Insolvency Guardian Media Centre
CEDAR RAPIDS, Iowa (KCRG) – According to a recent report by the Federal Reserve Bank of New York, U.S. residents are increasingly struggling to manage rising debt.
This follows the release of a new report, which shows that U.S. credit card debt reached a record high of more than $1.21 trillion by the end of 2024.
Following the release of the report, TV9 spoke with Elyse De Corah, a financial advisor with Cetera Advisor Networks and Guide Wealth Partners in Cedar Rapids. She explained that one of the biggest factors contributing to debt struggles is consumerism. She noted that there is constant pressure to buy, and online shopping makes it easier to accumulate debt. De Corah also offered advice for those feeling overwhelmed by their debt.
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EVTOL hopeful Lilium has all but thrown in the towel with a second insolvency filing that will likely be its last, according to a company statement. “As the funding options to secure Lilium’s future have not materialized in time, Lilium Aerospace has filed for insolvency today,” the company said. “While talks about alternative solutions are still ongoing, the chance for restructuring right now is highly unlikely and therefore operations will be stopped.”
The company filed for insolvency last December, but new investors gave hope that it could be resurrected. The new investors pledged $200 million to get the company to certification so it could fulfill its 780 potential orders, but the money never materialized. Company…
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NEW DELHI: The National Company Law Tribunal (NCLT) has admitted the application for commencement of corporate insolvency resolution process against AVIOM India Housing Finance. On January 27, the Reserve Bank had superseded the board of AVIOM owing to governance concerns and defaults in meeting various payment obligations, and appointed Ram Kumar, ex-CGM of Punjab National Bank, as its Administrator.
The action was taken basis recommendation of the National Housing Bank (NHB).
Later, it filed an application with the NCLT, New Delhi bench, for initiation of corporate insolvency resolution process (CIRP) against AVIOM India.
…
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A week after the bankruptcy of West Plant Group’s parent company, the group’s own plant breeding companies have now been declared bankrupt. They are West Plant Fruits, West Plant Limburg, West Plant Vegetables, West Plant Biological and West Plant Retail.
The liquidator is investigating the possibilities for a relaunch and is in talks with several candidates interested in (parts of) the company, he told De Limburger. In order for a possible sale to go smoothly, efforts are being made to continue plant cultivation.
Maasbree-based West Plant Group is a propagator specializing in cabbage, celery, leek, herb and strawberry plants in trays. The company is embroiled in a damages case, following a claim after a faulty delivery of…
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The number of corporate insolvencies in England and Wales has risen ahead off business cost rises in April. Figures for January showed that 1,852 firms became insolvent, up 10.7% on a year earlier and 13.1% on 2023. Compared to December the level was up 6.5%
Personal insolvencies decreased by 3.4% in January to 9,706 compared to December, but were up 11.6% on a year earlier.
Bethan Evans, Wales chair of R3, the UK’s insolvency and restructuring trade body, said:“The monthly and yearly rise in corporate insolvencies is down to an increase in the number of creditors’ voluntary liquidations and administrations. That would suggest that directors may be choosing to close down their firms after years of challenging trading conditions and…
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NCLT directs Bank of Baroda and Resolution Professional to provide Pravin Herlekar, former OSCL director, with a detailed breakdown of the ₹290.05 crore claim in ongoing insolvency proceedings | Representational Image
Mumbai: The National Company Law Tribunal (NCLT) has directed the Resolution Professional (RP) of Omkar Speciality Chemical Limited (OSCL) and the Bank of Baroda (BoB) to provide Pravin Herlekar, the erstwhile director of OSCL, with copies of all details and a detailed break-up of BoB’s claim amounting to Rs 290.05 crore. The claim was admitted by the RP as part of the ongoing Corporate Insolvency Resolution Process (CIRP) of OSCL.
The Tribunal, while issuing its…
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A week after the bankruptcy of West Plant Group’s parent company, the group’s own plant breeding companies have now been declared bankrupt. They are West Plant Fruits, West Plant Limburg, West Plant Vegetables, West Plant Biological and West Plant Retail.
The liquidator is investigating the possibilities for a relaunch and is in talks with several candidates interested in (parts of) the company, he told De Limburger. In order for a possible sale to go smoothly, efforts are being made to continue plant cultivation.
Maasbree-based West Plant Group is a propagator specializing in cabbage, celery, leek, herb and strawberry plants in trays. The company is embroiled in a damages case, following a claim after a faulty delivery of…
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Strategy’s (formerly MicroStrategy) stock (MSTR) has taken a significant hit. The stock fell by double digits following a sharp decline in Bitcoin’s (BTC) price.
As speculation swirls over whether the company could be forced to liquidate its Bitcoin holdings, The Kobeissi Letter weighed in, suggesting that while such a move remains highly unlikely, it’s not entirely off the table.
MSTR Dips Amid Bitcoin Downturn
Over the past 24 hours, Bitcoin’s price dropped more than 3%, triggering a ripple effect that sent MSTR down by 11%. According to Yahoo Finance, the stock closed at $250. This marked a 55% decline from its all-time high (ATH) in November 2024.
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The fabric and craft retailer Joann, which had already announced the closure of hundreds of stores, this week said the chain will shut down completely.
Here’s what’s known about the liquidation process:
When will the stores close?
No date has been announced, and employees also apparently have not been told yet. On social media, staff members reported that the only information they received at an all-hands meeting Monday, Feb. 24, was a basic memo about the results of the bankruptcy auction the previous day.
The memo included the line: “Subject to court approval of the transaction [on Feb. 26], the winning bidders plan to wind down ongoing operations and conduct going-out-of-business sales at all JOANN locations.”
How deep are the…
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Durban’s Pencil Club — a networking venue for the rich and famous — did not have sufficient money to keep going even until June.
Business rescue practitioner Eugene Nel was appointed by the club’s directors earlier this month in an attempt to stave off liquidation.
But on Wednesday Nel said it was hopeless.
TimesLIVE Premium reported on Tuesday the club had suddenly shut its doors, leaving about 95 full-time employees with no jobs.
Nel said he would bring urgent liquidation proceedings to wind up the holding company.
This means the employees, who were told on Tuesday there was no money to pay their February salaries and wages, will have to stand in line with creditors.
Nel was appointed on February 12 after a resolution by the…
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Updated Feb 26, 2025 18:43 IST
Gautam Adani to acquire power company once owned by Anil Ambani (Pic: ET NOW)
Adani Power said that it has secured approval from the committee of creditors for acquiring Vidarbha Industries Power.
“This is to inform that the Committee of Creditors (“COC”) of Vidarbha Industries Power Limited (“VIPL”), a company undergoing Corporate Insolvency Resolution Process (“CIRP”) under the Insolvency and Bankruptcy Code 2016 (“IBC”) has approved the Resolution Plan submitted by Adani Power…
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Conor Benn Alleges Chris Eubank Jr. Owes Neymar Jr. £4 Million in Gambling Debt FootBoom