In a relief to homebuyers who had been given possession of their homes but were left in a lurch after the builder’s company was declared insolvent, the Insolvency and Bankruptcy Board of India, in its latest amendment, has said that assets in a real estate project that have been handed over to the allottees would be exempted from liquidation process.

The notification dated February 12 said: “For the purposes of clause (e) of sub-section (4) of section 36, wherever…

Dear Amy: I just learned that my wife’s spending is out of control.

Several years ago, she got into financial trouble with a credit card debt of around $6,000. She told me about it and I bailed her out.

Last week, she said it had happened again. I took a look at her credit card statement and saw she was owing on charges left over from Christmas and some vacation travel we had taken. I agreed to help her out again.

Then she admitted to me that she had another card and that she owes almost $10,000 on it, due to gambling.

This is very shocking. I didn’t even know she gambled. She feels terrible. I could probably cover this, too, but I don’t know if that’s the right thing to do.

– Concerned

Dear Concerned: Your wife should get…

In a shocking turn of events that has left Britain’s third-most decorated Olympian “embarrassed”, Sir Bradley Wiggins, who was declared bankrupt last week, has been forced to sleep on the couches of friends and families and is basically homeless, after his lawyer revealed that he “has lost lost absolutely everything” and “doesn’t have a penny”.

News broke last weekend that Wiggins, who retired in 2016 after a glittering professional cycling career, becoming the first British rider to win the Tour de France and winning eight Olympic medals, five of them gold, was declared bankrupt. He could also be forced to sell all his trophies and medals — including his bespoke Tour trophy that he won in 2012.

The 44-year-old had been facing…

About the Organisation: The Centre for Advanced Research on Corporate and Insolvency Laws (CARCIL) is a Centre of Excellence to facilitate the highest standards of research in Corporate Law, Governance, Insolvency, and Allied Laws in India. The Centre aims to provide a platform to carry out research projects, organise academic workshops, lectures, and conferences, conduct faculty development programs etc., and work towards the advancement of Corporate and Insolvency Laws in India.

About the Seminar/Conference: The 2nd CARCIL-CNLU National Conference on Corporate & Insolvency Laws seeks to provide multi-disciplinary platform for researchers, practitioners and educators to discuss about corporate and insolvency laws and delve into…

A record number of Debt Relief Orders (DROs) were taken out in April, as the £90 fee for the insolvency option was scrapped.

DROs are available to those on low incomes and clear existing debt on everything from council tax to energy bills and rent.

Some 3,436 DROs were taken out in April – the highest monthly number since they were introduced in 2009, figures from the Insolvency Service show.

It drove a rise in the total number of insolvencies in England and Wales, up 10% on the previous month and 4% higher than April last year.

Following an announcement in the Budget, the government scrapped the £90 fee to apply for a DRO in England and Wales on 6 April.

The number taken out that month was then 63% higher than the monthly average over the…

Even as the Insolvency and Bankruptcy Board of India (IBBI) is overseeing project-wise insolvency process in the real-estate sector, a facility not available to other sectors, experts say that there is a need for a detailed framework, with statutory backing, to make it more effective.

The Insolvency and Bankruptcy Code (IBC), 2016 would require to be amended for this pupose, they feel.

The government is likely to table the IBC-amendment Bill in Parliament during the winter session, but it may not feature any provision related to project-wise insolvency. Official sources say that since IBBI has already introduced such provisions, through tweaking clause 36A(1) of the CIRP Regulations, there is no requirement as such to bring in an…

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