When the bankruptcy code was brought in five years ago, there was much hope, not only in India but in the entire global business community. No wonder the very next year, Indias ranking in the Ease of Doing Business shot up from 108 to 52. However, after five years, except for a few big-ticket hits, we have little to show in terms of the code having helped its avowed objectives – to revive companies, recover public money and protect jobs.

Bankers have so far taken a haircut of 60 per cent in total in all the cases that have been resolved through the Insolvency and Bankruptcy Code (IBC) as of March 31, 2021. This is about the same as it was before the code came into force. So far 1,277 of the total 4,376 companies undergoing insolvency pr…

Read the full article at: https://www.freepressjournal.in/analysis/the-insolvency-and-bankruptcy-code-has-scored-a-few-hits-and-many-misses-thus-far-writes-p-n-vijay

SAN JOSE The reopening of a bankrupt downtown San Jose hotel thats been closed since March in the wake of the coronavirus has landed in limbo after a judges ruling.

A set of decisions by a U.S. Bankruptcy Court judge enables the start of an arbitration proceeding to resolve a dispute between the bankrupt Fairmont San Jose hotels owner and the iconic lodgings operators.

It is likely that a decision will be made by the arbitrator at the end of the next 5 to 6 months, essentially by the end of the year, said Sam Singer, a spokesperson for the group that owns the double-tower hotel in downtown San Jose.

That in turn has left the date and circumstances under which the hotel can reopen up in the air.

We do not have a firm date on the proper…

Read the full article at: https://www.eastbaytimes.com/2021/06/29/bankrupt-downtown-san-jose-hotel-reopen-limbo-court-real-estate-covid/

With the return of the Euros, football has dominated public attention and conversation.

The highly-anticipated event is not without controversy, due to the close relationship between the sport and betting.

For those who have struggled with a gambling addiction, the return of the highly-publicised event is a concerning trigger.

READ MORE: Londoner started walking to help his mental health – now 50 men join him

Despite ITV announcing that gambling adverts would be reduced during the games, they have faced heavy criticism suggesting that this is not enough.

With an estimated 250-650 gambling-related suicides each year in the UK, …

Read the full article at: https://www.mylondon.news/news/i-spent-22500-two-hours-20928972

Image counts for everything in the current climate, as travel agencies look to reassure their customers they can handle their bookings as economies start to recover.

And company travel managers will be seeking guarantees from them that they can cope with a surge in activity as travel restrictions lift, particularly as governments wind down their financial support packages and labor shortages threaten a wider industry recovery.

The time of truth is approaching, according to one global travel buyer working in the retail sector. Its especially difficult to read how privately owned companies are doing. Its up to them to provide the transparency, he said, preferring to withhold his name.

Several large agencies now appear to be ramping up the…

Read the full article at: https://skift.com/2021/06/29/corporate-travel-agencies-restructure-to-gain-edge-for-recovery/

The cabinet on Tuesday approved seven state-owned financial institutions extending debt relief measures for their customers for another six months to help ease the impact of Covid-19, says Finance Minister Arkhom Termpittayapaisith.

He said the existing measures are set to expire in June or July.

These institutions have provided relief measures to 7.56 million individuals and small and medium-sized enterprises (SMEs), totalling 3.46 trillion baht in loans since February 2020. The measures range from the suspension of principal and…

Read the full article at: https://www.bangkokpost.com/business/2140803/cabinet-backs-debt-relief-extension

The IMF on Tuesday approved a $2.5 billion loan for Sudan, and with the World Bank sealed a landmark deal that unlocks nearly $50 billion in debt relief for the impoverished African nation.

The announcement came after the International Monetary Fund finalized an agreement with 101 donor countries allowing Sudan to clear roughly $1.4 billion in arrears to the Washington-based lender — the key hurdle to allow access to fresh aid.

“We congratulate the Sudanese government and people for their commendable hard work and progress toward this remarkable milestone,” IMF chief Kristalina Georgieva and World Bank President David Malpass said in a joint statement.

Payment of the arrears is the “decision point” that allows access to debt relief un…

Read the full article at: https://au.finance.yahoo.com/news/imf-approves-2-5-bn-224946365.html

The operator of Auckland airline Fly My Sky has gone into liquidation.

The registered company behind the third tier airline Commercial Helicopters had Clive Bish of Ecovis KGA appointed as a liquidator on Wednesday.

Fly My Skys website has been stripped of information and the companys contact numbers have been disconnected.

Commercial Helicopters was owned by Christine and Dylan Young and Marcham Trustee Company, who bought the business in March last year.

READ MORE:
* Come fly with me, a look at New Zealand’s smaller airlines: Fly My Sky
* Great Barrier Island: The joys of a guided tour with the locals
* Hiking on ‘the Barrier’: Exploring the forested …

Read the full article at: https://www.stuff.co.nz/business/industries/125607569/company-behind-auckland-airline-fly-my-sky-in-liquidation

29/06/2021

Thousands more people will be able to get out of problem debt as a result of changes coming into force today.

Debt Relief Orders (DROs) can now be used if you owe a maximum of 30,000, up from the previous limit of 20,000.

DROs are aimed at people with relatively low levels of unmanageable debt who have nothing to offer their creditors, such as assets or disposable income, and for whom bankruptcy would be a disproportionate response.

The order freezes your debt repayments and interest for 12 months. If your financial situation hasnt changed at the end of this period, then all of the debts included will be written off.

Other changes coming in from today mean you can use a DPO if you have 75 left over at the end of t…

Read the full article at: https://www.yourmoney.com/credit-cards-loans/more-help-for-people-in-problem-debt-from-today/

A woman stole 24,000 worth of war medals while working at a law firm and tried to sell them online in order to pay off gambling debts.

Ebony Thomas was working in an “administrative role” at a Hartlepool solicitors when she stole the medals from the vault of the premises.

The medals belonged to avid collector and expert Harry Taylor who had amassed the prized collection over 67 years.

Read more: Body found at beach confirmed as missing Gabriel Kariuki

Mr Taylor had entrusted the solicitors into keeping the medals safe in 2003 as they were to be used as an inheritance for his children.

Thomas, of Eltham Crescent, Thornaby, appeared at Teesside Crown Court on Tuesday to be sentenced for the theft.

Rachel Masters, prosecuting, said the me…

Read the full article at: https://www.gazettelive.co.uk/news/teesside-news/law-firm-worker-stole-war-20928717

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If youre struggling to manage your debts, having trouble making payments on time or considering declaring bankruptcy, you may want to get professional financial help. Two options for debt relief available to consumers are debt settlement and debt management programs.

Depending on your financial situation, you may benefit from debt management, debt settlement or another form of debt relief, like debt consolidation. Both the debt management and debt settlement options have pros and cons. Before you commit …

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Member Article

Leading professional services firm Begbies Traynor has appointed personal insolvency specialist David Tannock as a manager based at its Glasgow office.

With more than 18 years experience in the insolvency sector, David joins from an accountancy and business advisory services firm in Glasgow where he spent almost four years as an insolvency manager, having previously worked for another chartered accountancy practice in the city for nine years.

David has a broad range of experience covering insolvency and debt solutions, including helping struggling individuals and businesses on matters such as trust deeds, sequestrations and Debt Arrangement Schemes.

From his base in Glasgow, David will work with the team to provide perso…

Read the full article at: https://bdaily.co.uk/articles/2021/06/29/begbies-traynor-appoints-personal-insolvency-manager-in-scotland