Insolvency Guardian Media Centre
Lottery player wakes husband after grocery run leads to huge prize in SC. ‘Debt free’ The Olympian
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As soon as his bi-weekly salary of $650 came to his hand, migrant worker Mani Arockiyasamy rushed to the Marina Bay Sands casino with $300 in hand and a target in mind.
With the aim of doubling his money, the 34-year-old from India, who works as a safety coordinator at a worksite, made a beeline for the craps game (where players bet on the outcome of a roll of dice).
In under an hour, his $300 was lost, and Mr Arockiyasamy headed for the ATM to draw the remainder of his wages. Eventually, he lost that too.
This wasn’t just a one-off incident but a recurring occurrence for him back in 2016. Back then, to feed his casino addiction, he borrowed money from friends under the pretense of going for courses, and by 2019, he was over $10,000 in…
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A 28-year-old man, Bharat Hedaoo, has been arrested in Nagpur for allegedly stealing INR 5.96 lakh from his employer to clear debts from online rummy gaming. The crime took place at a clothing store where he had been employed for the past nine years.
According to a report by NewsDrum, the accused wanted to pay off INR 40,000 in debts accumulated from online rummy. He allegedly stole the money between January 30 and February 1. Authorities found that he tampered with the shop’s tin roof to make it appear as a break-in.
The employer noticed discrepancies in financial records and reported the matter to the police. Investigators reviewed surveillance footage and financial records, identifying Hedaoo as the prime suspect. A probe showed…
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Struggling with bad credit can make it seem difficult to achieve your financial goals. After all, having a poor credit score can make it much harder to qualify for loans or refinance existing debt at a lower rate. Now that Donald Trump has been sworn into office as president, you may wonder how his administration’s policies could affect your current or future debts.
Depending on how Trump implements tariffs, it could influence how difficult it is for the Federal Reserve to lower interest rates. Plus, his Consumer Financial Protection Bureau (CFPB) hiring decision and the administration’s review of pending rules could impact whether medical debt is removed from credit reports. However, while policy changes can affect…
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New World Development (NWD) may need a debt-reduction plan or cash injection from the billionaire Cheng family to overcome a liquidity squeeze and assuage stock investors, according to analysts at HSBC Holdings.
The company’s shares have lost 37 per cent, or HK$6.4 billion (US$821.7 million) in market value, since late November after a management shake-up failed to calm investors. While the shares gained 6.3 per cent in a late rally on Friday, they remained near a record-low of HK$4.04 reached on January 25. HSBC on Thursday cut its stock-price target for a second time this year on a poor earnings outlook.
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The Delhi High Court bench of Justice Manmeet Pritam Singh Arora has held that in accordance with Section 32A(1) of the Insolvency and Bankruptcy Code, 2016 (IBC), a Corporate Debtor that has successfully undergone a resolution process under Section 31 of the IBC shall not be prosecuted for offences committed prior to the commencement of the CIRP.
Brief Facts
On 26.07.2017 the National Company Law Tribunal (NCLT) initiated corporate insolvency resolution process (CIRP) against Bhushan Power and Steel Limited (BPSL/ Corporate Debtor/ Petitioner Company) under section 7 of IBC. JSW Steel Ltd. emerged as the successful resolution applicant.
Meanwhile, on 05.04.2019, the CBI registered an FIR against the BPSL, its…
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A group of linked kitchen design and fitting companies based in Manchester have been shut down after taking upfront payments from more than 20 customers for products they did not provide.
Smart Choice Kitchens Limited, Empire Kitchens and Bathrooms Limited, and Connect Kitchens Limited, were all wound-up at a hearing of the High Court in Manchester on Tuesday, February 4, following an investigation by the Insolvency Service into their business practices which also identified a pattern of phoenixism.
The companies encouraged customers to make payments before the kitchens were delivered and installed.
They then failed to supply the kitchens and customers were left unable to obtain refunds.
A total of 21 customers…
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Insolvency appointments January 25 to February 7 2025 Business News
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On 3-2-2025, the Insolvency and Bankruptcy Board of India notified the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Amendment) Regulations, 2025 to amend the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. The provisions came into force on 3-2-2025.
Key Points:
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Regulation 4-E has been introduced relating to Handling over the possession:
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Resolution Professional (‘RP’) will have to obtain 66% of total votes of the committee;
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Only after attaining the required votes, RP will hand over the possession of the plot, apartment, or building or any instruments which was to be transferred.
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Chapter V relating to Read the original article here
Shohei Ohtani’s former interpreter, who admitted stealing nearly $17 million from the Dodger slugger’s bank account to pay off illegal gambling debts, was sentenced Thursday in federal court in Santa Ana to 57 months in prison.
In addition to the four years and nine months in prison, Ippei Mizuhara was also ordered to pay restitution of more than $18.1 million.
Mizuhara pleaded guilty in June to one federal count each of bank fraud and subscribing to a false tax return. The bank fraud charge could have sent him to prison for up to 30 years, while the tax charge carried up to three years in federal prison.
Mizuhara contended he committed the crimes due to a gambling addiction, but prosecutors said his actions went beyond gambling…
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Ippei Mizuhara, Shohei Ohtani‘s former interpreter, has been sentenced to five years in prison for siphoning millions of dollars from the superstar baseball player, NBC News reported on Thursday.
Mizuhara pled guilty last year on fraud charges in one of the biggest gambling scandals in sports history, stealing millions from Ohtani to cover losses from a large gambling debt he’d amassed. Along with the five-year sentence, Mizuhara has also been ordered to pay $18 million in restitution, per NBC. Mizuhara placed as many as 19,000 wagers over a three year period from 2021 to 2024, according to the official court complaint.
“I want to say I am truly sorry to Mr. Ohtani for what I have done,” Mizuhara said in court…