In Foo Kian Beng v OP3 International Pte Ltd (in liquidation) [2024] SGCA 10 (OP3 International)1 the Singapore Court of Appeal considered the trigger for when the director’s duty to consider the interests of creditors is engaged (referred to in the judgment as the Creditor Duty).
The Court held that:
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Cafe company plunged into liquidation Gold Coast Bulletin
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The National Company Law Tribunal’s (NCLT) decision to allow the liquidation of the Kishore Biyani-promoted Future Retail Ltd (FRL) adds a fresh twist to a long tale. It comes because no resolution plan was approved by the lenders. In April 2022, the committee of creditors, led by Bank of India, filed an insolvency application against the company. In July of the same year, NCLT admitted Future Retail under insolvency.
The company has a debt of more than Rs 17,000 crore that needs to be repaid to its operational and financial creditors. What happens next and who will get how much are among the big questions. According to Avanti T. Chandele, Partner at Mind Legal, the Insolvency and Bankruptcy Code (IBC) mandates that costs associated…
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Your 20s can be a time of great financial challenge. You may be contending with a mound of student loan debt, credit card bills, car payments, and other income drains. While declaring bankruptcy in your 20s may seem like an easy way to end the nightmare of debt, it’s not a solution. In fact, it will very likely cause you more pain than relief in the long term.
Below are five reasons why filing for bankruptcy in your 20s may not be a good idea for your financial future.
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Loan forgiveness student loans : Loan forgiveness student loans As the federal government grapples with the complexities of student debt forgiveness, many borrowers are turning their attention to state-level relief programs.
Experts suggest that exploring these options can be a smart move, particularly for those in fields like healthcare, where many generous programs exist.
With the future of federal student debt relief uncertain, state-based forgiveness programs offer a viable alternative for borrowers seeking financial relief. According to Betsy Mayotte, president of The Institute of Student Loan Advisors, “Most states have one, especially if you’re in healthcare.”
These programs can provide…
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KUALA LUMPUR (March 1): Sapura Energy Bhd said a Mexican unit of the group has been declared bankrupt, after it had failed to restructure its debts with creditors within the stipulated time frame given by a court in that country.
The unit, Sapura Energy Mexicana Sociedad Anónima Promotora de Inversión de Capital Variable (SEM), is a wholly owned subsidiary of Sapura Offshore Sdn Bhd and SapuraMex Pte Ltd, which are both ultimately wholly owned subsidiaries of Sapura Energy.
The order was made by the Second District Insolvency Court with residence in Mexico City and jurisdiction throughout Mexico, said Sapura Energy in an exchange filing on Friday.
It said SEM had filed for a restructuring on Dec 19, 2022. By a judgement dated April…
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A household name since she first began appearing as a glamour model in the pages of The Sun, Katie Price’s rise to fame has also been blighted by a number of brushes with the law.
A bankruptcy hearing this week is just one of a number of cases against the TV personality, who now owes £761,994.05 to HM Revenue & Customs.
Just days earlier, Price was fined £880 for driving without a licence or insurance after being spotted by a police officer at a petrol station.
Price, who gained notoriety on ITV reality show I’m A Celebrity… Get Me Out Of Here, has often courted controversy and was first declared bankrupt in…
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Katie Price’s plan to become an escort but there’s one thing she won’t do Daily Record
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Australia’s child support system is outdated and not keeping pace with inflation according to critics, who say it disadvantages women.
With the federal government currently reviewing the way it calculates child support payments, parents and…
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The rapid normalisation of Generative AI (GenAI) technology, and its integration into ERP platforms through systems such as SAP’s Business Technology Platform and Joule AI assistant (Chatbot), has created an opportunity to proactively address technical debt, modernise business processes and move them to the cloud.
Marketed as an ‘AI…
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Philanthropists and foundations like the one I work for take a lot of calculated risks. We invest in research, advocacy, strategic communications, technical assistance, and many other activities, hoping they will help us advance our strategic priorities. We evaluate our efforts whenever we can, but many defy measurement — assessing the impact of our work is a persistent challenge.
Results from a recent study, currently published as a National Bureau of Economic Research (NBER) working paper, on the important topic of medical debt relief provided an all-too-rare burst of clarity.
The amount of medical debt in the U.S. is estimated to exceed $220 billion, and affects 2 in 5 adults. Medical debt most often results from unexpected…
