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.
Gary Glitter has been declared bankrupt after the paedophile pop star refused to pay a six-figure compensation to one of his victims.
Glitter, real name Paul Francis Gadd, was ordered last year to pay £508,800 damages to a woman he abused when she was aged 12.
The disgraced rocker, 80, has now been made bankrupt after her lawyers at Slater and Gorden filed an enforcement order to the High Court, reported The Mirror.
Glitter is listed on the insolvency register under his real name with the case details confirming his bankruptcy was declared at Torquay and Newton Abbot county court on March 20.
Trustees could now be appointed to seize Glitter’s assets and use them to pay for the compensation figure.
Apropos of ‘How Punjab can contain its debt burden’; the state may consider establishing an independent Public Debt Management Cell as an interim arrangement. A similar cell is working at the Centre under the Department of Economic Affairs, Ministry of Finance. It will help in the execution of efficient cash management practices. Later, the state can establish a permanent Public Debt Management Agency that can plan domestic borrowings for the government. It can be tasked to manage the state’s liabilities, monitor cash balances, improve cash forecasting, advice on investment and capital market-related operations, undertake R&D on debt and risk assessment and develop adequate procedures. Help can be taken from other stakeholders and…
The Bill is a follow-up to the General Scheme of the Bill (General Scheme) and regulatory impact analysis that was published earlier in the year. The Bill generally follows the proposals in the General Scheme but with some changes – for example, some provisions around the Corporate Enforcement Authority (CEA) being able to exercise certain surveillance functions have not been included. It may be that such provisions will be included in subsequent legislation.
We have taken a look at some of the main provisions in the new Bill.
Corporate governance and administrative matters
The Bill seeks to place, on a permanent statutory footing, the right of companies to hold general meetings virtually or in a hybrid manner, while requiring that…
4. Public Service Loan Forgiveness remains unchanged for now
The Public Service Loan Forgiveness Program (PSLF), which promises student loan forgiveness for any borrower who works 10 years in public service, was created by an act of Congress and only an act of Congress can shut it down.
The Trump administration recently issued an executive action calling for restrictions on who qualifies for PSLF. The plan is to exclude borrowers who work for organizations “that engage in activities that have a substantial illegal purpose,” including:
Violating federal immigration law; “supporting terrorism”; “the trafficking of children to so-called transgender sanctuary States for purposes of emancipation from their…
Israeli tech entrepreneur Moshe Yanai, 71, denied insolvency claims on Sunday, asserting that he holds significant assets through his investment firm, MII.
According to a U.S. court ruling, MII’s portfolio is valued at approximately $1.1 billion — or several hundred million dollars at a minimum.
Yanai made the argument in a request to halt legal proceedings, filed Sunday with the Tel Aviv Magistrate’s Court, in response to a bankruptcy petition by the investment fund Scintilla. The fund claims Yanai defaulted on loans totaling $36 million.
MII, jointly owned by Yanai and his wife Rachel, manages investments in multiple technology firms. Court documents list its assets as including Israeli data storage company Infinidat, which…
The case involved the liquidators of construction company, PBS Building (Qld) Pty Ltd (PBS), seeking access to funds held in PBS’ project and retention trust accounts to meet their costs, expenses and remuneration.
The Supreme Court of Queensland determined that the Building Industry Fairness (Security of Payments) Act 2017 (Qld) (BIF Act) excluded the trustee of a project trust account or retention trust account from the right to compensation from these trusts, preventing the liquidators from claiming this benefit.
The court did note, however, that there could be a potential avenue for liquidators to recover their costs, expenses, and remuneration out of those accounts if their efforts produced benefits for the beneficiaries…
“This is a difficult reality of the restructuring process, and we are committed to treating associates impacted by these changes with respect and support,” Tiffany Bourré, spokesperson for HBC, told the Globe.
Corporate layoffs follow bonus announcements
While corporate layoffs are underway, store employees are being retained to manage clearance events. Both physical stores and the company’s e-commerce platform remain operational. As of late March, liquidation sales had commenced in 73 of the Bay’s 80 locations, along with two Saks Fifth Avenue and 13 Saks OFF 5TH stores in Canada, which HBC operates under license from Saks Global.
According to court filings, Hudson’s Bay employed approximately 9,364…
