Owing money and missing repayments can be stressful, so the last thing many people in financial difficulty need is to be charged more money for help getting their debt under control.
Thats why Consumer Protection urges consumers to choose free debt management advice where possible over other high-cost options.
While debt management service companies may claim to be able to fix debt problems, these businesses charge fees and may not always be able to resolve the issues.
Some consumers have reported signing contracts and then discovering a caveat has been put on their home.
In a move designed to help protect consumers, all debt management firms will be required to hold a credit licence for the first time from 1 July 2021.
While this r…
Read the full article at: https://www.miragenews.com/fix-debt-for-free-563422/
Radical plan to BUY BACK Qantas for $9 billion so passengers aren’t ripped off – with national carrier now dominating Australia’s skies
- Transport Workers Union wants federal government to nationalise Qantas
- The flying kangaroo airline has a 74 per cent domestic travel market share
- This means there is little competition allowing Qantas to up its airfares
- Qantas refuted claims it underpaid workers pointing to management pay freeze
- A Labor government privatised Qantas in 1992 on proviso it stayed in Australia
- Kiwi Labour government bought back a privatised Air New Zealand in 2001
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View …
Read the full article at: https://www.dailymail.co.uk/news/article-9635729/Radical-plan-Australian-government-buy-Qantas-three-decades-privatised.html
Liquidation of a company means the legal way of ending the company in which assets are discharged and sold out to repay the creditors whereby the business is closed and its name is removed from the record of the Company Registrars Office (OCR).
In Nepal, the major law governing the liquidation process of a company are:
Meanwhile, for liquidating a bank and financial institution, there is a specific act, Bank and Financial Institution Act, 2017to govern liquidation.
Method of liquidation
There are mainly two exit options available for the companies that want to shut down their businesses which are mentioned below:
- Voluntary liquidation
- Compulsory liquidation
Voluntary …
Read the full article at: https://english.onlinekhabar.com/liquidating-a-company-in-nepal-how-and-when.html
To provide support to small businesses hit by the second coronavirus wave, banks have initiated the process of restructuring of loans up to Rs 25 crore in line with the COVID-19 relief measures announced by the Reserve Bank earlier this month. Many lending institutions have got board approval for the resolution framework and eligible borrowers are being contacted.
For example, the Bank of India has sent messages to its eligible customers to submit their willingness to debt recast online.
“In these trying times, we offer you a helping hand by extending relief as per RBI Resolution Framework 2.0 dated May 5th, 2021. If you are under financial stress caused by the COVID Second Wave, you may opt for restructuring of your account,” the messa…
Read the full article at: https://www.businesstoday.in/sectors/banks/covid-19-impact-banks-initiate-process-of-restructuring-loans-up-to-rs-25-cr/story/440385.html
Around 43 million Americans owe $1.5 trillion in federal student loan debt, an enormous number with broad economic implications.
Student debt has been shown to hamper small-business growth, prevent young families from buying homes, delay marriages and inhibit people from saving for retirement.
Emotionally, too, the effects are wide-ranging. A 2017 study showed students with debt are less likely to enter their desired profession, instead prioritizing loan payments. Adults report feeling depressed over their student loan debt at high rates. According to one survey, 1 in 15 student loan borrowers reported that they had considered suicide because of their debt.
But what would happen if all or some of it were to disappear?
President Joe Bi…
Read the full article at: https://www.nbcnews.com/news/us-news/five-americans-what-50k-federal-student-loan-forgiveness-would-mean-n1268545
The National Company Law Tribunal (NCLT) has ordered the liquidation process of Devas Multimedia by allowing a petition filed by Antrix Corporation, a commercial arm of the Indian Space Research Organisation.
The Bengaluru Bench of the NCLT has said Devas Multimedia was incorporated with a fraudulent motive to collude and connive with the then officials of Antrix Corporation to get bandwidth from it by entering into an agreement in 2005, which was subsequently cancelled by the government.
The tribunal also confirmed the appointment of the provisional liquidator by it earlier on January 19 and directed him to take expeditious steps to liquidate the company to prevent it from perpetuating its fraudulent activities and abusing the process …
Read the full article at: https://www.thehindu.com/news/national/tribunal-orders-liquidation-of-devas-multimedia/article34684554.ece
Banks have initiated the process of restructuring of loans up to Rs 25 crore in line with the Covid-19 relief measures announced by the Reserve Bank earlier this month
Topics
Banks|Coronavirus|MSMEs
To provide support to small businesses hit by the second coronavirus wave, banks have initiated the process of restructuring of loans up to Rs 25 crore in line with the COVID-19 relief measures announced by the Reserve Bank earlier this month.
