Insolvency Guardian Media Centre
However, the U.S. Department of Agriculture Farm Service Agency announced on Friday that notices to disadvantaged farmers are going out, explaining that the debt relief money is now available, and that the agency expects to start paying the Farm Service Agency direct loans in early June.
Civil rights activists have said the debt relief program represents a big step toward righting a wrong after a century of mistreatment of farmers of color by the government and others. Meanwhile, White farmers and some lawmakers have criticized the program, calling it a form of reverse racism, and banks have warned it would financially harm lending institutions.
Agriculture secretary Tom Vils…
Read the full article at: https://www.washingtonpost.com/business/2021/05/21/usda-black-farmer-debt-relief/
Across America, legislators at the state and national level have their hands full. As the COVID-19 pandemic slows our return to normalcy, policymakers and regulators are managing the continued economic fallout amid countless other issues, trying to do whats best for their constituents.
In North Carolina, however, the state House has prioritized legislation that would drain the pocketbooks of people across the state: House Bill 76, a measure that would outlaw debt settlement for consumers struggling with overwhelming debt, including unsecured installment loans with excessive interest rates. An almost identical bill died in the state Senate last year and for good reason, because it would hav…
Read the full article at: https://www.fayobserver.com/story/opinion/2021/05/22/bad-bill-nc-house-would-block-debt-relief-lead-bankruptcy-north-carolinians/5174631001/
While battling advanced colon cancer, Robert Armour never wavered in his legal fight for student loan cancellation after the abrupt closure of his school, Argosy University-Schaumburg in Illinois.
His effort paid off. Nearly one and a half years after suing the Education Department and former education secretary Betsy DeVos, Mr Armour succeeded. Before leaving office in early January, the Donald Trump administration agreed to settle the case, which wrapped up this month.
But Mr Armour never got to enjoy his victory. He died last October as the case was making its way through the courts.
Rob was my hero, said Laura Armour, Roberts widow. He always knew what was right, and was unwilling to give up. He would be so proud today. I know I am.
The …
Read the full article at: https://www.independent.co.uk/news/world/americas/argosy-university-robert-armour-debt-relief-b1851546.html
Norwegian Air is set to exit its restructuring process next week after raising the 6 billion Norwegian crowns (590 million) it targeted through the sale of perpetual bonds, new shares and a rights issue, the company said on Friday.
Financed largely by debt, Norwegian Air grew rapidly, serving routes across Europe and flying to North and South America, Southeast Asia and the Middle East before the Covid-19 pandemic plunged the budget airline into crisis.
Courts in Ireland and Norway had demanded the airline raise at least 4.5 billion crowns as part of a scheme to emerge from bankruptcy protection in the two countries on May 26th.
The private placement of new shares raised 3.73 billion crowns and was significantly oversubscribed, the firm…
Read the full article at: https://www.irishtimes.com/business/transport-and-tourism/norwegian-air-set-to-exit-restructuring-after-raising-fresh-capital-1.4571876
TNN
Delhi/Mumbai: Banks can look forward to improved recovery prospects from promoters of defaulting companies who have provided personal guarantees for corporate loans. The Supreme Court on Friday upheld the government notification of November 2019, which allowed banks to enforce the personal guarantee of the promoter if lenders are not able to fully recover their dues after the insolvency resolution process.
Among the defaulting corporate houses that are referred for insolvency proceedings, there are a host of promoters ranging from Sanjay Singhal of Bhushan Power & Steel to Anil Ambani, Venugopal Dhoot, Atul Punj and the Ruias of Essar, who have provided a personal guarantee to their loans. For these promoters. who have already los…
Read the full article at: https://timesofindia.indiatimes.com/business/india-business/bankruptcy-will-not-void-personal-guarantees-sc/articleshow/82841798.cms
A Norwegian Air plane is refuelled at Oslo Gardermoen airport, Norway November 7, 2019.REUTERS/Lefteris Karagiannopoulos/File Photo
Norwegian Air (NORR.OL) is set to exit its restructuring process next week after raising the 6 billion Norwegian crowns ($714 million) it targeted through the sale of perpetual bonds, new shares and a rights issue, the company said on Friday.
Financed largely by debt, Norwegian Air grew rapidly, serving routes across Europe and flying to North and South America, Southeast Asia and the Middle East before the COVID-19 pandemic plunged the budget airline into crisis.
