Insolvency Guardian Media Centre
Delaware State University is providing a second round of debt relief to more than 1,100 students, using federal CARES Act funding.
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This time, DSU is making $2.9 million available for students in need. No student who received funding during the first round will receive funding this time. The previous debt relief was for graduate students.
Pell Grant eligible students will receive $2,500 while students not eligible for Pell Grants will receive $1,000.
DSU spokesperson Carlos Holmes breaks down how the university created its list of students eligible for funding in this round.
“Only students that are eligible for federal funds. So international students, unfortunately Dreamers, could not benefit from this. We loo…
Read the full article at: https://www.delawarepublic.org/post/delaware-state-univ-offer-more-debt-relief-students
Corporate insolvencies fell slightly in July compared to June. But July was also the third consecutive month in which year-on-year corporate insolvency levels have risen, according to insolvency and restructuring trade body R3 in Wales.
R3 said that the month on-month fall in corporate insolvencies was a result of a drop in Compulsory Liquidations, Creditors’ Voluntary Liquidations, Administrations and Company Voluntary Arrangements.
While the year-on-year rise continues to reflect the effect the pandemic has had on the business community.
The statistics for July 2021 from the Insolvency Service for England and Wales showed:
- Corporate insolvencies fell by 9.3% to 1,094 in July 2021 compared to Junes figure of 1,206, and increased by …
Read the full article at: https://businessnewswales.com/corporate-insolvencies-fell-slightly-in-july-compared-to-june/
Two years after its launch on Ch. 75, shopping channel has entered voluntary administration.
Home-shopping channel OpenShop went into voluntary administration earlier this month just two years after launch, reportedly owing about $120,000 to its employees.
The Sydney Morning Herald reports OpenShop operated by The Australian Shopping Network, launched in August 201 on Sevens Ch 75.
Presenters at launch (pictured) included Justine Diana, Zac Deane, Carla King-Turner, Nikki Vincent, Gabby Berry and Steven Milne.
But SMH notes complaints lodged with the Australian Competition and Consumer Commission over concerns it was unable to compete with rival, TVSN.
Documents filed to the Australian Securities and Investment Commission show Seven is…
Read the full article at: https://tvtonight.com.au/2021/08/openshop-channel-in-administration.html
The National Company Law Tribunal (NCLT), was formulated under the Insolvency and Bankruptcy Code, 2016 (IBC) to deal with insolvency and liquidation matters of corporate entities.
Experience has shown that litigants tend to approach the NCLT for redressal of all grievances against companies undergoing insolvency resolution or liquidation. However, does the NCLT really have such powers to deal with all and sundry matters concerning these companies?
The Supreme Court had the occasion to opine on the scope of NCLTs power under Section 60 (5) of the IBC in Embassy Property Developments Vs State of Karnataka and Gujarat Urja Vikas Nigam Vs Amit Kumar Gupta.
Insolvency resolution
In the Embassy case, the Supreme Court concluded that a matter…
Read the full article at: https://www.thehindubusinessline.com/business-laws/does-nclt-hold-a-magic-wand-to-settle-all-insolvency-related-issues/article36047033.ece
Aurobindo Pharma, Cadila Healthcare, UPL and two other companies are in the fray to acquire bankrupt Sterling Biotech Ltd. through the liquidation process. The other two companies in the race are ACG Associated Capsules and Gland Celsus Bio Chemicals.
Last month, the liquidator had invited bids for the liquidation process of Sterling Biotech to sell it as a going concern at a reserve price of Rs 548.46 crore.
Lovkesh Batra, a member of the Mamta Binani-led liquidation team told The Economic Times that the shortlist of entities looking to acquire the world’s sixth-largest manufacturer of pharmaceutical gelatin has been pared from about a dozen aspirants.
“The qualified bidders will have a time of 15 days beginning from August 23 to i…
Read the full article at: https://www.businesstoday.in/industry/pharma/story/aurobindo-pharma-cadila-3-others-in-race-to-acquire-sterling-biotech-304892-2021-08-22
Aurobindo Pharma,
and
are among five companies in the race to acquire bankrupt Sterling Biotech through the liquidation process. The other two are integrated pharmaceutical manufacturing solutions company ACG Associated Capsules and Gland Celsus Bio Chemicals.
The liquidator had invited bids on July 21 for the worlds sixth-largest manufacturer of pharmaceutical gelatin to sell the company as a going concern at a reserve price of Rs 548.46 crore. Lovkesh Batra, a member of the Mamta Binani-led liquidation team, confirmed the development but declined to provide details. The shortlist was whittled down from about a dozen aspirants, he said.
The five bidders didnt respond to queries.
