A dating app Romeo who defrauded a woman out of her life savings in a bid to pay off his cocaine and gambling debts has been jailed for 17 months.
Callum Goss, 25, fr…
Read the full article at: https://www.dailymail.co.uk/news/article-9769425/Blackmailer-25-jailed-17-months-extorting-7-333-woman-met-dating-app.html
The ruling focused on whether dissenting shareholders were out of the money, as claimed by the creditors in favour of the plan. If they were not, then they had a genuine economic interest in the company and the impact of the most likely alternative course of action did not need to be immediately quantifiable to determine whether or not the dissenting creditors would be any worse off.
- Cross-class cram-down process requires satisfaction of both threshold conditions
- Application of no worse off test requires consideration of whether dissenting creditors are out of the money
- Relevant alternative is crucial to determining whether creditors have a genuine economic interest
Oil-extractor Hurricane Energy had issued unsecured, unguaranteed bon…
Read the full article at: https://www.pinsentmasons.com/out-law/legal-updates/court-refuses-sanction-part-26a-restructuring-plan
A debt consolidation loan is vital to borrowers because it assists in settling debts through refinancing them and making your life easier. Its a type of loan settlement process whereby a borrower takes out a single loan to pay off the multiple loan accounts. Usually, a debt consolidation loan entails a combination of auto loans, medical debt, credit card debts, or student loans, making them a single loan.
Besides the reduced interest rates, debt consolidation loansallow you to repay your debt quickly in a less stressful manner. Its necessary to handle your debts responsibly. It helps to avoid experiencing setbacks such as being unable to afford other needs.
The US offers loan consolidation to the borrowers of federal education loans, in…
Read the full article at: https://signalscv.com/2021/07/pros-cons-of-a-debt-consolidation-loan/
The resolution calls for an additional $50 million from the family and acceleration of some milestone payments, according to the mediation document. In all, the contribution from the Sacklers will be about $4.5 billion over nine years. Purdue Pharma, which has not actively marketed OxyContin for two years, will be wound down or sold by 2024.
The states did win a concession that a trove of 30 million documents relating to Purdue Pharma and the Sackler familys marketing of OxyContin would be made public. The family, whose naming rights for museums and art exhibits have attracted protests, also will not be allowed to place its brand on future charitable gifts until terms of the dea…
Read the full article at: https://www.washingtonpost.com/business/2021/07/08/purdue-sackler-bankruptcy-settlement/
Iconic removalists WridgWays Australia has been placed into voluntary administration, leaving staff and contractors facing an uncertain future.
In response to a damning story by A Current Affair, WridgWays Australia CEO Kobus Fourie released a statement today confirming the news, adding that the majority of employees were stood down.
We are saddened by this turn of events, and will support our people as best as possible through this time, said Fourie.
WridgWays has a long history of supporting the Australian consumer with relocating, and we remain committed to completing any in progress consumer deliveries, and will work to ensure all customers receive their belongings.
As with many other iconic Australian businesses, WridgWays has bee…
Read the full article at: https://bigrigs.com.au/index.php/2021/07/08/removalists-pack-up-shop-leaving-subbies-short-changed/
Jaypee Infratech’s Interim Resolution Professional (IRP) Anuj Jain has filed Suraksha group’s bid, which was recently approved by financial creditors, with the National Company Law Tribunal.
In a regulatory filing on Thursday, the company informed that the IRP on July 7 filed “the resolution plan of Suraksha Realty Ltd along with Lakshdeep Investments and Finance Pvt Ltd (Suraksha) as approved by Committee of Creditors (CoC) with the Adjudicating Authority i.e. Hon’ble National Company Law Tribunal, Principal Bench, New Delhi”.
On June 23, financial creditors of Jaypee Infratech Ltd (JIL) picked Mumbai-based Suraksha group over state-owned NBCC for taking over the insolvent firm, raising hopes that thousands of homebuyers may …
Read the full article at: https://www.business-standard.com/article/companies/jaypee-insolvency-irp-files-suraksha-group-s-resolution-plan-with-nclt-121070800723_1.html
image copyrightGetty ImagesAn elderly California nun will plead guilty to stealing from the Catholic school where she worked for decades in order to support her gambling, according to US prosecutors.
Mary Margaret Kreuper, 79, allegedly stole more than $835,000 (590,000) while working as the principal of a school in suburban Los Angeles.
She is now facing 40 years in jail.
A plea agreement released on Tuesday says that she will admit to diverting funds to pay off large gambling debts.
Sister Kreuper, who had taken a vow of poverty, ran the St James Catholic School in Torrance, California, for 28 years. Officials say she began stealing in the 10 years leading up to her retirement in 2018.
“The community of faith a…
Read the full article at: https://www.bbc.com/news/world-us-canada-57419373
BEIJING (BLOOMBERG) – Chongqing Sincere Yuanchuang Industrial, a cash-strapped Chinese developer owned by Singapore’s richest property family, may undergo a court-led restructuring after a bankruptcy application was filed against it, according to sources familiar with the matter.
Sincere Property Holdings, the second-largest shareholder of Chongqing Sincere, is preparing to work with stakeholders and creditors on a restructuring of the builder, said the sources, asking not to be identified discussing private information. City Developments Ltd (CDL), owned by the billionaire Kwek family, has a 51 per cent stake in the developer.
A Beijing-based creditor of Chongqing Sincere submitted a bankruptcy petition against the company to the No 5…
Read the full article at: https://www.straitstimes.com/business/companies-markets/cdls-sincere-unit-in-china-may-undergo-court-led-restructuring
Avinash Persaud makes a persuasive case for developing countries to follow Barbados in issuing sovereign debt with natural disaster clauses (Opinion, June 28). In the event of a natural disaster, the interest payments on such loans are immediately suspended and added to the principal at the end of the term. Essentially these clauses equip countries struck by a natural disaster or even a pandemic with the liquidity that is necessary to respond to the crisis.
Unlike the Debt Service Suspension Initiative (DSSI) that the G20 rashly implemented at the height of the Covid-19 crisis, the Barbadian measure is forward-looking and pre-empts a liquidity crunch and a debt crisis when a country is hit by a natural disaster. It is an innovative me…
Read the full article at: https://www.ft.com/content/ef2f6603-66bb-47fe-83ba-fcbe5a61a5a1
SINGAPORE – Novena Global Healthcare (NGH) co-founder Terence Loh was declared bankrupt on Thursday (July 8) after his “white knight” plan was abandoned.
Mr Loh, 43, who has total outstanding debts of about $70 million with five banks stemming from personal guarantees for the loans held by NGH, had tried to enter into a voluntary arrangement with his creditors to repay them.
Please subscribe or log in to continue reading the full article.
Get unlimited access to all stories at $0.99/month
- Latest headlines and exclusive stories
- In-depth analyses and award-winning multimedia content
- Get access to all with our no-contract promotional package at only $0.99/month for the first 3 months*
*Terms and conditions apply.
Read the full article at: https://www.straitstimes.com/business/companies-markets/novena-global-healthcare-co-founder-terence-loh-declared-bankrupt