A consortium of charities are today warning that that high debt servicing costs are preventing Global South governments from spending on vital public services such as education and health and making investments to limit the impact of the climate emergency.Thirty-two African countries spend more on paying external debts than they do on healthcare.

UK charities including CAFOD, Christian Aid, Save the Children, Oxfam, Debt Justice and the international development network, Bond, are gathering outside the UK Treasury to launch a campaign calling for a debt cancellation initiative in the Jubilee year of 2025.

Debt payments for lower-income countries are at the highest level in 30 years. Private lenders are the largest group of creditors,…

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MUMBAI: Citing significant governance lapses and repeated defaults in payment obligations, the Reserve Bank of India has superseded the current management and board of mid-tier home loan company Aviom India Housing Finance. It has appointed Ram Kumar, former Chief General Manager of Punjab National Bank, as the administrator. The RBI has also announced plans to initiate the insolvency and bankruptcy process soon.

In a statement issued on Monday, the regulator stated that the action was taken based on the recommendation of the National Housing Bank, the sectoral regulator, and in accordance with the powers granted under Section 45-IE(1) of the RBI Act. The statement further noted that…

The National Company Law Appellate Tribunal (NCLAT) on Monday set aside a plea against HUL, filed by an operational creditor seeking initiation of insolvency proceedings against the FMCG major.

The appellate tribunal has upheld an order passed by the Mumbai bench of the National Company Law Tribunal (NCLT), which on September 5, 2024 had set aside a plea filed under Section 9 of IBC by K Lakshmi Narayana, Proprietor of Lalithambica Enterprises, alleging default.

The NCLT had found that the sum of the invoices, which was within the three-year limitation period, was less than the threshold limit of ₹1 crore.

Besides, the appellate tribunal noted that HUL’s submission relates to a pre-existing dispute, for which a legal notice was issued…

A breakdown of the business landscape across Australia has revealed record-high insolvencies, with things expected to get worse as we enter 2025.

CreditorWatch released its November Business Risk Index, with data showing insolvencies are at “record highs in number,” up 57 per cent since November 2023.

Further, the average business failure and closure rate across all sectors is sitting at 5.1 per cent. This is the highest it has been since August 2020.

As we enter the New Year, an early forecast is predicting it will only get worse, with the failure rate expected to hit 5.6 per cent in the coming year.

A variety of issues are creating issues for Aussie businesses. B2B payment defaults and elevated…

The appellate tribunal has upheld an order passed by the Mumbai bench of the National Company Law Tribunal (NCLT), which on September 5, 2024 had set aside a plea filed under Section 9 of IBC by K Lakshmi Narayana, Proprietor of…

New Delhi, Jan 27 (PTI) Insolvency appellate tribunal NCLAT has set aside the directions for a fresh valuation of shares, which were held by Educomp Solutions’ Singapore-based subsidiary Educomp Asia Pacific Pte in US-based firm The Learning Internet Inc and sold by SBI Singapore.
     Wondering over the basis on which the Delhi bench of NCLT passed direction for fresh valuations, the appellate tribunal said Educomp Asia Pacific Pte Ltd (EAPPL) was being liquidated over the order passed by the High Court of Singapore and issues regarding the valuation of shares in The Learning Internet Inc could have been raised there in the proceedings.
     “We wonder, on what basis the Adjudicating Authority (NCLT) could have intervened in…

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Debt.com’s research shows debt settlement is becoming a popular solution in today’s economy.

FORT LAUDERDALE, Fla., Jan. 27, 2025 /PRNewswire/ — Debt settlement is now gaining traction as a favored option for debt relief, according to a Debt.com survey.

The survey of 1,144 Americans found that 89% of respondents are aware of debt settlement, with 58% considering it an effective solution—outpacing the 49% who believe bankruptcy is helpful.

Insolvency appellate tribunal NCLAT has set aside the directions for a fresh valuation of shares, which were held by Educomp Solutions‘ Singapore-based subsidiary Educomp Asia Pacific Pte in US-based firm The Learning Internet Inc and sold by SBI Singapore. Wondering over the basis on which the Delhi bench of NCLT passed direction for fresh valuations, the appellate tribunal said Educomp Asia Pacific Pte Ltd (EAPPL) was being liquidated over the order passed by the High Court of Singapore and issues regarding the valuation of shares in The Learning Internet Inc could have been raised there in the proceedings.

“We wonder, on what basis the…