Stay informed with the latest in insolvency news and industry updates. We can keep you up to date with insolvency and finance information from around the world.
In Switzerland, nearly half a million people are struggling with debt. This week, parliament discussed new measures that may offer relief to those unable to dig themselves out of insolvency, reported RTS.
Photo by Mikhail Nilov on Pexels.com
In Switzerland, personal bankruptcy does not extinguish your debts in the same way as it does across much of the rest of world. Instead, once all your assets have been liquidated, any remaining creditors receive IOUs for any money still owed to them. And while it brings an immediate end to debt proceedings and allows you to spend all of your salary, any assets you inherit or accumulate post bankruptcy can still be claimed by creditors.
In addition, it is possible to inherit debt from an…
President Joe Biden made student loan forgiveness a central issue to his administration, rolling out efforts to forgive debt as well as to lower repayments for millions of borrowers. But with President-elect Donald Trump returning to the White House in January, the future of those efforts is now in question.
During the presidential debate with Vice President Kamala Harris, Trump described Mr. Biden’s efforts to forgive student borrowers as “a total catastrophe.” While he hasn’t explicitly addressed his plans for student loans, he’s called for eliminating the Department of Education, which manages the $1.6 trillion federal student loan portfolio.
It’s unclear which agency or group would manage those loans if the Education Department…
The Ombudsman has issued a guide to help Australian small businesses navigate the challenges of paying or collecting a debt.
The Australian Small Business and Family Enterprise Ombudsman (ASBFEO) has revealed a new guide for small businesses has been developed to help them overcome the challenges of paying or collecting debt.
Ombudsman Bruce Billson said he had experienced a 50 per cent increase in calls from small businesses worried a supplier was insolvent or that their own business was insolvent.
“Outstanding debts can be overwhelming for a small business, whether you are owed money by a customer or you owe money to a supplier,” Billson said.
Electric car owners face the prospect of being left with unfixable vehicles after a manufacturing firm announced it had gone bankrupt.
More than 400 owners of vehicles made by Fisker could find themselves up to £70,000 out of pocket – after the Californian-based company declared it had gone bust in June.
A number of drivers say their cars have been plagued with issues – including brake failure, rapid battery draining and the random opening of windows when parked.
But after they reported the issues to Fisker, they found the firm’s UK representatives to be less and less responsive as the company’s financial situation worsened.
Owner Kevin Mulligan told The Telegraph he ‘feared for his life’ after his Fisker Ocean Extreme, which was…
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.
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.
