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The Biden Administration continues to take steps to safeguard U.S. critical infrastructure from growing, persistent, and sophisticated cyber threats. Recent
SummaryCompaniesAmbac and FGIC, longtime holdouts, to back restructuring planInfrastructure bond holders to get $260 million in cashJudge to consider final
Vijay Mallya fled to the UK in March 2016. |  Photo Credit: PTI
Key Highlights
A bankruptcy trustee will oversee an investigation to determine the former liquor baron’s assets and liabilities, which will then be used to fulfil Mallya’s debt obligations
Mallya has argued that the collapse of the airline was business-related, however, investigators have since uncovered financial irregularities and evidence that he diverted funds to pay for non-business-related expenditures
According to reports, the banks have so far recovered some Rs 7,182 crore from the businessman through sales of his shares in group companies
A Chancery Division of the London High Court, on Monday, declared fugitive businessman, Vijay Mallya b…
The number of divorce applications made last year increased by 29 per cent, the latest annual report from the Courts Service finds.
However, overall the pandemic led to a significant reduction in the business conducted by the courts system last year.
While some types of dispute were less common, such as repossession cases and employment law cases, other types, including divorce and serious crime cases, showed an increase despite the overall trend for 2020. There were 5,266 divorce applications, with three quarters of the applicants being wives.
The Court of Appeal and the Supreme Court, which are more easily suited to conducting their business remotely than courts where witness evidence is required, experienced a drop in new cases.
A talented 21-year-old tragically ended his life after it is believed he lost his 10,000 house deposit through a gambling app during lockdown.
Brandon Windeatt-Ball, who lived with his supportive parents in Kingskerswell, near Newton Abbot, had not told them about his debts and had given no indication that he was contemplating suicide, an inquest at Plymouths Coroners court heard yesterday.
The quantity surveyor for Linden Homes was found passed away at his home on December 30, 2020.
His family told in a statement how on the morning of his death, they had become concerned after he sent a WhatsApp message telling them how much he loved them, and then were …
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Written by Karunjit Singh , Edited by Explained Desk | New Delhi |
Updated: July 28, 2021 4:28:08 pm
The Insolvency and Bankruptcy Code (Amendment Bill), 2021 that was passed in Lok Sabha on Monday replaces the IBC Amendment Ordinance 2021 promulgated in April, which introduced pre-packs as an insolvency resolution mechanism for Micro, Small and Medium Enterprises (MSMEs). We examine the Pre-packaged Insolvency Resolution Process (PIRP), how it differs from the Corporate Insolvency Resolution Process (CIRP) and key hurdles that the new mechanism may face in gaining traction.
What are pre-packs?
A pre-pack entails the resolution of the debt of a distressed company through a direct agreement between secured creditors and the existing own…
A private equity company that owns the NSO Group, the Israeli firm at the center of the Pegasus spyware scandal, is being liquidated, a source shared.
London-based Novalpina Capital, which bought the NSO Group in 2019, is being dissolved after a dispute between its co-founders, the source told Agence France-Presse (AFP) on Wednesday.
Its liquidation leaves the future ownership of NSO unclear, just as the company is grappling with the fallout of a vast electronic espionage scandal.
Novalpina also owns the Estonian casino group Olympic Entertainment and French pharmaceutical company X.O.
The Financial Times reported that Novalpina’s investors “have until Aug. 6 to decide whether to liqui…
The Biden Administration continues to take steps to safeguard U.S. critical infrastructure from growing, persistent, and sophisticated cyber threats. Recent high-profile attacks on critical infrastructure around the world, including the ransomware attacks on the Colonial Pipeline and JBS Foods in the United States, demonstrate that significant cyber vulnerabilities exist across U.S. critical infrastructure, which is largely owned and operated by the private sector. As we have seen, the degradation, destruction, or malfunction of systems that control this infrastructure can have cascading physical consequences that could have a debilitating effect on national security, economic security, and the public health and safety of the American p…
A businesswoman who became insolvent following the collapse of the construction sector in the mid-2000s has had the vast majority of her 14.3m debt written off under a personal insolvency arrangement (PIA).
haron OReilly (52) owed 11.6m to Nama on foot of personal guarantees and owed 2.7m in mortgage debt to Pepper Finance.
However, under a PIA approved by the High Court, the bulk of this will be written off and she will be able to save her 950,000 family home in Malahide, Co Dublin, which is in negative equity.
The debt deal involves the payment of a lump sum of 41,000 to creditors, proceeds from the sale of a property in Spain in 2017 and additional contributions of 3,866 over a three-year period.
The Australian Small Business and Family Enterprise Ombudsman Bruce Billson has urged the Federal Government and regulators to consider the reactivation of temporary insolvency protections, to support small and family businesses doing it tough in lockdown.
Mr Billson says the re-introduction of measures, such as the extension to existing safe harbour provisions, would provide temporary additional protections for small and family businesses that may be trading insolvent due to lockdown trading restrictions.
Small businesses arent like a light that can be switched on and off, Mr Billson says.
With full respect for the need for public health orders, lockdowns do have a significant and immediate impact on small and family businesses an…
The Insolvencies and Companies Court of London High Court on Monday declared fugitive business baron Vijay Mallya a bankrupt person as per UK laws.
Legal experts explain what this means for 65-year old Mallyas personal liberties, his legal battle against extradition to India to face trial, and for the consortium of Indian lenders – at whose behest the bankruptcy proceedings were initiated in the UK courts.
What are the consequences for Mallya, lenders:
As per British law, a bankruptcy trustee takes charge of a bankrupt persons financial and physical assets, including his credit, debit cards, bank accounts, etc. The trustee would reconcile all assets and liabilities to pay off debtors. Till a person is on the bankrupt list, there are re…
Ambac and FGIC, longtime holdouts, to back restructuring plan
Infrastructure bond holders to get $260 million in cash
Judge to consider final ruling on plan voting kickoff Thursday
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(Reuters) – The federally appointed financial oversight board tasked with guiding Puerto Ricos debt restructuring has finalized a deal with two key creditors, adding to growing support for the proposed plan to fix the commonwealths debt crisis.
PARAMUS, New Jersey (WABC) — Bergen Community College has announced it is erasing $5 million in student debt as part of an initiative to remove barriers for those seeking to complete their education.
The institution is using a portion of funds received from the federal government for pandemic-related relief to satisfy the outstanding balances of current students with past-due tuition bills.
Bergen leaders estimate the debt forgiveness will impact more than 2,000 students.
In order to qualify for the debt relief, students must have enrolled in classes and incurred a tuition balance during the pandemic, from March 2020 to the present.
