to shut down all of its US stores unless it finds a buyer, pointed to competitors such as Shein and Temu as part of its reason for closing.
I was a frequent flyer at Forever 21 in my late teens and early 20s during its heyday, but I’m 30 now and haven’t shopped there in years.
In light of the bankruptcy news, I revisited Forever 21 to see what happened.
I visited Forever 21 after it filed for bankruptcy
Only two Forever 21s are left in Manhattan — my former go-to location at Union Square shuttered a few years ago — so I visited the 34th Street Herald…
(Reuters) – Russian opposition politician Boris Nadezhdin, who tried unsuccessfully to run against Vladimir Putin in a presidential election last year, was declared bankrupt by a Moscow court on Thursday, state media reported.
Acting on a petition filed in May 2024 on behalf of Rosenergobank, which itself went bankrupt in 2017, the arbitration court found Nadezhdin had unfulfilled obligations to the bank totalling 77.4 million roubles ($918,700).
The 61-year-old, who held a seat in Russia’s parliament from 1999 to 2003, tried to run on an anti-war ticket against Putin in a March 2024 presidential election. But he was barred from standing when the…
PUTRAJAYA: The rising trend of individuals declaring voluntary bankruptcy is becoming a growing concern, signalling that many are struggling with severe financial difficulties.
In recent years, more people have opted to declare themselves bankrupt through a Debtor’s Petition, a legal process filed in court to protect themselves from excessive creditor claims.
Insolvency Department director-general Datuk M. Bakri Abd Majid (pic) revealed that self-declared bankruptcy cases surged by 200%, with 330 cases recorded in 2024, compared to 181 in 2023 and 116 in 2022.
“We’re seeing a rise in individuals declaring bankruptcy because they feel that they…
