The Winsome Yarn Limited‘s Committee of Creditors (COC) has approved with the requisite majority, through e-voting, in accordance with the provisions of the Insolvency & Bankruptcy Code, 2016, the Resolution Plan being filed by M/s Mohini Health & Hygiene Limited.

The Resolution Professional has applied for approval of the COC approved Resolution Plan with the National Company Law Tribunal, Chandigarh Bench (‘NCLT’).

The Corporate Resolution Insolvency Process was initiated after the insolvency plea was filed by Edelweiss Asset Reconstruction Company Limited, under Section 7 of the Insolvency and Bankruptcy Code, 2016 read with Rule 4 of the…

Everyday people across the country skip medical care because of cost. Those who do seek medical help may end up with a balance they can’t pay off. That debt can hurt people’s credit scores, resulting in long-term financial burdens.

Starting Jan. 1, a new state law will prohibit health providers and debt collectors from reporting medical debt information to credit agencies. That means unpaid medical bills should no longer show up on people’s credit reports, which consumer advocacy groups say is a boon for patients with debt.

Here’s why: While the law will not forgive someone’s debt, by keeping it off credit reports, it might provide some reassurance that a hospital stay or trip to urgent care won’t later affect their credit…

Similar to the popular South Korean TV series Squid Game, fraudsters in China are eyeing people who are struggling financially amid a slumping economy by promising prize money, debt restructuring, and unusual schemes.

However, Chinese players are taking “self-discipline” challenges to not risk their lives, unlike the series Squid Game, which is set to return with a second season on Thursday.

According to courts, some participated in isolation challenges, paying hundreds of dollars to stay in a room for days. After this, participants followed prescribed rules with a promise to win as much as 1 million yuan, which is nearly $140,000. However, this is a scam. The regulators are warning people about such scams that promise debt relief,…

VATICAN CITY, Dec 25 — Pope Francis said the story of Jesus’ birth as a poor carpenter’s son should instil hope that all people can make an impact on the world, as the pontiff yesterday led the world’s Roman Catholics into Christmas.

Francis, celebrating the 12th Christmas of his pontificate, presided at a solemn Christmas Eve Mass in St. Peter’s Basilica and opened the 2025 Catholic Holy Year, which the Vatican expects will bring some 32 million…

Supportive fiscal acts to serve as crucial pillar to sustain robust recovery amid headwinds both at home and abroad

BEIJING — Just as a single decisive move can energize a chess game, China’s latest initiative to address local government debt risks marks a crucial step in revitalizing the growth prospects of the world’s second-largest economy.

The move comes as China gears up to navigate economic headwinds both at home and abroad, with a supportive fiscal policy serving as a crucial pillar to sustain a steady and robust recovery.

Local governments, the linchpins of the country’s fiscal outlays, were stuck with high debts and falling revenues, bringing challenges to the efforts of…

SINGAPORE: Former oil tycoon Lim Oon Kuin, better known as OK Lim, and his two children have been declared bankrupt, according to the government gazette on Friday (Dec 27).

The 82-year-old Lim and his two children, Lim Huey Ching and Evan Lim Chee Meng, consented in September to a judgment of US$3.5 billion (S$4.7 billion) being entered against them.

They said then that they did not have enough assets to pay all their claimants and would file for bankruptcy.

The bankruptcy order was made effective on Dec 19 and published in the government gazette on Friday.

They will have their bankruptcy estates managed by trustees Leow Quek Shiong and Seah Roh Lin of BDO Advisory.

The decision to consent to the judgment came in the midst of a

Countries with lower credit ratings are increasingly utilizing debt-for-nature swaps to manage their financial liabilities while supporting environmental conservation initiatives. This trend is gaining traction with the backing of multilateral development banks and an expanding pool of diverse investors, according to Latin Finance.

Joan Prats, a principal financial specialist at the Inter-American Development Bank (IDB), has been at the forefront of structuring guarantees for these transactions in countries like Ecuador, Barbados, and The Bahamas. “We are having many conversations and there is a lot of interest in the region,” Prats noted. “Many countries are interested in doing these types of transactions. At the same time there…

The Financial Sector Supervisory Commission (CSSF) notified the public that Dock Financial S.A., an electronic money institution has been declared bankrupt on 23 December 2024. The Court designated Me Cédric Schirrer as the bankruptcy receiver in the same ruling.

The CSSF confirmed on December 24, 2024, that Dock Financial S.A.’s insolvency resulted in the removal of its authorisation as an electronic money institution.