Stay informed with the latest in insolvency news and industry updates. We can keep you up to date with insolvency and finance information from around the world.
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…
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…
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American consumers had a total of $820 billion in credit card debt at the end of 2020, according to the Federal Reserve Bank of New York. Although total debt obligations were lower in 2020 than in the years before, consumer debt (credit cards, auto, and personal loans) still accounted for 5.4% of American households disposable income.
If you have a lot of high-interest debt, such as credit card debt, personal loans, medical loans, or payday loans, a debt consolidation loan could be a good opt…
T.C. | In Spain, 2,086 companies declared insolvency between January and April this year, an increase of 71% compared to 1,217 a year earlier, according to data published in the Official State Gazette and analysed by Iberinform. The strongest growth was in April, when 552 insolvencies were declared, compared to 41 in April last year, when the legal moratorium and confinement began, exempting administrators from filing for insolvency proceedings.
The law stipulates that insolvency proceedings must be filed when it is foreseen that payments cannot be met within three months. A failure to comply with this rule can lead to the subsequent insolvency proceedings being declared responsible, which entails the financial liability of the administ…
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Feeling overwhelmed by credit card bills, student loan payments or other debts? Seeking out debt relief can help you get your financial obligations under control.
Debt relief can take different forms, and one may work better than another. While seeking debt relief can offer some advantages, there may be cons to weigh in the balance.
Heres more on how debt relief works.
What Is Debt Relief?
Debt relief refers to a variety of strategies for making debt easier to handle. What debt relief looks like for you may hinge on the types of debts you have and what you need help with most….
The Western Australian (WA) government plans to introduce new security of payment regime in the wake of the collapse of a local building company whose creditors are owed millions of dollars.
Taxpayers face a legal bill for at least 8m as a result of the official receivers disastrous attempt to ban the Kids Company founder Camila Batmanghelidjh and seven fellow charity trustees from holding senior jobs, it has emerged.
The bill follows a three-and-a-half-year legal case, in which a court threw out claims by the official receiver that Batmanghelidjh and former trustees of the charity failed properly to oversee Kids Company, causing it to collapse in July 2015.
The size of the bill coupled with the judges exoneration of Batmanghelidjh and scathing comments about the official receivers handling of the case have led to questions on whether the case should have gone ahead.
Rupert Butler of Leverets, the barrister who represented Ba…
Property scion Daniel Grollo has avoided the humiliation of his collapsed Grocon construction empire being liquidated after the tax office and creditors of 88 failed companies voted to accept an arrangement that will see small creditors and employees paid out.
Creditors met on Thursday to vote on Mr Grollos proposal for an amended Deed of Company Arrangement (DOCA), which included a $6 million upfront payment to the Australian Tax Office (ATO) and a full payout of employee entitlements and small creditors owned less than $10,000.
The tax office, owned $13.7 million in GST payments by Grocon companies, was Mr Grollos largest creditor and critical in supporting the vote to approve the revised arrangement.
The number of insolvencies for the year ending June is expected to drop by 40 per cent both here and in Australia. Photo / Getty Images
When the Covid-19 lockdown occurred in March of last year, insolvency practitioners braced themselves for a wave of receiverships and liquidations. It didn’t happen.
In fact, the number of insolvencies for the year ending June is expected to drop by 40 per cent both here and in Australia, according to Michael Harper, a partner with Chapman Tripp specialising in finance, restructuring and insolvency.
There were 228 administered liquidations in New Zealand between July last year and April this year compared with 299 for the same period in 2019-20.
In June last year liquidator, receivership or voluntary ad…
Contributor:Matt Weston, Managing Director – Robert Half UK |
Matt Weston, Managing Director – Robert Half UK
85 per cent of UK businesses have restructured in the wake of Januarys Brexit deal, and the majority believe leaving the EU has negatively impacted operations, according to a new report**.
Nearly half of UK businesses (44%) have had to redesign job roles and responsibilities post-Brexit, while 20% have laid off staff and 16% have required team members to relocate, according to the survey of UK executives. A further 6% indicated they have implemented a combination of the above, while only 15% say there have been no changes due to Brexit.[1]