The qualified bidders will have a time of 15 days beginnin…
Read the full article at: https://economictimes.indiatimes.com/industry/healthcare/biotech/pharmaceuticals/aurobindo-cadila-upl-in-fray-to-acquire-bankrupt-sterling-biotech/articleshow/85526467.cms
They historically have actually delivered great product, said Jason Kururangi, a senior research analyst at Milford Asset Management.
I do think they need to deliver more consistently. That might mean they need to restructure how the business thinks about development.
Earnings improvement
Net profit after tax of $377 million was in line with the companys guidance. But even as it reported an improvement in earnings for the 12 months to June 2021 largely due to divesting its loss-making engineering and services businesses that affected profit a year earlier Lendlease suffered from the pandemic, Mr Lombardo said.
Residential projects such as Londons Elephant Park and One Sydney Harbour at Barangaroo Central suffered from weaker sales and…
Read the full article at: https://www.afr.com/property/commercial/lendlease-promises-reset-warns-of-a-tough-year-20210815-p58izb
There are restaurants, and then there are restaurant institutions. Golden Century, late-night Cantonese restaurant to the stars, is the latter. And now, as NSW gears up for another month of lockdown, the Chinatown landmark has entered into voluntary administration.
The 20-year lease on the Sussex Street location is up at the end of August and is not to be renewed, according to a spokesperson from the restaurant. “We’ve been trying to come to terms [with the landlord], but you have to ask, is this the time to commit to a long-term agreement?”
For 32 years, Golden Century has been a dining destination for name actors, musicians, politicians and chefs. But the real charm has always been the other people in the room.
Alongside every Rihan…
Read the full article at: https://www.goodfood.com.au/eat-out/news/golden-centurys-golden-era-comes-to-an-end-20210820-h1y221
Lloyd Parker replaced the takings from the Cathedral Retail Park store with bits of cut-up newspaper after using the stolen cash to attempt to win back what he had lost, Leeds Crown Court was told.
The 30-year-old even spent his family’s Christmas savings money to claw back the deficit, but lost it all.
Prosecutor Emily Jenkins told the court this morning that Parker had joined the company in September 2018, and was promoted to shift manager in 2019.
The McDonald’s on Cathedral Retail Park. He was in charge of cashing up and recording the money before dropping it off in a safe.
On December 14 last year, he sent an email to the restaurant’s business manager saying he was suffering from mental health problems and was…
Read the full article at: https://www.pontefractandcastlefordexpress.co.uk/news/crime/wakefield-mcdonalds-manger-stole-thousands-from-restaurant-to-pay-off-gambling-debts-court-is-told-3354069
The following op-ed is written byAshley Spalding, Research Director at the Kentucky Center for Economic Policy.
As another college year begins amidst a resurging pandemic, new Census data shows those struggling the most with student debt are also among the hardest hit by COVID-19s economic impacts. Scholars and advocates continue to call for student debt relief as an effective policy tool for economic stability and recovery.
The COVID-19-related pause on federal student loan repayment has been extended through the end of January, providing some reprieve. But it is only a temporary fix. Follow-through from the Biden administration on forgiving up to $50,000 in student loans would have a profound impact on tens of millions of people, incl…
Read the full article at: https://www.rcnky.com/articles/2021/08/20/op-ed-student-debt-relief-still-needed-ky
MILWAUKEE (CBS 58) — The University of Wisconsin-Milwaukee (UWM) on Friday, Aug. 20, announced a $5.1 million student debt relief program aimed at helping students impacted by the COVID-19 pandemic.
The university will forgive outstanding balances incurred by students during the 2020-21 school year. The $5.1 million program will wipe away the debt of more than 2,000 students who owe an average of $2,700. In most cases, the amount owed is for tuition or housing, but any unpaid university bill is eligible for forgiveness.
We know the COVID-19 pandemic has been challenging for our students and their families, UWM Chancellor Mark Mone said. Many lost jobs and incurred additional expenses for child care and health care. We established new…
Read the full article at: https://www.cbs58.com/news/uwm-announces-51-million-in-student-debt-relief
Oravel Stays Pvt. Ltd, which operates budget hospitality chain Oyo, raised nearly $5 million from Microsoft Corp. at a valuation of $9.6 billion.
According to the documents filed by the company with the ministry of corporate affairs, Oyo has sold Series F2 compulsory convertible cumulative preference shares to Microsoft. The development was first reported by Press Trust of India.
In June, Reuters reported that Oyo was set to raise equity capital from Microsoft at a valuation of $9 billion. The fundraise comes soon after Oyo was reported to have hired investment banks for a planned public listing to raise $1.2 billion.
Earlier this year, Oyo raised $660 million in debt from institutional investors, including Fidelity Investments, to …
Read the full article at: https://www.livemint.com/companies/news/microsoft-invests-5-million-in-oyo-valuation-hits-9-6-billion-11629480792416.html
