The Mumbai bench of the Nation Company Law Tribunal (NCLT) on Monday approved the Piramal Groups Rs 37,250 crore bid for debt-ridden Dewan Housing Finance Ltd (DHFL). The NCLT gave a conditional nod to the bid, which has received approval from 94 per cent of creditors pending the outcome of a Supreme Court decision on Kapil Wadhawans offer to fully settle Rs 91,000 crore in outstanding debt. The Indian Express examines the resolution process of DHFL and why it is important.

Why is this resolution important?

DHFL which is among the largest mortgage lenders in the country, was the first financial services company to be notified for insolvency reso…

Read the full article at: https://indianexpress.com/article/explained/the-resolution-process-of-dhfl-debt-and-why-it-is-important-7349096/

International air crew were eligible for the vaccine in phase 1A of the rollout.

A spokesman for the Department of Prime Minister and Cabinet said: Throughout the pandemic, the Australian government has regularly engaged with key partners in the business sector to ensure we maximise economic and social opportunities as the vaccine rollout progresses.

Mr Joyces email also thanks the federal government for help for the aviation sector, including the half-price airfare scheme that saw thousands purchase interstate flights in early April.

He asked for three commitments on interstate borders to help the industry recover from its COVID-19 nadir, which had even forced its main competitor, Virgin Australia, into voluntary administration.

They i…

Read the full article at: https://www.afr.com/companies/transport/qantas-pushed-for-domestic-air-crew-to-jump-vaccine-queue-20210608-p57z4o

The Danish Financial Supervisory Authority (DFSA) has announced that Gefion has been declared bankrupt.

Although there are no remaining live policies in the UK, claims may still be made against Gefion policies, and a number of previously-submitted claims currently remain unsettled, the UK regulator Financial Conduct Authority said in a statement on 7 June.

Gefion Insurance A/S (Gefion) is an insurance firm authorised and regulated by the DFSA.

It operated in the UK on a freedom of services basis which means that some customers, both individual and small businesses, based in the UK have held policies with the firm.

Gefion sold a range of motor insurance products in the UK through a network of Managing General Agent…

Read the full article at: https://www.internationalinvestment.net/news/4032503/danish-insurer-sold-products-uk-goes-bankrupt

Crown Melbourne has been accused of predatory behaviour after a royal commission revealed it allowed a high-roller with a $100,000 gambling debt to keep playing.

The man exchanged a $100,000 cheque for chips at the Southbank casino in May 2016.

He was a high-stakes roulette enthusiast who usually bet about $4000 per spin and once gambled continuously for 26 hours and 23 minutes.

This time he lost everything. And then his cheque bounced.

But he was encouraged to keep on gambling at Crown Melbourne’s Mahogany Room – reserved for VIPs and high-rollers – and told he could pay back the debt from his winnings.

He paid back the debt after a lucky streak, but then went even further into the red, owing the casino up to $1 million.

Counsel assi…

Read the full article at: https://thewest.com.au/politics/law-and-order/crown-let-man-with-100k-debt-keep-playing-c-3047757

The debt relief initiative from the U.S. Department of Agriculture (USDA) will provide assistance for many socially disadvantaged farmers in California. Assistant Secretary for Administration at USDA, Osker Gonzales talked to AgNet West about some of the details of the program. The initiative is expected to provide assistance to hundreds of California farmers. Gonzales said the debt relief program is especially important for California, as agriculture is a main pillar of the states economy.

USDA currently estimates that approximately 14,000 borrowers across the country meet the socially disadvantaged definition, Gonzales explained. Here in California, the number I was looking at earlier in terms of individual borrowers who might b…

Read the full article at: https://agnetwest.com/debt-relief-initiative-to-benefit-hundreds-of-california-farmers/

Do you face problems when it comes to managing your debt? Or are you struggling with massive debt that you don’t think you will be able to clear in the future? If so, then it’s better to go for debt relief options.

A debt relief program is ideal for people who are getting into debt with time. Also, people who have to pay more interest rates with time on different types of debts need to opt for this approach. This way, you can save yourself from getting into more problems and live a peaceful life.

