Insolvency Guardian Media Centre
July 07, 2021
U.S. Senators Chris Van Hollen and Ben Cardin (both D-Md.) joined Senator Patty Murray (D-Wash.), chair of the Senate Health, Education, Labor, and Pensions (HELP) Committee, and 20 of their Senate colleagues in urging Secretary of Education Miguel Cardona to expand student debt relief in the Departments upcoming higher education rulemaking.
In aletterto Secretary Cardona, the members highlighted the need for policies that improve and expand our existing student loan repayment and forgiveness programs to ensure borrowers can access the relief they are owed. Specifically, the Senators urged Secretary Cardona to make key improvements in income-driven repayment (IDR) and Public Service Loan Forgiveness (PSLF), as well as ensu…
Read the full article at: https://www.vanhollen.senate.gov/news/press-releases/van-hollen-cardin-urge-education-department-to-expand-debt-relief-for-student-loan-borrowers
This story is part of CNBC Make It’s One-Minute Money Hacks series, which provides easy, straightforward tips and tricks to help you understand your finances and take control of your money.
Credit card debt can be frustrating and feel impossible to pay off. Not to mention, it’s also expensive: The average credit card interest rate is around 16%.
If you have credit card debt spread across multiple cards, one option to help you get rid of it faster is to consolidate the debt using a personal loan, which you can get from a major bank like Wells Fargo, online lender like SoFi or credit union.
The basic premise is that you use the loan to pay off your credit card balances, then concentrate on paying down the loan itself.
A debt consolidat…
Read the full article at: https://www.cnbc.com/2021/07/07/debt-consolidation-can-help-pay-off-credit-card-debt.html
The National Company Law Appellate Tribunal (NCLAT) has allowed the withdrawal of the ongoing insolvency case against its subsidiary OYO Hotels and Homes Private Ltd.(OHHPL), and in effect closing the proceedings against the company.
OYO in a statement said that it will continue to work closely with its hotel partners for the closure of any pending claims.
This has come as a setback to multiple hoteliers which had approached the NCLT, with claims of defaults by the company.
Mint has reviewed a copy of the order.
Earlier in May, industry body Federation of Hotel & Restaurant Associations of India (FHRAI) had stated in May that it was allowed by the NCLAT to act on behalf of the affected hotel owners in the insolvency case against OYOs…
Read the full article at: https://www.livemint.com/companies/news/nclat-allows-withdrawal-of-oyo-insolvency-case-11625670380454.html
1National Centre for Behavioural Addictions, CNWL NHS Trust, London.
2Addiction and Criminal Justice Policy Unit, Centre for Social Justice, London, UK
- Correspondence to: H Bowden-Jones [email protected]
A YouGov poll published in June 2021 of 12247 adults and 2513 children suggested that the British public wants to see changes to the way gambling advertising is regulated. With 77% of adults supporting a ban on gambling advertising on television and radio before 9 pm and 63% of adults supporting a total ban on the advertising of gambling products, this is a clear call to arms for our nations decision makers.1
These findin…
Read the full article at: https://www.bmj.com/content/374/bmj.n1708
HOUSTON–(BUSINESS WIRE)–Adam K. Joseph, Managing Director of MACCO Restructuring Groups Las Vegas, Nevada office (MACCO) has become the President of the Nevada Chapter of the Turnaround Management Association (TMA). The TMA is a professionally diverse organization with almost 10,000 members worldwide in 54 Chapters whose focus is corporate restructuring, renewal, and corporate health. The Nevada Chapter is one of 34 North American Chapters. TMAs diverse membership includes business restructuring and turnaround professionals, financial advisors, investment bankers, attorneys, accountants, liquidators, academic, government employees, and members of the judiciary.
Joseph said, Im honored and excited to offer my leadership and to re-en…
Read the full article at: https://www.businesswire.com/news/home/20210707005506/en/MACCO-Restructuring-Group-Managing-Director-Adam-K.-Joseph-Assumes-Role-as-President-Nevada-Chapter-of-the-Turnaround-Management-Association
China’s Foreign Ministry spokesperson Wang Wenbin. Photo: VCG
China will continue to work with African countries and the international community to implement the Initiative on Partnership for Africa’s Development and continue efforts to help African countries achieve development and prosperity, China’s Foreign Ministry said on Wednesday, refuting the West’s “Chinese debt trap.”
