Insolvency Guardian Media Centre
One of Russia’s largest microchip manufacturers, Angstrem (Zelenograd), has been declared bankrupt.
Source: The Moscow Times
Details: The company has been put under observation, and the decision to declare the debtor bankrupt was made at the request of Zenit Bank on 2 December 2024. As the case file shows, the court ordered in November 2019 that RUB 1 billion (about US$9.94 million) in compensation be paid out to Zenit by Angstrem, but the plant has not done so in more than six years.
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The plant was a landmark for Russia and was supposed to become the largest player in the production of microchips. It was supervised by Leonid Reiman, a former communications minister close to Putin.
He received…
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While financial experts often disagree on debt management strategies, two certified financial planners (CFPs) weigh in on why many of Dave Ramsey’s core principles for debt elimination have merit – with some important caveats.
Find Out: If You’re Thinking About Getting a CD, Suze Orman Says You Should Do It Now — Here’s Why
Read More: Why Skipping a Financial Advisor Could Be Your Biggest Money Mistake
Here are several reasons people should take heed of Ramsey’s advice on paying down debt.
Trending Now: Suze Orman’s Secret to a Wealthy Retirement–Have You Made This Money Move?
Creating a structured approach is essential, according to Stephen Kates, certified financial planner…
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While financial experts often disagree on debt management strategies, two certified financial planners (CFPs) weigh in on why…
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The news earlier this year that Red Lobster was filing for bankruptcy may have made you curious about how your other favorite businesses are doing in 2024. After all, we’ve heard plenty of reports of the impact of inflation and general struggles for parts of the economy.
Check Out: 7 Popular Clothing Brands the Middle Class Can’t Afford Anymore
Read Next: Owe Money to the IRS? Most People Don’t Realize They Should Do This One Thing
While many people equate bankruptcy with going out of business, that’s not always the case. In fact, it’s a move that can help businesses come back even stronger.
Red Lobster filed for Chapter 11 bankruptcy, which is a move that can help it recover. This type of…
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RAS specialist Billund Aquaculture plans to declare bankruptcy SeafoodSource
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The World Bank’s top economist called on private lenders to shoulder some of the cost of debt forgiveness for the poorest countries, as record high repayments drain budgets that should be focused on health, education and infrastructure.
Interest payments alone by the lowest-income nations ballooned to a record $34.6 billion in 2023, quadrupling over the past decade, the bank said in its latest International Debt Report. Including principal, those 78 nations are paying $96.2 billion annually to service $1.1 trillion in debt.
More alarming, according to Chief Economist Indermit Gill, is that private lenders have pulled almost $13 billion more in service payments from those countries than they injected in new financing over the last two…
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Kalaburagi: A student addicted to online gambling allegedly ended his life in the city on Thursday after taking hefty loans for it and being unable to repay them. Somanath Chidri, 23, a resident of Donagapur village in Bhalki taluk of Bidar district, was studying in the final year BSc in a city college. Somanath reportedly became addicted to online gambling and lost more than Rs 80 lakh. He borrowed some of the money at interest rates between 4% and 10%. Fed up with the harassment from loan sharks, he allegedly died by suicide by hanging himself from a tree near Veerashaiva Hostel, said police sources. Kalaburagi city police commissioner Sharanappa SD revealed that Somnath’s parents reported a loss ranging from Rs 70 lakh to Rs 80…
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High Court Reporters
Motions brought by boom-time developer Seán Dunne in an effort to dislodge officials overseeing his bankruptcy have been dismissed by the High Court.
Mr Justice Liam Kennedy said Mr Dunne (70) failed to bring new proceedings and instead took a procedurally incorrect route in seeking to challenge the validity of two officials’ appointments within the original bankruptcy case.
Mr Dunne was declared bankrupt in 2013, owing hundreds of millions of euro to the banks.
He recently issued motions alleging, among other claims, that the legislation used to appoint official assignees to his bankruptcy is unconstitutional.
A preliminary objection was raised by former official assignee Chris Lehane, his successor Ian Larkin, and…
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The National Company Law Appellate Tribunal (NCLAT) on Friday rejected Jaiprakash Associates Ltd’s petition challenging the insolvency proceedings initiated against the company.
While upholding an earlier order, the appellate tribunal NCLAT observed mere pending of loan restructuring arrangement with the lender before NCLT does not debar the creditors to file insolvency proceedings under section 7 of Insolvency & Bankruptcy Code 2016.
A three-member bench led by Chairperson Justice Ashok Bhushan has upheld the order passed by the National Company Law Tribunal (NCLT), which had directed initiating the Corporate Insolvency Resolution Process (CIRP) against the company.
The appellate tribunal said ”after answering all the issues, we…
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In a significant blow to Jaiprakash Associates Ltd (JAL), the debt-ridden parent company of the distressed Jaypee Group, the National Company Law Appellate Tribunal (NCLAT) on Friday dismissed its appeal challenging the company’s admission into insolvency.
This decision affirms the National Company Law Tribunal’s (NCLT) 3 June order, which admitted JAL into insolvency proceedings based on a plea by ICICI Bank.
The NCLAT bench, comprising chairperson Justice Ashok Bhushan and technical members Barun Mitra and Arun Baroka, upheld the NCLT’s decision, saying, “After answering all the issues, we are of the view that no grounds have been made out to…