Washington, DC: IMF Managing Director Kristalina Georgieva today announced that the International Monetary Fund has secured sufficient financing pledges to allow the Fund to provide comprehensive debt relief to Sudan. 101 IMF member countries have pledged to provide more than SDR 992 million (US$1,415.7 million) in financing. This will enable the clearance of Sudans arrears to the IMF, allow for the provision of new Fund financing, and facilitate the delivery of the HIPC Initiative and other debt relief to Sudan.1 This will also help unlock significant amounts of development assistance and create the conditions for higher and more inclusive growth in Sudan.
Ms. Georgieva welcomed this important breakthrough, noting: Todays financing…
Read the full article at: https://www.miragenews.com/imf-managing-director-kristalina-georgieva-582848/
UK companies struggling with coronavirus-related debts have been thrown a lifeline by the government which will not pursue them for unpaid taxes in order to avoid a wave of insolvencies this summer.
Restructuring experts have warned that many companies will struggle to stay afloatfrom next month when emergency Covid-19 business support measures begin to be wound down.
Business groups have raised concerns with ministers that this would be exacerbated if HM Revenue & Customswere to take an aggressive approach to collecting overdue taxes that are needed to help restore strained public finances.
The HMRC was last year granted preferential creditor status in insolvencies for outstanding VAT and income tax. This means it would be paid first …
Read the full article at: https://www.ft.com/content/552e2f13-c030-481b-af47-4a0772265fb4
“The number of prime customers purely using them for that purpose has dropped from 59% to 43%, while home improvement usage has increased.”
More second charge borrowers are using the proceeds from their loans for other purposes beyond debt consolidation, according to the latest data from Evolution Money.
Evolution’s quarterly data tracker analyses data from two different types of its second charge mortgage products, split between those borrowers using the loans for debt consolidation purposes, and those clients who have prime credit ratings.
The latest version of the tracker shows a more even picture in terms of the volume and value of second charge loans being taken by both types of borrowers.
Looking at its total lending data fo…
Read the full article at: https://www.financialreporter.co.uk/specialist-lending/borrowers-using-second-charges-for-purposes-beyond-debt-consolidation.html
ANI | Updated: Jun 22, 2021 15:54 IST
New Delhi/Mumbai [India], June 22 (ANI/NewsVoir): Cyril Amarchand Mangaldas (Firm) acted as the legal counsel to Committee of Creditors (CoC) of Dewan Housing Finance Corporation Limited (DHFL) on DHFL’s corporate insolvency resolution process. The CoC of DHFL comprises of banks, financial institutions, and authorised representatives acting on behalf of a large number of debenture holders (both institutional and retail) and public deposit holders (several thousand of each).
The Firm advised the CoC since the inception of the CIRP and through a bidding process designed to maximise value and successfully represented the CoC before the NCLT resulting in the approval of the Resolution Plan.
The Banking …
Read the full article at: https://www.aninews.in/news/business/business/cyril-amarchand-mangaldas-advises-on-corporate-insolvency-resolution-process-of-dewan-housing-finance-corporation20210622155403
The logo of Garuda Indonesia is pictured on an Airbus A330 aircraft parked at the aircraft builder’s headquarters of Airbus in Colomiers near Toulouse, France, November 15, 2019. REUTERS/Regis Duvignau/File Photo
JAKARTA, June 21 (Reuters) – Flag carrier Garuda Indonesia (GIAA.JK), which last week defaulted on a $500 million sukuk, is considering a court supervised debt restructuring process and is in talks to slash its fleet size, company executives said on Monday.
A deputy minister of state-owned enterprises said earlier this month the state-controlled airline’s total debt is about $4.5 billion and it runs a $100 million negative cashflow a month due to high costs and low revenues during the coronavirus pandemic. read more
Garuda, whi…
Read the full article at: https://www.reuters.com/business/aerospace-defense/garuda-indonesia-weighs-court-led-debt-restructuring-shrink-fleet-2021-06-21/
(Eds: Disclaimer: The following press release comes to you under an arrangement with Newsvoir. PTI takes no editorial responsibility for the same.) Delhi | Mumbai, India (NewsVoir) Cyril Amarchand Mangaldas (Firm) acted as the legal counsel to Committee of Creditors (CoC) of Dewan Housing Finance Corporation Limited (DHFL) on DHFLs corporate insolvency resolution process. The CoC of DHFL comprises of banks, financial institutions, and authorised representatives acting on behalf of a large number of debenture holders (both institutional and retail) and public deposit holders (several thousand of each). The Firm advised the CoC since the inception of the CIRP and through a bidding process designed to maximise value and successfully represe…
Read the full article at: https://www.outlookindia.com/newsscroll/cyril-amarchand-mangaldas-advises-on-corporate-insolvency-resolution-process-of-dewan-housing-finance-corporation/2106833
Raashid Khan (26) has been disqualified as a director for 12 years after fraudulently claiming 50,000 through the Bounce Back Loan Scheme (BBLS) before transferring the full amount out of the companys account to himself just days before his company went into administration.
Khan, from Birmingham, was director of Ikandy Wholesale Ltd, which bought and sold bulk goods, including fireworks and fresh meat.
Despite Ikandy Wholesales company accounts being frozen after it was confirmed the company was to be shut down, Khan forged a document to convince his bank that the winding up order had been revoked. This allowed him to transfer around 70,000 out of the account, including a 50,000 Bounce Back Loan, which he had secured less than two weeks…
Read the full article at: https://www.gov.uk/government/news/insolvency-service-takes-action-against-businesses-abusing-covid-19-financial-support
MIAMI, June 21, 2021 (GLOBE NEWSWIRE) — National investor fraud law firm, KlaymanToskes (KT), announces an investigation on behalf of investors in Northstar Financial Services (Bermuda) Ltd. following its recent bankruptcy and order to liquidate by the Bermuda government. Northstar Financial Services was a Segregated Accounts Company regulated by the Bermuda Monetary Authority, and touted its fixed and variable annuities products as offering segregated account protection, generous liquidity terms and a variety of commitment periods, as well as the benefits of a Bermuda trust structure.
In 2019, the owner of Northstar Financial Services (Bermuda), Greg Lindberg, was indicted on federal wire fraud and bribery charges, and he is currently…