Courts in Ireland and Norway had demanded the airline raise at least 4.5 billion crowns as part of a scheme to emerge from bankruptcy protection in …
Read the full article at: https://www.reuters.com/business/aerospace-defense/norwegian-air-raises-fresh-capital-set-exit-restructuring-2021-05-21/
The worst of the pandemic may be over, but many small businesses are headed for a reckoning.
As relief efforts like the Paycheck Protection Program (PPP) wind down, and state and federal protections such aseviction moratoriums begin to lapse, companies that may have been limping along oron the edge could soon topple.
Or as Bob Keach, head of Bernsteinshur’s business restructuring and insolvency practice, puts it: “Expect a total avalanche of bankruptcies soon.”
It sounds counterintuitive, but “filings tend to be at their highest during the early stage of the recovery,” says Keach. A bankruptcyfiling is effectively a court order that governs how an insolvent debtor, who can be a business owner or an individual, will deal with unp…
Read the full article at: https://www.inc.com/diana-ransom/subchapter-v-bankruptcy-reorganization-small-business-debt-ppp.html
DEBT is far from uncommon and many people borrow money via loans, credit cards and mortgages.
But if debt’s getting on top of you, and you’re struggling to pay money back, you should always seek help – and there’s plenty out there.
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The average Brit has personal debt of 3,724 according to the Money Charity, and 1,962 of that is on a credit card.
Tackling problem debt is best done sooner rather than later so you don’t end up further in debt, paying more than you need to or with creditors at your door.
Here’s how you can get help with debt, from breathing space to debt advice and the Universal Credit support you’ll find.
1. Ask f…
Read the full article at: https://www.thesun.co.uk/money/14848945/8-ways-help-with-debt-breathing-space-universal-credit/
ROME, May 21 (Reuters) – Italys Prime Minister Mario Draghi on Friday recommended temporarily suspending debt service payments to help poor countries battling COVID-19, adding that Rome would offer an additional 300 million euros ($366 million) to distribute vaccines to them.
Italy has given 86 million euros to COVAX and a further 30 million to related multilateral projects… I am very glad to announce today that this week we plan to increase significantly this contribution and add at least 300 million euros, Draghi said.
G20 President Italy and the European Commission are co-hosting a one-day virtual event to focus on ways to overcome the pandemic. ($1 = 0.8188 euros) (Reporting by Angelo Amante)
Read the full article at: https://www.reuters.com/article/g20-summit-draghi/italy-recommends-suspending-debt-service-payments-to-help-poorer-countries-idUSR1N2MF002
The Supreme Court on Friday affirmed the Central governments November 15, 2019 notification which enabled financial institutions to proceed against the promoters in their capacity as personal guarantors of the defaulting corporate debtor.
The court ruling will clear the decks for creditors to recover the remaining debt from personal guarantors after the conclusion of the Corporate Insolvency Resolution Process (CIRP).
Industrialists such as Anil Ambani, Kapil Wadhawan, Sanjay Singhal, and Venugopal Dhoot had challenged the 2019 notification, which had extended the personal insolvency provisions of the Insolvency and Bankruptcy Code (IBC) to the promoters as well.
The bench of justices L Nageswara Rao and S Ravindra Bhat, reading out the…
Read the full article at: https://www.hindustantimes.com/india-news/sc-upholds-ibc-provisions-of-corporate-debt-recovery-from-personal-guarantors-101621578107875.html
Friday, 21 May 2021 By Richard Barham
When the coronavirus pandemic hit in Spring 2020, and the remainder of the 2019/20 football season was put on hold, there were widespread predictions of multiple football club insolvencies. In fact, since then, there have been very few (only Wigan Athletic and Bury have entered administration in that time), even though a number of clubs have been making, and continue to incur, significant losses.[1]
There are probably a number of reasons for that:
- The support that has been given by the Government including the furlough scheme which has been used by a number of clubs, principally clubs outside the Premier League but also four clubs in the Premier League.
- Clubs managing their costs more carefully…
Read the full article at: https://www.lawinsport.com/topics/item/how-the-corporate-insolvency-and-governance-act-2020-is-helping-struggling-football-clubs
Reports hotel quarantine company Unified Security in liquidation | Sky News Australia
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Read the full article at: https://www.skynews.com.au/details/_6255356080001