The Business Recovery and Insolvency Practitioners Association of Nigeria (BRIPAN) has called for urgent passage of the Insolvency Bill, which aims to bring much-needed updates on insolvency practice in the country.

The president of BRIPAN, Chimezie Ihekweazu, said this at the association’s event held in Abuja on Thursday.

Insolvency law is the set of rules that helps indebted individuals or businesses find a way to settle what they owe or start fresh.
It provides options like debt restructuring or asset sale to repay creditors fairly and organised.

According to Mr Ihekweazu, Nigeria’s personal insolvency laws are stuck in the past, relying on an old Bankruptcy Act, while corporate insolvency has moved forward with modern reforms.

Mr…

Aug. 13—On Oct. 13, 2017, Ron Meyer, the former Hollywood mogul who headed Universal Studios for 18 years, gambled at Mohegan Sun.

“He did not win.”

So says a revised complaint the Mohegan Tribal Gaming Authority filed in late June in New London Superior Court, alleging Meyer owes the casino $2,782,500.

That’s after the casino had extended Meyer $6 million in credit to gamble, $5 million of which he lost that October day nearly seven years ago. He eventually repaid $2,217,500 of the debt in accordance with the terms of a payment plan the parties signed in April 2018.

Meyer, 79, a resident of Santa Monica, Calif., hasn’t made a payment since Sept. 1, 2023, according to the lawsuit.

Now Meyer, in a motion to strike the gaming authority’s…

Recaro Automotive declared bankruptcy in Germany, as reported. The announcement was made four years after private investment firm Raven Acquisitions purchased Recaro Automotive from American seating manufacturer Adient.

It should be noted that Recaro Automotive Seating, the firm that manufactures car seats, is the only one with this name that is insolvent. Recaro Holding, which creates gaming chairs and airline seats, is not a party to the bankruptcy proceedings.

Employees of the firm received notice of the bankruptcy on July 30, and insolvency payments would be used to guarantee their salaries and wages. The firm will continue to fill all current orders and respond to new customer requests while…

The Thai Cabinet approved a package of debt relief measures, including interest suspensions and reduced principal payments. The initiative aims to alleviate the financial burden on individuals and businesses struggling with economic challenges.

By suspending interest and reducing principal payments, the government seeks to provide immediate relief and prevent defaults. These measures are expected to help stabilize the economy by allowing borrowers to manage their debts more effectively, thereby maintaining consumer spending and business operations.

Key takeaways

• The Thai Cabinet approved measures, including a three-year interest suspension and reduced principal payments, benefiting 1.9 million borrowers with loans worth 890 billion…

The case was subsequently overturned by the Court of Appeal. Last week, the Supreme Court refused leave to appeal the Court of Appeal’s decision. 

The result is that a liquidator can now exercise the statutory power to require information and documents from shareholders, creditors and others situated overseas, in some cases. The question in each case will be whether there is a sufficiently substantial connection with the activities of the company in New Zealand to justify the assertion of jurisdiction.

Background and High Court decision

The liquidators of two Auckland-based property development companies issued notices under section 261 of the Act to a US company, Arena Alceon NZ Credit Partners, LLC (Arena) and its security…

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• Aaron Rose boarded a cruise after losing a loved one and receiving an inheritance
• He racked up $30,000 in gambling debts across a 10-day cruise
• He alleges that staff served him while he was significantly intoxicated, claiming they were bringing him drinks as soon as his glass was empty

Aaron Slade stepped on a P&O cruise in November 2023, while mourning his late uncle and unsure what to do with the inheritance just left to him. He believes predatory behaviour of the cruise ship staff contributed to him racking up more than $30,000 in gambling debts across the 10-day cruise.

Slade details the events: “In early 2023 my beloved uncle passed away at the young age of 60, this was not an expected death for the family…