The Debt Respite Scheme (Breathing Space Moratorium and Mental Health Crisis Moratorium) (England and Wales) Regulations 2020 also freezes penalties and interest on debts during the grace period.
As well as legal protections, anyone using the scheme will receive professional debt advice to plan the way ahead.
R3 has been among the organisations calling for such measures to support people who are unable to affor…
WILMINGTON, Del. (AP) Pierre S. Pete du Pont IV, a former Delaware governor and congressman who sought the Republican presidential nomination in 1988, has died. He was 86.
Du Pont, a scion of the family that established the DuPont Co., died at his home in Wilmington, Delaware, on Saturday after a long illness, his former chief of staff, Bob Perkins, said.
Born to wealth and status, du Pont broke with family tradition in the 1960s, forgoing a comfortable career with his familys chemical company for a life in politics.
I was born with a well-known name and genuine opportunity. I hope I have lived up to both, du Pont said in announcing his longshot presidential bid in September 1986.
As a presidential candidate, du Pont attracte…
Read the full article at: https://www.wwnytv.com/2021/05/09/former-delaware-governor-gop-presidential-candidate-pierre-s-pete-du-pont-iv-dies/
American statesman John Adams, who served as U.S. president from 1797 to 1801, famously said, There are two ways to conquer and enslave a country: One is by the sword; the other is by debt. China, choosing the second path, has embraced colonial-era practices and rapidly emerged as the worlds biggest official creditor.
With its international loans surpassing more than 5% of the global GDP, China has now eclipsed traditional lenders, including the World Bank, the International Monetary Fund and all the creditor nations of the Organization for Economic Cooperation and Development (OECD) put together. By extending huge loans with strings attached to financially vulnerable states, it has not only boosted its leverage over them but also ensna…
Read the full article at: https://www.japantimes.co.jp/opinion/2021/05/09/commentary/world-commentary/china-debt-trap-development-aid/
The number of people going financially insolvent after being unable to pay their debts across England and Wales fell by 5% in the first three months of this year.
ome 29,140 personal insolvencies were recorded between January and March, the Insolvency Service said.
It said the number of insolvencies was 5% lower than in the fourth quarter of 2020, with numbers of individual voluntary arrangements (IVAs), debt relief orders (DROs) and bankruptcies all lower.
IVAs, which are agreements whereby money is shared out between creditors, accounted for more than three quarters (77%) of personal insolvencies in the latest quarterly figures.
In the first quarter of 2020, 28,936 personal insolvencies were recorded, so the latest total is 1% higher…
Read the full article at: https://www.independent.ie/world-news/number-of-people-going-financially-insolvent-fell-by-5-in-early-2021-40373329.html
The National Company Law Tribunal (NCLT) has initiated insolvency proceedings against construction firm Ahluwalia Contracts India Ltd for defaulting on payments to an operational creditor.
The New Delhi-based NCLT bench allowed the insolvency plea filed by A2 Interiors Products Pvt Ltd against Ahluwalia Contracts, claiming default of Rs 14.10 crore, and appointed an interim resolution professional.
Ahluwalia Contracts had engaged A2 Interiors Products for interior, furnishing and allied civil and electrical works at various project sites. It had supplied materials to Ahluwalia Contracts as part of various work orders issued for six projects at different locations in the country, according to the NCLT order.
It had raised invoices…
Read the full article at: https://www.business-standard.com/article/companies/nclt-initiates-insolvency-proceedings-against-ahluwalia-contracts-121050900356_1.html
ISLAMABAD: Secretary Cabinet, Sardar Ahmad Nawaz Sukhera has reportedly blocked PIA’s restructuring plan prepared by the Prime Ministers Advisor on Institutional Reforms and Austerity (IR&A), Dr Ishrat Hussain, arguing that it would not be in accordance with Rules of Business, 1973 to take any decision, especially when it entails large sums of public money on a presentation.
Official sources told Business Recorder that Dr Ishrat Hussain recommended that the Cabinet may agree to the conversion of PIA liabilities amounting to Rs.457.1 billion into equity which would be parked in a Special Purpose Vehicle (SPV) Company. The Secretary Finance has apprehended that under the proposed plan, GoP loans of PIACL would be converted into equity wh…
Read the full article at: https://www.brecorder.com/news/40091463/pia-restructuring-plan-blocked
Advanced Building & Construction Limited (which trades as AdBuild) had about 30 projects on the go, though it was not being used to supply prefabs to leak-hit Hutt Valley High School.
