Insolvency Guardian Media Centre
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.
ALSO READ | 5 unvaccinated NYPD officers hospitalized, ‘some quite serious’
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.
The college will erase the bal…
Read the full article at: https://abc7ny.com/bergen-community-college-debt-relief-student-education/10912199/
Five years ago, the Insolvency and Bankruptcy Code (IBC) was passed by the Parliament, bringing about a structural change in the framework that governs the corporate insolvency resolution process in India. The IBC provides for a time-bound resolution of firms, addressing the vexed problem of firm exit in India. It has strengthened the hands of creditors in enforcing their rightful claims against corporate debtors. The threat of losing control over their company has emerged as a powerful deterrent for errant promoters not wanting to meet their financial obligations. It has also provided operational creditors typically micro, small and medium enterprises a powerful tool to negotiate the payment of dues with the larger firms. In fact, ab…
Read the full article at: https://indianexpress.com/article/opinion/editorials/ibc-regime-corporate-insolvency-resolution-process-7425512/
The governments move to amend the insolvency law to allow pre-packaged insolvency resolution plans for micro, small and medium enterprises (MSME) with defaults of not more than 1 crore is welcome. The Insolvency and Bankruptcy Code (Amendment) Bill, 2021, that seeks to replace an Ordinance, will enable the creditor and the debtor to informally work on a rehabilitation plan (instead of financial bidding) without a bankruptcy courts involvement. It will reduce the courts load and, more importantly, provide MSMEs an opening to rebuild themselves rather than be liquidated.
Pre-packs underscore the core purpose of the code: speedy redeployment of assets trapped in failing companies, rather than credit recovery. Global experience shows that pre…
Read the full article at: https://economictimes.indiatimes.com/opinion/et-editorial/insolvency-pre-packs-good-for-small-firms/articleshow/84801682.cms
By Kevin Peachey
Personal finance correspondent, BBC News
image copyrightGetty ImagesA plan has been brokered to cut down on aggressive debt collection by bailiffs as warnings of a post-pandemic surge in debt problems intensify.
The agreement should see a new independent new body – the Enforcement Conduct Authority (ECA) – set up to ensure unfair treatment is stamped out.
It is also designed to allow vulnerable people to reset their finances.
Bailiffs are used to pursue unpaid bills such as council tax or parking fines, and to enforce evictions.
Much of their work was paused during the Covid crisis in an attempt to help reduce the pandemic’s infection rate.
Charities have expressed their concerns that the economic…
Read the full article at: https://www.bbc.com/news/business-57983457
Feeling guilty about swiping your credit card? Youre not alone: Almost 40% of Americans carried a balance on active credit cards in the last quarter of 2020, according to the American Bankers Association.
Americans had over $761 billion in credit card debt in early July, and even that number is down from pre-pandemic high of almost $860 billion, per the St. Louis Fed.
Everything you do financially is fixable, said Shannon McLay, founder and CEO of the Financial Gym. Whatever you’re scared about, whatever the numbers are, whatever is out there, it’s all fixable. It’s just a matter of how much fixing you have to do.
Debt can be financially and emotionally difficult to handle. Heres how to start digging yourself out.
1. Know exactly …
Read the full article at: https://www.today.com/tmrw/need-help-credit-card-debt-here-s-what-experts-have-t226535
Canceling student loan debt would be a bold step toward opportunity for millions, and reverse decades of economic injustice for people of color.
Wilson Montoya immigrated to New York from Colombia and went to college to become a social worker helping vulnerable people in his community. But like many others, in order to make that dream possible, Wilson was left with $70,000 in student debtthat kept getting higher as he tried to pay it off.
I strugglenot being able to pay monthly payments. I cant focus on my job, I cant save for retirement. I cant volunteer. I am working three jobs to be able to afford th…
Read the full article at: https://www.usatoday.com/story/opinion/2021/07/27/joe-biden-extend-student-loan-payment-pause-cancel-debt/5373868001/
THE renowned Lorne Hotel in the west end of Glasgow has been put up for sale as administrators take steps to liquidateits owning company.
Thirty staff were made redundant in May when administrators at Interpath Advisory, the former restructuring arm of KPMG, were appointed to Bellhill Limited, reports our sister title The Herald.
