Insolvency Guardian Media Centre
Future Retail, once the crown jewel of Kishore Biyani-led Future Group, is now heading for liquidation as its lenders could not get any reasonable buyer of the debt-ridden firm. As the Committee of Creditors (CoC) rejected the sole resolution plan submitted by Space Mantra after four extensions in the deadline to complete the corporate insolvency resolution process (CIRP), the RP of the company has now approached NCLT to initiate liquidation of Future Retail (FRL).
“The resolution plan submitted by Space Mantra Private has not been approved by CoC of FRL, kindly note that, the Resolution Professional (RP) has filed an application, before the…
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GUY CAMPBELL/BBCAn award-winning centre teaching traditional maritime construction skills has closed as it goes into liquidation.
The International Boatbuilding Training College (IBTC) started in Oulton Broad in Suffolk in 1975.
It has confirmed it closed its doors on Friday, with the company being placed into liquidation, 11 staff being made redundant and its assets expected to be sold off next year.
Gerry Skews, a trustee for the Excelsior Trust charity which provides sailing experiences for young and disadvantaged people, said the college had played a vital role in…
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By Reshmi Basu | Bloomberg
Big Lots does not expect to complete a planned sale of its business to private equity firm Nexus Capital Management LP, putting the discount retailer that employs more than 27,000 people at risk of liquidation.
The company said it continues to work toward completing an alternative transaction with Nexus or another party, and aims to complete that by early January, it said in a release.
A valuation appraisal of the bankrupt company’s inventory came in lower than expected, which threatened the economics of the sale of the chain to Nexus, Bloomberg reported earlier on Thursday. At the same time, landlords had demanded that Big Lots explain why it hadn’t closed the deal with Nexus, which agreed to buy the company…
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In a statement, regional insolvency and business recovery specialists McTear Williams & Wood said IBTC Limited – the company trading as International Boatbuilding Training College – would “close its doors with effect from 20 December and a meeting of members has been called for that day to place the company into liquidation”.
A spokesperson for McTear Williams & Wood said it was being appointed as joint liquidator.
“The current student cohort will leave having been given the opportunity to complete a minimum of the joinery module City & Guilds qualification,” they said.
“The directors Lyn and Mike Tupper have been running the company for the last nine years having acquired it for £1 from prior owners and have invested heavily in the…
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Facebook App: Open links in External Browser
There is a specific issue with the Facebook in-app browser intermittently making requests to websites without cookies that had previously been set. This appears to be a defect in the browser which should be addressed soon. The simplest approach to avoid this problem is to continue to use the Facebook app but not use the in-app browser.
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Biden Withdraws Proposed Regulations on Student Loans and Trans Athletes The New York Times
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WASHINGTON — President Joe Biden’s administration announced on Friday another $4.28 billion dollars in student loan relief for nearly 55,000 public service workers.
The announcement brings the total loan forgiveness by the Biden administration to “approximately $180 billion for nearly 5 million Americans,” according to a fact sheet from the Department of Education.
The forgiveness will be delivered to individuals enrolled in the Public Service Loan Forgiveness program (PSLF), which allows for debt forgiveness for people in jobs like firefighting, nursing and teaching after 10 years of continuous payment.
The Biden administration has made fixes to this program that had failed to deliver student loan relief to many due to poor…
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President Joe Biden canceled student debt for 55,000 public service workers.
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Washington — The House voted Friday to avoid a prolonged government shutdown and approve tens of billions of dollars in disaster relief, with a bipartisan coalition embracing an agreement a few hours before a midnight deadline to extend funding.
The legislation passed by a vote of 366 in favor to 34 against and one member voting present, with more Democrats voting to support it than Republicans. The bill now goes to the Senate, where it is expected to sail through before heading to President Biden’s desk for his signature. This late in the day, and because of the process for sending over a bill, it won’t be until sometime this weekend that the president is able to sign it. But the effect on government functions should be minimal.
The…
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Live updates: House GOP offers new plan to avert a government shutdown without Trump’s debt limit demand The Washington Post
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THE BIDEN ADMINISTRATION ANNOUNCED THE CANCELLATION OF 4 POINT 28 BILLION DOLLARS IN STUDENT LOAN DEBT FOR 55,000 PUBLIC SERVICE WORKERS, BRINGING THE TOTAL STUDENT DEBT RELIEF APPROVED DURING BIDEN’S PRESIDENCY TO NEARLY 180 BILLION DOLLARS FOR ROUGHLY 4 POINT 9 MILLION BORROWERS.
THE BORROWERS INCLUDED IN FRIDAY’S CANCELLATION ARE PART OF THE PUBLIC SERVICE LOAN FORGIVENESS PROGRAM, WHICH FORGIVES FEDERAL STUDENT LOANS FOR GOVERNMENT AND NONPROFIT WORKERS AFTER 10 YEARS OF PAYMENTS. THE PROGRAM, ESTABLISHED IN 2007, FACED CRITICISM FOR BEING DIFFICULT TO NAVIGATE. IN 2021, THE BIDEN ADMINISTRATION IMPLEMENTED CHANGES TO ADDRESS ADMINISTRATIVE CHALLENGES AND SIMPLIFY THE PROCESS.
PRESIDENT BIDEN SAYS THE INITIATIVE…