Hutt High is instead expecting to get a total of 16 new prefabs from Portacom, the first four in August, then the others through to December, to cater for students forced out of mouldy, old classrooms.
“We are aware that AdBuild has been in voluntary administration since 31 March 2021,” Education Infrastructure Service head Kim Shannon said.
“We have a number of projects around the North Island in progress with AdBuild and we are working with them and the administrators so projects continue with as little disruption as possible while the company is in admi…
Read the full article at: https://www.newshub.co.nz/home/new-zealand/2021/05/prefab-classroom-builder-adbuild-in-voluntary-administration-but-continues-to-trade.html
Introduction
Filing for insolvency is not optional
Debt restructuring followed by liquidation as an alternative
Points of attention and key differences between insolvencies and liquidations
Comment
Introduction
On 16 January 2021 the Supreme Court reconfirmed that a liquidated company is deemed to survive passively for five years further to the publication of the closure of the liquidation in the Luxembourg Trade and Companies Register. This allows the company’s creditors to introduce a legal action against it.
Further, the Supreme Court stressed that the general meeting of a liquidated company is also deemed to survive during this period (or for longer) if a legal action is introduced against the company during the five-year period.
…
Read the full article at: https://www.internationallawoffice.com/Newsletters/Insolvency-Restructuring/Luxembourg/Luther-SA/Insolvency-proceedings-what-are-the-options
Hyderabad: The National Company Law Tribunal (NCLT) at Hyderabad has ordered liquidation of Meena Jewellers Diamond Pvt Ltd (MJDPL), Meena Jewellers Pvt Ltd (MJPL) and Meena Jewellers Exclusive Pvt Ltd (MJEPL) for their failure to repay Rs 254 crore loan availed from SBI.
Though the two-member NCLT bench, comprising BP Mohan, member (judicial), and A Veera Brahma Rao, member (technical), ordered the corporate insolvency process to be initiated in November 2019, the management of these firms has been dodging the insolvency process. The bench finally passed the liquidation order on April 26, 2021.
According to resolution professional KV Srinivas, who verified the accounts of the firms, the previous management of these firms was not fort…
Read the full article at: https://timesofindia.indiatimes.com/city/hyderabad/liquidation-of-meena-jewellers-ordered/articleshow/82487583.cms
A sports fan who lost 40,000 in a month – including 20,000 in just one night – has spoken about his online gambling addiction which left him heavily in debt.
Craig Walding said before the Covid pandemic he saw nothing wrong with placing an occasional bet when watching the football at the weekend.
But just a few years later, what was then an occasional flutter had become an online gambling addiction that left the NHS worker contemplating taking his own life.
After becoming addicted to online casino games in March last year, he lost 40,000 in the space of a month, losing half of that in just one night.
With his support networks cut off as the country went into lockdown, Craig spiralled, with his losses leading him to take out payday loan…
Read the full article at: https://www.mirror.co.uk/news/uk-news/man-lost-20000-one-night-24067466
- around 700,000 people struggling with problem debt to benefit from Breathing Space this year
- scheme will give those facing financial difficulties 60 days to get finances back on track without debts piling up, worrying letters or enforcement action
- people will also have access to professional debt advice, with stronger protections for people in mental health crisis treatment
Breathing Space will give those facing financial difficulties space to receive debt advice, or mental health crisis treatment, without pressure from creditors or mounting debts.
Under the scheme, people will be given legal protections from their creditors for 60 days, with most interest and penalty charges frozen, and enforcement action halted. They will also…
Read the full article at: https://www.miragenews.com/new-scheme-to-give-people-in-problem-debt-554006/
The White House
Today the Biden-Harris Administration posted visitor logs from January 2021. The Biden-Harris Administration will be the first administration to post visitor logs from its first full year in office. Visitor log disclosures will occur on a monthly basis.
This release was made in accordance with the reinstated policy to voluntarily disclose White House visitor logs. These logs give the public a look into the visitors entering and exiting the White House campus for appointments, tours, and official business making good on President Bidens commitment to restore integrity, transparency, and trust in government.
This set, from January 20 to 31, 2021, includes only 400 records. As vaccinations increase and the pandemic res…
Read the full article at: https://www.miragenews.com/biden-harris-administration-reinstates-visitor-556613/
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