Commenting on recent efforts from African leaders and journalists to refute claims of China creating “debt trap” in the continent, Wang Wenbin, a spokesperson for the ministry, said that China has fully implemented the G20 d…
Read the full article at: https://www.globaltimes.cn/page/202107/1228064.shtml
NCLAT has closed proceedings for insolvency of Oyo’s subsidiary Oyo Hotels and Homes Private Limited and allowed Oyo’s plea for setting aside the Insolvency and Bankruptcy Code case against OHHPL.
Topics
NCLAT|Oyo|OYO Hotels & Homes
Neha Alawadhi | New Delhi
Last Updated at July 7, 2021 15:44 IST
The National Company Law Appellate Tribunal (NCLAT) on Wednesday closed insolvency proceedings against Oyo and one of its subsidiaries, and also disallowed the intervention of external parties including Federation of Hotel & Restaurant Associations of India (FHRAI).
Industry body FHRAI said in May it has been allowed by the NCLAT to intervene on behalf of hotels in the Oyo unit insolvency case before the tribunal. The association had …
Read the full article at: https://www.business-standard.com/article/companies/nclat-closes-insolvency-proceedings-against-oyo-and-its-subsidiary-121070700837_1.html
The order was passed in the matter concerning Oyo and hotelier Rakesh Yadav. Oyo reached an out of court settlement with Yadav but scores of hoteliers had approached the National Company Law Tribunal (NCLT) with claims against the company that were said to be upwards of Rs 200 crore.
The Ahmedabad bench of the NCLT had ordered commencement of the corporate insolvency resolution proceedings (CIRP) against Oyo Hotels & Homes based on the application filed by Yadav. The proceedings were initiated under the Inso…
Read the full article at: https://economictimes.indiatimes.com/tech/startups/nclat-allows-withdrawal-of-oyo-insolvency-case-in-setback-to-hoteliers/articleshow/84198131.cms
Opus Restructuring & Insolvency has appointed George Dale as its new partner in Scotland.
The company established an initial presence in the country with the appointment of Mark Harper as partner earlier this year.
Dale will open an office at 23 Melville Street, Edinburgh, later this month, with a view to developing the firm’s restructuring and insolvency business.
In previous insolvency roles he held senior leadership positions, while operating extensively across the UK on various assignments.
The new team is aiming to advise and support directors, business owners, lenders, creditors, solicitors and accountants, irrespective of the business sector, during the uncertain post-pandemic period.
Opus has grown rapidly since it was establi…
Read the full article at: https://www.insider.co.uk/appointments/opus-restructuring–insolvency-announces-24471253
But Mr Greensill, who also refused to appear before the business committee, has acknowledged offering future receivables programs to clients.
The committee had asked Mr Greensill to answer written questions on the nature of the schemes but is yet to release his response.
The UKs Serious Fraud Office is investigating suspected fraud at GFG Alliance and its financing arrangements with Greensill Capital.
Mr Gupta said while some of his businesses were not exposed to Greensill Capitals financing, including its US steel operations, the vast majority were affected by the firms collapse in March.
With hindsight, GFGs concentration on one financial provider risked instability, he said. It is not something GFG would repeat.
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GFG …
Read the full article at: https://www.afr.com/companies/financial-services/sanjeev-gupta-confirms-financing-of-prospective-invoices-20210707-p587kz
OYO has also made an out of the court settlement with the original party, Rakesh Yadav.
The CEO and founder of Oyo Hotels, Ritesh Agarwal
In a major disappointment to scores of hoteliers who had filed claims against Softbank-backed OYO Hotels’ subsidiary following an insolvency petition against the company, the National Company Law Appellate Tribunal (NCLAT) on July 7, disallowed their intervention in effect closing the case against the hospitality firm.
“Their (OYO) application for withdrawal has been allowed and our intervention applications have been disallowed,” said lawyers of one of the hoteliers requesting anonymity.
However, it provided a little breather to the creditors by reserving their right to approach the corpora…
Read the full article at: https://www.moneycontrol.com/news/business/startup/just-in-nclat-dismisses-hoteliers-claims-against-oyo-7138061.html
07 July 2021
Begbies Traynor has appointed personal insolvency specialist David Tannock as an Insolvency Manager based at its Glasgow office. He brings the best part of two decades of experience to the role.
Thomas McKay, a Partner atBegbies Traynor in Scotland, said, With sole traders and limited companies across the country facing difficult times as a result of Covid-19, in the coming months we are expecting to see more people turning to us for advice they can trust. With his extensive experience in personal insolvency, David is a welcome addition, further strengthening our team across Scotland.
With more than 18 years experience in the insolvency sector, Tannock arrives at Begbies Traynors office in Glasgow….
Read the full article at: https://www.consultancy.uk/news/28404/david-tannock-joins-begbies-traynor-in-glasgow