It would help if you learned several things about debt relief. To give you a clear idea, we have mentioned every aspect of debt relief. Here in this article, you can learn about debt relief programs, debt-relief alternatives, and the drawback…

Read the full article at: https://yourmoneygeek.com/guide-to-debt-relief/

The stone itself isnt ordinary: its a tombstone, dated to nearly 180 years ago. Though the bottom half of the tombstone is gone, the date and the name is clear enough to read, as if its been sitting in a museum instead of out in the…

Read the full article at: https://www.bluemountaineagle.com/life/national/watch-now-coles-county-group-seeking-answers-about-mystery-tombstone/article_e8798a58-f57f-53a6-b2d2-45ff750e1f61.html

Danish insurer Gefion Insurance A/S has been declared bankrupt by Denmarks Maritime and Commercial High Court.

The curators of the bankruptcy estate, attorney-at-law Boris Frederiksen and attorney-at-law Sren Aamann Jensen, will contact all policyholders in Gefion to inform and guide them on how to act, said the Danish Financial Supervisory Authority (DFSA), which has also opened an enquiries hotline at +45 41933500.

Additionally, curators of the bankruptcy estate can be reached at [emailprotected]

Meanwhile, in the UK, the Financial Conduct Authority noted: Although there are no remaining live policies in the UK, claims may still be made against Gefion policies, and a number of previously submitted claims currently remain unsettled…

Read the full article at: https://www.insurancebusinessmag.com/uk/news/breaking-news/court-declares-insurer-bankrupt-257223.aspx

Farmers of color are set to get unprecedented help this month. The U.S. Department of Agriculture plans $4 billion in debt relief as part of the latest pandemic stimulus package.

The debt relief is designed to address a well-established history of discrimination against Black, Indigenous and other farmers of color.

Studies going back to the 1920s have documented how little access to government help farmers of color have had compared to their white counterparts. During that same time period, the proportion of Black farmers in the U.S. has shrunk from 14 percent in 1920 to just under 2 percent in 2017.

But there are some who oppose the deal. Banks are upset that they wont make as much money if farmers of color are allowed to pay off the d…

Read the full article at: https://www.mprnews.org/episode/2021/06/08/debt-relief-for-black-farmers

As part of his firms latest advice on the topic, Sam Pedley, a partner and award-winning insolvency expert at mfg Solicitors, runs through the main changes and the delicate balancing act of helping businesses to survive.

The Corporate Insolvency and Governance Act 2020 brings into effect the most significant changes to UK insolvency law in a generation.

The fact that the Government got the Act through Parliament in just six weeks shows how important it considers the new law to be in getting businesses back on their feet.

Last year it had a rapid passage through the UK parliamentary process, making its way from first publication on 20 May to Royal assent on 25 June.

In short, the Act is there to encourage businesses to carry on trading…

Read the full article at: https://www.thebusinessdesk.com/westmidlands/news/2052301-corporate-insolvency-and-governance-act-provides-breathing-space-to-businesses-left-struggling-by-the-covid-19-pandemic

Author: Toshiro Nishizawa, University of Tokyo

The G20 recently extended its Debt Service Suspension Initiative (DSSI) for the rest of 2021, reflecting the severity of liquidity shortages facing the worlds poorest countries due to the COVID-19 pandemic. But it is only a temporary measure.

A Common Framework for Debt Treatments beyond the DSSI endorsed by the G20 and the Paris Club in November 2020 could be a remedy to address debt sustainability problems going forward. While the Common Framework is a welcome step forward in the G20s concerted efforts to facilitate debt treatment for DSSI-eligible countries, it still needs to address fair burden sharing challenges.

The G20s move to temporarily ease financing constraints for vulnerable…

Read the full article at: https://www.eastasiaforum.org/2021/06/07/can-the-g20-shift-the-global-debt-finance-landscape/

MUMBAI : Financial creditors may realise 55,000-60,000 crore in fiscal 2021-22 through successful resolution plans from the Insolvency and Bankruptcy Code (IBC), credit rating agency Icra has said.

The realisation for financial creditors from the resolution of Corporate Insolvency Resolution Process (CIRP) under the IBC declined significantly in FY2021 with a total resolution amount of around 26,000 crore, almost a quarter of the realisations in FY2020, the agency said.

“As per our estimates, the financial creditors could realise about 55,000-60,000 crore in FY2022 through successful resolution plans from the IBC,” the agency’s Vice President and Group Head Structured Finance, Abhishek Dafria, said in a report.

The increase in the…

Read the full article at: https://www.livemint.com/economy/financial-creditors-may-realise-rs-55-000-60-000-crore-through-ibc-in-fy22-report-11623060409823.html