Many lending institutions have got board approval for the resolution framework and eligible borrowers are being contacted.
For example, the Bank of India has sent messages to its eligible customers to submit their willingness to debt recast online.
“In these trying times, we offer you a help…
Read the full article at: https://www.business-standard.com/article/finance/covid-19-banks-begin-process-of-restructuring-of-loans-up-to-rs-25-cr-121053000404_1.html
On May 21, 2021, the Supreme Court dismissed pleas on 75 petitions challenging the notification including that on Anil Ambani, Sanjay Singhal, Venugopal Dhoot, Kapil Wadhawan and 45 other industrialists. (The Supreme Court had declared the notification issued by the Union government under Insolvency and Bankruptcy Code, on November 15, 2019 as legal and valid).
The judgment has opened a roadway for the creditors to proceed against guarantors of such defaulting companies to recover debt in case of personal guarantees for securing funds. Significantly, lenders can also proceed against the guarantors at any stage even when the corporate insolvency resolution process of the company is not completed. The issues surrounding such loans is that…
Read the full article at: https://www.thehindubusinessline.com/business-laws/bad-loans-and-personal-guarantees/article34683404.ece
NEW DELHI: To provide support to small businesses hit by the second coronavirus wave, banks have initiated the process of restructuring of loans up to Rs 25 crore in line with the Covid-19 relief measures announced by the Reserve Bank earlier this month.
Many lending institutions have got board approval for the resolution framework and eligible borrowers are being contacted.
For example, the Bank of India has sent messages to its eligible customers to submit their willingness to debt recast online.
“In these trying times, we offer you a helping hand by extending relief as per RBI Resolution Framework 2.0 dated May 5th, 2021. If you are under financial stress caused by the Covid Second Wave, you may opt for restructuring of your account,” th…
Read the full article at: https://timesofindia.indiatimes.com/business/india-business/banks-begin-process-of-restructuring-of-loans-up-to-rs-25-crore/articleshow/83084868.cms
Theres no doubt that athletes are a competitive bunch. So, it is not surprising that quite a few famous athletes like to gamble. They dont gamble on their own games mind you that would be against the rules. Well, OK, one name does come to mind who notoriously did do just that. But for the most part, they gamble on friendly games of golf and the like.
Phil Mickelson has wagered a lot against other PGA Tour golfers. Some NBA retirees are also known for their gambling habits. Charles Barkley has shared his love of Las Vegas casinos because he can afford to, he once said. And Michael Jordan has long placed wages on his abilities on the golf course. One opponent, Richard Esquinas, says MJ still owes him $100,000 from 1993.
Michael Jordans …
Read the full article at: https://www.sportscasting.com/richard-esquinas-claims-michael-jordan-still-never-paid-gambling-debt/
WASHINGTON At the beginning of April, White House chief of staff Ron Klain gave proponents of student debt cancellation a glimmer of hope when he announced President Joe Biden had asked the Education Department to prepare a memo examining his legal authority to wipe out debt through executive action.
“Hopefully well see that in the next few weeks,” Klain said at the time. “And then he’ll look at that legal authority, he’ll look at the policy issues around that, and then he’ll make a decision. He hasn’t made a decision on that either way. In fact, he hasn’t yet gotten the memos that he needs to start to focus on that decision.”
The White House has tied Biden’s policy approach to student debt relief to the Education Department’s…
Read the full article at: https://www.nbcnews.com/politics/white-house/white-house-promised-memo-biden-s-authority-cancel-student-debt-n1268681
The approval of the Resolution Plan in CIRP requires a minimum 66% of the voting share of members of the Committee of creditors
By Ashok Kumar Gulla
The Insolvency and Bankruptcy Code, 2016 (IBC Code) enacted on May 28, 2016, provides for invitation of resolution plans from Prospective Resolution Applicants (PRAs) for revival of the corporate debtor (CD). However, in case no resolution plans are received or approved, the Adjudicating Authority (AA) may pass an order of Liquidation under Sec 33 of the IBC Code. Regulation 2B was introduced in IBBI (Liquidation Process) Regulations, 2016 on July 25, 2019 opening another window for CD to be sold by inviting scheme of Compromise or Arrangement under Sec 230 of Companies Act, 2013 (the Sche…
Read the full article at: https://www.financialexpress.com/industry/companies-in-liquidation-how-resolution-plan-in-cirp-differs-from-scheme-of-compromise-under-companies-act/2260830/