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(Bloomberg) — 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…
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.
This week’s TGIF considers the recent Federal Court of Australia decision in PricewaterhouseCoopers Inc in its Capacity as Foreign Representative of IE CA 3 Holdings Ltd v IE CA Holdings Ltd [2024] FCA 1208, concerning a cross-border insolvency application.
Key takeaways: PricewaterhouseCoopers Inc in its Capacity as Foreign Representative of IE CA 3 Holdings Ltd v IE CA Holdings Ltd [2024] FCA 1208
Australian liquidators are able investigate pre-appointment transactions by pursuing an examinations process. The powers available to liquidators may be broader and preferable to those available in other jurisdictions.
Applying to Court for the appointment of Australian local representatives may provide an avenue for creditors and…
Seniors saddled with high-rate credit card debt should start exploring their debt relief options now.
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The end of a calendar year is always a smart time to reconsider your financial health. Unfortunately, for many Americans, the last few years have been a time of economic burden. And the numbers support this reality: Credit card debt hit a cumulative record of $1.17 trillion in the third quarter of 2024. The average American is currently saddled with around $8,000 in credit card debt alone, not accounting for other types like mortgages, student loans and auto loans. Considering that the average credit card…
CHPT3, the cycling clothing brand founded by former pro racer David Millar, has entered liquidation and ceased trading with immediate effect.
The brand’s website now just displays a statement communicating the news, the notice saying that Wilson Field Limited has been instructed to assist in the liquidation and CHPT3 has “now ceased to trade”.
It states: “The Directors of CHPT3 Limited have instructed Wilson Field Limited to assist in the formalities of a Creditors Voluntary Liquidation. The Company has now ceased to trade. Creditors will be contacted by Wilson Field Limited in due course. Any queries can be directed to Wilson Field Limited who can be contacted on +44 (0) 114 2352 6780.”
Business insolvencies are running at more than double the rate of last year — and one economist says the failure rate exceeds that of the global financial crisis.
There were 72 liquidations in October administered by the Insolvency and Trustee Service, just down from 74 in September. Of those, 37 were in Auckland.
In comparison, there were 58 in the year to June 2019.
Simplicity chief economist Shamubeel Eaqub said the rate of insolvencies was double what it was at this time in 2023.
“It’s consistent with what I would expect and I’d expect this to continue.”
He said the coming months would be tough for many businesses, if they were not in hospitality or retail.
Their products could also be found in Wellington’s Moore Wilson’s and Auckland’s Farro Fresh.
Alamir’s product range includes hummus, falafel, and pita bread but customers have noticed them missing from supermarket shelves recently. Photo / Alamir Bakery.
In 2021, managing director Ali Dia told the Herald the company was started by his father as an offshoot of his mother’s catering in 1992 and had “grown like crazy” since.
Dia said at the time they had 28 staff and operated two factories in Wellington “one where we produce the pita bread and the other where we produce our falafel bites, hummus and tahini”.
Business was “rough” during the Covid-19 lockdown, with Dia saying they had to lay off two staff members and drop…
Neither the local management nor the company’s lawyers were present at the Luxembourg Commercial Court at 9am on Friday 29 November. However, Liberty Liège-Dudelange and its Luxembourg site were declared bankrupt after the management admitted that it was in suspension of payments. Olivier Wagner was appointed receiver in front of a few journalists and the LCGB union’s deputy general secretary, Robert Fornieri, who had made the trip.
“The most urgent matter is the employees, who are entitled to their back pay for October and November,” commented Wagner as he left the court. “They will be entitled to their severance pay under the Labour Code, which corresponds to the month of the bankruptcy, the subsequent month, i.e., December,…
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…
US President Joe Biden on December 3, 2024. Borrower advocates are urging the Biden administration … [+] to finish implementing, and expand, student loan forgiveness for defrauded borrowers. (Photo by ANDREW CABALLERO-REYNOLDS / AFP) (Photo by ANDREW CABALLERO-REYNOLDS/AFP via Getty Images)
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Student loan forgiveness processing appears to have stalled for tens of thousands of borrowers under a key debt relief program. And advocates are getting worried.
The Biden administration had approved more than 700,000 borrowers for student debt cancellation and other benefits, including refunds of prior payments and corrected credit reporting. The approvals were enacted using group discharge authority for borrowers who were…