The hotel, located in the fashionable Finnieston area on Sauchiehall Street, hadbeen historically profitable. However, the businesshad seen turnover plunge and recorded trading losses in the 15 months following the outbreak of the coronavirus pandemic in early 2020, and the imposition of restrictions to halt the spread of the disease.
Administrators noted at the time that an adverse legal finding in May had left…
Read the full article at: https://www.glasgowtimes.co.uk/news/19471884.owner-famous-glasgow-lorne-hotel-set-liquidation/
Japaras expected to cost Calvary more than $550 million. Its $1.40 a share bid valued Japaras equity at $375 million, while the company had net debt worth $208 million as it most recent results (for the six months ended December 31). The bulk of the debt was to help fund developments.
The deal marks a turning point in Australias aged sector. Japara, and rivals Regis and Estia, headed to public markets in a rush of listings last decade. While investors saw the long-term potential, they couldnt look past short/medium issues dogging the sector, including a Royal Commission and regulatory uncertainty, and the companies shares have traded poorly in recent years.
Public to private
Calvarys bid – and indeed that of RSL Care owner Bolton Clarke…
Read the full article at: https://www.afr.com/street-talk/big-banks-pile-into-calvary-health-new-debt-to-help-swallow-japara-20210727-p58ddo
Public and private sector banks, non-banking financial institutions, and other financial lenders to companies undergoing corporate insolvency resolution process (CIRP) have taken a cumulative haircut of Rs 3.22 lakh crore or 61.2 per cent of their admitted claims since the Insolvency and Bankruptcy Code (IBC) regime was rolled out five years ago, data analysed by The Indian Express show.
The IBC is positioned as a framework for timely resolution of the debt of insolvent companies, rather than a mechanism for recovery. But there are pitfalls to achieving either of these targets.
Between December 1, 2016 (when the provisions related to CIRP came into force) and March 31, 2021 (till when data are available), lenders both financial and op…
Read the full article at: https://indianexpress.com/article/business/economy/ibc-regime-corporate-insolvency-resolution-indian-economy-7423869/
By James Naughtie
BBC News
Ask anyone today who it was in the 1970s who left his clothes on a beach and wandered into the sea in search of a new life, and the answer would probably be Reginald Perrin, not John Stonehouse.
Yet the enduring comedy of Reggie’s fictional crack-up, in the classic BBC sitcom, has a matching drama in the real story of the missing MP, a posse of Czechoslovak spies and the mysterious trail he left behind.
Stonehouse was a young star in Harold Wilson’s first Labour government of 1964, apparently heading for high office.
But within a few years he was interrogated by MI5 on suspicion of espionage, sank into financial ruin as his political ca…
Read the full article at: https://www.bbc.com/news/uk-politics-57942759
Businesses have always thrived through expansion, synergy and efficiency. Size does matter, but small and lean operations can prove to be very profitable. To deal with this apparent paradox, large multinationals need to be agile in the structuring of their operations.
In the late 1980s and early 1990s, several tax regimes were implemented to help enterprises manage their tax liability (tax consolidation regimes) or their restructuring: the so-called EU Merger Directive implemented a tax deferral regime on mergers, divisions, transfer of assets and exchange of shares in order to remove fiscal obstacles for cross-border reorganizations. Such regime has proved helpful for enterprises to acquire, dispose of or restructure their internationa…
Read the full article at: https://news.bloombergtax.com/daily-tax-report-international/business-restructuring-and-tax-losses-how-can-tax-help-recovery-after-a-health-crisis
New Delhi: The government on Monday introduced a Bill in the Lok Sabha to amend the insolvency law and provide for a pre-packaged resolution process for stressed MSMEs.
The proposed amendments would enable the government to notify the threshold of a default not exceeding Rs 1 crore for initiation of pre-packaged resolution process. The government has already prescribed the threshold of Rs 10 lakh for this purpose.
The Insolvency and Bankruptcy Code (Amendment) Bill, 2021 which was introduced by corporate and finance Minister Nirmala Sitharaman will replace the ordinance that was promulgated on April 4 as part of efforts to provide relief for MSMEs adversely impacted by the pandemic.
The Bill, which was introduced in the Lower House a…
Read the full article at: https://thewire.in/government/govt-tables-bill-in-lok-sabha-to-amend-insolvency-law