Stay informed with the latest in insolvency news and industry updates. We can keep you up to date with insolvency and finance information from around the world.
Millions of Australians with HECS debt are set for substantial relief thanks to the Albanese government’s latest reforms. The changes include a higher repayment threshold and reduced indexation rates, providing financial relief for around three million people. The ATO has already started processing credits for eligible Australians.
HECS Debt Changes: What You Need to Know
The government aims to ease the burden of HECS debt with two major changes. First, the repayment threshold will increase by more than 20 per cent. The minimum threshold will rise from $54,435 in 2024-25 to $67,000 in 2025-26. Second, repayments will only apply to income above $67,000 instead of a person’s total income.
These measures will allow lower-income earners to…
Insolvencies among German businesses were up by almost 25% this year, credit bureau Creditreform said on Monday, as firms are grappling with rising energy prices, the ailing economy and the fallout from the coronavirus pandemic.
With no signs of improvement, the number of insolvencies is expected to rise to record levels in 2025, the credit bureau said.
“The surge is turning into a wave, and this will continue in 2025,” Creditreform managing director Bernd Bütow said.
The credit bureau expects a total of 22,400 companies to declare insolvency by the end of 2024, up from 17,814 cases the year before.
It would be the highest level since 2015, with 23,100 insolvencies.
US President Joe Biden speaks during an event in Madison, Wisconsin, US, on Monday, April 8, 2024.
Daniel Steinle | Bloomberg | Getty Images
With weeks to go before President-elect Donald Trump takes office, the Biden administration is still taking steps to deliver sweeping student loan forgiveness to millions of Americans.
The U.S. Department of Education has submitted its so-called “Plan B” for student loan cancellation to the Office of Management and Budget for review.
“OMB review is the last step” before the policy is published in the Federal Register, said higher education expert Mark Kantrowitz.
Louisiana Apple, an Applebee’s franchisee with 14 locations in Kentucky, Oklahoma, Indiana, and Arkansas, has filed for Chapter 11 bankruptcy protection following a lawsuit issued by one of its creditors.
City National Bank of Florida alleges the franchisee owes about $8.3 million in debt dating back to September 2020, when an initial loan was made for $7.1 million. CNB claims Louisiana Apple “failed to make payments due since on or about July 28, 2023,” and entered into a forbearance and loan modification agreement earlier this year. That agreement expired in May and CNB alleges the franchisee has failed “and refused” to make any payments.
Connecticut is working to relieve the often-overwhelming burden of medical debt by enlisting a nonprofit that crunches that debt, easing costs for thousands of families.
“What we do is we buy those debts for pennies on the dollar,” said Allison Sesso, president and CEO of the nonprofit, Undue Medical Debt, which negotiates a price with providers, buys and then cancels the debt, which is sold at a fraction of its face value because it’s held by those who are least able to pay.
In the first round of the relief effort, the state is spending $100 thousand in federal funds to wipe out a total of $30 million in medical debt for 23 thousand residents. $6.5 million has been set aside for the long-term effort to…
Due to a new pilot program, an estimated 150,000 residents across LA County will soon have their medical debt cleared, and thousands more will be notified in the coming month of similar news, officials announced Monday.
The Los Angeles County Department of Public Health launched its Medical Debt Relief Program, an initiative aimed to eliminate such debt that disproportionately affects vulnerable communities.
County officials said the program will initially eliminate $500 million in debt by using a $5 million investment to purchase medical debt for pennies on the dollar for low-income residents. The County Board of Supervisors approved the program earlier this year, which was spearheaded by Supervisors Janice Hahn and Holly Mitchell.
Meet man, Ratan Tata ousted him from three Tata firms, his airline went bankrupt, still one of India’s richest with net worth of Rs…, his son is…
Despite challenges like the collapse of his airline business, Nusli Wadia continues to be a dominant figure in the Indian corporate world.
Several Indian entrepreneurs have explored diverse sectors to expand their business empires, though not all ventures succeed in the long run. One such businessman is…
Los Angeles County announced its $2 billion Medical Debt Relief Program aimed at helping low-income residents settle past-due bills.
“The launch of this program is a critical step forward in ensuring that those receiving critical medical services do not find themselves experiencing financial harm associated with not being able to afford care,” said Dr. Barbara Ferrer, Director of LA County Department of Public Health.
LA County residents exceeded $2.9 billion in medical debt in 2022, roughly $300 million more than the year…
In September this year, he sold a 10-acre parcel in Mumbai for over USD 130 million or around Rs 1103 crore.
Several Indian businessmen continue to explore opportunities in different sectors to expand their business empires. However, their business didn’t go well in the long run. In this article, we will tell you about one such person whose airline went bankrupt after being in the air for years. His name is Nusli Wadia, the chairman of the Wadia Group.
He is an Indian billionaire businessman whose group is involved in the FMCG, textiles, and real estate industries, among other things. Group companies include Britannia Industries and home textiles company Bombay Dyeing. He also ran an airline company named Go First for several years….
The Los Angeles County Department of Public Health is launching a new program that could erase your outstanding medical debt. It’s starting off with a fund of $8 million, which could cancel up to $800 million in medical bills.
How it works: The county has partnered with Undue Medical Debt to lead the program, which is a national nonprofit focused on ending medical debt. They’ll get bill information from hospitals and other medical groups that have debt.
How do I get my bills paid? There is no application. Undue will select qualifying bills from participating providers and pay them off, so there’s nothing you need to do. You’ll get a letter in the mail if your debt gets canceled, starting in…
