Insolvency Guardian Media Centre
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German air taxi manufacturer Volocopter on Monday said it had filed for bankruptcy at the Karlsruhe District Court, days after one of its close competitors was saved from collapse.
However, the company said it was still seeking investors and planned to press ahead with its plan to enter the commercial air taxi market.
Why is Volocopter in trouble?
Volocopter, based near Stuttgart, still needs type certification from the European Union Aviation Safety Agency (EASA) for the market launch of its two-seater Volocity product line.
Although it has applied for insolvency proceedings, the company said it was proceeding on the assumption that an investor would be found in the new year.
In the meantime, it said the bankruptcy petition was…
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The tribunal noted that even in cases where the corporate debtor is not facing insolvency or liquidation proceedings before the NCLT, an application under section 95 may be made against the personal guarantor
The National Company Law Appellate Tribunal ( NCLAT ) bench in New Delhi has ruled that, even in cases where the National Company Law Tribunal ( NCLT ) has not yet started or is in the process of liquidating a corporate debtor, an application under section 95 of the Insolvency and Bankruptcy Code (Code) against the personal guarantor may be maintained before the NCLT under section 60(1) of the code.
The appellant, Anita Goyal, appealed a decision made by the adjudicating body that granted an application under section 95 and…
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19 Heartbreakingly Honest Confessions From A Woman Who Found Out Her Husband Gambled $500K Away BuzzFeed
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CreditorWatch chief economist Ivan Colhoun said businesses were facing the same cost pressures as consumers, including higher electricity, insurance and rental costs.
“Together with some greater caution in discretionary spending and softness in interest-rate-sensitive sectors of the economy, this unsurprisingly has led to higher voluntary business closures and some rise in insolvencies,” he said.
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While businesses are struggling, there are signs the stage 3 tax cuts, easing inflation and real wage rises are starting to lift consumer sentiment. The ANZ-Roy Morgan weekly measure of consumer confidence rose again over the past seven days to be at its highest level since early 2023.
Consumers are more upbeat about their finances and…
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P&O Cruises Australia possibly facing class action suit over predatory behavior at on-board casinos Asia Gaming Brief
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High-Profile SCOTUS Attorney Accused Of Using Firm’s Money To Pay Gambling Debt MSN
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The owner of the beauty brand Avon in the UK, Europe and Latin America has filed for bankruptcy as it tries to off-load more than $1bn of debt, including millions of dollars in liabilities linked to lawsuits alleging that talc in its products caused cancer.
Avon Products Inc (API), a subsidiary of Brazil’s Natura which bought Avon’s non-North American trading businesses in 2020, has filed for Chapter 11, the American version of administration.
API said that the process would allow it to address its debt obligations in an “orderly manner”. Natura has proposed to buy back its trading operations outside the US for $125m (£97m) after the bankruptcy process is complete.
API has already spent $225m in costs defending itself against…
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1. SWAMIH Fund Enables Completion of 50,000 Stalled Homes
Date: January 25, 2025
The SWAMIH Investment Fund I has emerged as a transformative initiative in India’s real estate sector, delivering over 50,000 homes to buyers by providing last-mile funding to stalled housing projects. This government-backed fund aims to revive delayed projects and boost buyer confidence in the real estate market.
2. Indian Banks Face Risks Amid Unsecured Retail Loan Stress: Fitch Ratings
Date: January 23, 2025
Fitch Ratings has expressed concerns about increasing stress in Indian banks’ unsecured retail loan portfolios, which could challenge projections for improved asset quality. The rating agency warns that rising delinquencies in personal loans…
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Case: Civil Appeal Nos. 8129-8130 of 2019 — Ghanashyam Mishra & Sons Private Limited vs Edelweiss Asset reconstruction Company
Court: Supreme Court of India
Key Facts of the Case:
- Background:
- Corporate Insolvency resolution process was started against Orissa Manganese & Minerals Limited under the Insolvency and Bankruptcy Code (IBC), 2016.
- Ghanashyam Mishra & Sons Private Limited was successful resolution applicant, while Edelweiss Asset reconstruction Company was one of the three bidders.
- A resolution plan was approved by the Committee of Creditors (CoC) and the Adjudicating Authority (NCLT).
- Post-approval, several creditors (operational and statutory, including the Income Tax Department) raised claims…
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KUALA LUMPUR, Jan 25 — Electricity provider Tenaga Nasional Berhad (TNB) said today it will contact Petaling Jaya MP Lee Chean Chung to find the best solution for several landlords who were saddled with a massive RM8.5 million debt from illegal Bitcoin mining by their tenants.
It added that the public can contact directly at the TNB Careline Facebook page (operational 24 hours) or by phone at 1-300-88-5454 (between 8am to 7pm on Monday to Friday, and 8am to 5pm on weekends or public holidays).
“We would like to remind property owners to submit a Change of Tenancy (COT) application to TNB whenever a new tenant occupies their premises.
“This step can help avoid any disputes or liabilities related to the electricity account in the…
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If you’re enrolled in the Public Service Loan Forgiveness program and were due to receive debt relief last year or expected to hit the 120-payment mark this year, a new program can help you apply for debt relief during the SAVE payment pause.
PSLF offers student loan forgiveness to teachers, nurses and other public service workers who have made 120 qualifying payments — the equivalent of 10 years — while working at a qualifying job. The PSLF Buyback program offers the opportunity for eligible borrowers to “buy back” no-payment months that didn’t count toward forgiveness while their loans were in forbearance or deferment.
The buyback option could help some borrowers in the PSLF program get debt relief sooner, but it’s not a…