Insolvency Guardian Media Centre
Today, the Republic of Ecuador, with the support of The Nature Conservancy (TNC), the U.S. International Development Finance Corporation (DFC), the Inter-American Development Bank (IDB), and Bank of America, announced the financial close of a debt conversion facilitated by TNC’s Nature Bonds Program to advance the Amazon Biocorridor Program. The debt conversion refinanced approximately $1.53 billion of Ecuador’s international bonds, generating over $800 million in net fiscal savings for Ecuador by 2035. The transaction is also expected to secure approximately $460 million to support the Amazon Biocorridor Program (Programa Biocorredor Amazónico, BCA) for the conservation of terrestrial and freshwater ecosystems…
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The number of people calling a helpline because they are worried about debt has increased significantly, it has been revealed.
National Debtline said it received 57% more calls in the first two weeks of January than it did in the same period last year.
The Money Advice Trust, which runs the helpline, said the first Monday of 2025 was its “busiest ever”, the BBC reported.
In a separate survey published on Monday, more than two-fifths (41%) of adults in the UK said they expect their financial situation to worsen this year, according to debt help charity StepChange.
Of that figure, 59% said this was because of higher energy bills.
Yahoo News UK looks at what help and advice is available for people who are struggling with debt.
Making a plan
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Bankruptcy trends to watch in 2025 Reuters
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Harju County Court declared the bankruptcy of Aktsiaselts Nordic Aviation Group, which ran the Nordica airline, on Tuesday.
The bankruptcy order is subject to immediate enforcement. An appeal can be submitted within 15 days, but it will not suspend the enforcement of the order.
Attorney-at-law Tarmo Peterson and Indrek Lepsoo from the Rask law firm have been appointed as bankruptcy trustees.
The first general meeting of creditors will be held virtually on February 27 at 11 a.m. at Harju County Court’s Tallinn Courthouse.
Nordica announced it had filed for bankruptcy filing on November 20.
The company and its associated firms said it would make 272 employees redundant. According to the layoff notice, Regional Jet will dismiss 161…
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“The Reserve Bank has today superseded the board of directors of Aviom India Housing Finance Private Limited (the company) owing to governance concerns and defaults in meeting various payment obligations, and appointed Shri Ram Kumar, ex-Chief General Manager of Punjab National Bank, as the Administrator under Section 45-IE(2) of the Reserve Bank of India Act, 1934,” the central bank said.
Further, it intends to initiate the process of insolvency and will also apply to the National Company Law Tribunal (NCLT), New Delhi, for appointing Administrator Kumar as the Insolvency Resolution Professional.
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Source: Business Times
Article Date: 28 Dec 2024
Author: Tay Peck Gek
This comes after the family agreed to pay US$3.5b to the court-appointed liquidators of the company and top creditor HSBC.
Hin Leong’s founder Lim Oon Kuin and his two children were declared bankrupt last week, the electronic government gazette published on Friday (Dec 27) showed.
Better known in the oil trading industry as OK Lim, the 82-year-old, his 57-year-old daughter Lim Huey Ching and 54-year-old son Lim Chee Meng will have their bankruptcy estates managed by trustees Leow Quek Shiong and Seah Roh Lin of BDO Advisory.
The bankruptcy stemmed from the former Singapore oil tycoon…
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LONDON: Hasan Nawaz Sharif has been declared bankrupt by the London High Court, according to the court papers.
Hasan Nawaz — the younger son of former prime minister Nawaz Sharif — has been declared bankrupt in a tax and liability case of the UK government’s tax and revenue department, The News understands.
The official UK Gazette, which keeps the public record, has published details of the bankruptcy. It says that Hasan Nawaz, a resident of Flat 17 Avenfield House, 118 Park…
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BANKRUPT Katie Price has revealed her plans to make £500million in the next three years.
Former glamour model Katie, 46, has revealed in her podcast, The Katie Price Show, that she wants to have made £500m by 2028.
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She even unveiled the elaborate plan she has to make the cash, with fans quick to react and brand her as “mad”.
“New year’s resolution, if that’s the right word, is I want to make about 500 million in about three years,” Katie declared on her podcast.
“Why are you…
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The future of Indian budget airline Go First remains uncertain after the National Company Law Tribunal (NCLT) ordered the liquidation of the company on January 20, 2025. But Busy Bee Airways Pvt. Ltd., a company backed by EaseMyTrip co-founder Nishant Pitti, is opposing the decision. The airline is demanding a reopening of the case to come up with a new solution to save Go First. The dispute could have far-reaching implications for the competitive landscape of the Indian aviation industry.
Go First, once one of India’s leading low-cost airlines, fell into crisis due to financial difficulties and legal disputes. The main problems included the grounding of numerous aircraft due to technical defects and protracted disputes with…
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Knives out as Robins Kitchen put into liquidation MSN
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Knives out as Robins Kitchen put into liquidation MSN
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While we know that debt happens all year around, Christmas and New Year do tend to bring financial difficulty into sharper focus for many people. On Christmas Day alone, almost 4,000 people across the UK visited StepChange’s website looking for help with their debt. Every January at StepChange we prepare ourselves for an influx of people in need of debt advice and this year is no different.
It’s not uncommon for people to put off getting help with their debts for a long time. Factors including stigma, a reluctance to talk about money and being unaware of the help available can cause people to struggle alone for several months or even years after their problems begin. So it’s not surprising that a new year and perhaps the…