TALLAHASSEE, Fla. (WTXL) Imagine opening your mailbox to find a letter saying your medical debt has been forgiven. Thanks to St. John’s Episcopal Church and RIP Medical Debt, that will be the case for some families.

St. John’s Episcopal Church took the charitable route in celebration of Lent. Church members like Dr. Don Zorn raised $28,000 dollars to pay off medical debt for Floridians.

“I’m a retired physician. I’ve seen how crushing and life-altering medical debt can be,” said Dr. Zorn.

The unique charitable opportunity left Dr. Zorn wondering …

Read the full article at: https://www.wtxl.com/news/local-news/st-johns-episcopal-church-rip-medical-debt-help-floridians-pay-off-medical-debt

Government Covid-19 supports could be concealing many businesses financial woes, one expert warned on Thursday, as figures showed company insolvencies fell in the first three months of the year.

Statistics published by accountants Deloitte show that 111 companies went through various insolvency procedures in the first quarter of this year, 30 per cent less than during the same period in 2020.

The firm suggested that the decline from the 159 company insolvencies recorded during the first quarter of last year was due to ongoing Government Covid-19 supports.

David Van Dessel, partner, financial advisory at Deloitte, said the pandemic crisis created a significant challenge for otherwise viable Irish companies.

He added that Government suppo…

Read the full article at: https://www.irishtimes.com/business/economy/insolvencies-fall-30-to-111-in-first-three-months-1.4526243

A Singaporean high rolling gambler who has been sued by a Queensland casino after his $43 million cheque allegedly bounced has failed in his bid to have the case thrown out of court or put on hold.

Singaporean gambling baron Yew Choy Wong, 57, applied to Brisbane Supreme Court last year to have a lawsuit filed against him by The Star Gold Coast in Broadbeach Island dismissed on the grounds that it had low prospects of success to warrant him defending the claim.

But Justice Thomas Bradley yesterday ruled that Star’s prospects of success in its claim that Dr Wong owed the casino $43,209,853 because he is in breach of the cheque cashing facility agreement were “not fanciful”.

“On the contrary, Star appears to have a good arguable case w…

Read the full article at: https://www.sunshinecoastdaily.com.au/news/the-high-roller-the-coast-casino-and-the-43m-bounc/4229609/

In a move that gives respite to Shapoorji Pallonji (SP) Group, the Indian lenders and the KV Kamath Committee have cleared its one-time restructuring (OTR) proposal. All debt restructuring proposals above Rs 1,500 crore were referred to the expert committee at its meeting on Tuesday.

Shapoorji Pallonji and Companys (SPCPLs) the holding company of the 150-year-old SP Group debt repayment obligations in 2020-21 are Rs 5,320 crore at a standalone level and Rs 10,000 crore at a consolidated level. The total group borrowings amount to more than Rs 25,000 crore, while the flagship firm has Rs 23,500-crore debt on its books.

SPCPL had sought the OTR for its obligations under the Covid relief framework regulations of the Reserve Bank of …

Read the full article at: https://wap.business-standard.com/article/companies/lenders-clear-one-time-restructuring-proposal-of-sp-group-company-121033100320_1.html

Some advocates of the newly-enacted debt relief provisions for minority farmers have called it a form of reparations. But House Agriculture Committee Chairman David Scott, who is African American, strenuously objects to that characterization. He says the $4 billion just makes up for the fact that white farmers primarily benefitted from the billions of dollars in recent farm payments.

This is nothing to do with slavery and reparations. Theres nothing we can do about that, Scott said in an interview with Philadelphia radio station WURD. Black farmers havent gotten the money that the white farmers got last year, he said.

Scott says hes planning additional legislation aimed at expanding Black farmers share of ag markets and crop acreage.

Bid…

Read the full article at: https://www.agri-pulse.com/articles/15621-daybreak-march-31-scott-debt-relief-unrelated-to-reparations

Antnio Guterres, the UN secretary-general, is right to sound the alarm, warning of a coming debt crisis for countries in the global south (Developing world faces looming debt crisis, Report, March 29).

My country, Zambia, was one of the first to default on foreign debt payments last year.

However, this debt crisis did not just arrive with Covid-19. Before the pandemic, we already saw a reduction in money available for nurses, health clinics and hospitals due to the countrys unpayable debts.

Civil society groups in Zambia are united in our call for an extension of current debt relief packages on offer and for the IMF to agree on a significant allocation of special drawing rights to help us weather the worst of the storm and to build bac…

Read the full article at: https://www.ft.com/content/7e3737a9-b92a-4cc1-acb8-068a70594a8d

Credit Suisse has begun court action to push a $4bn trading business belonging to the metals magnate Sanjeev Gupta into insolvency, as it tries to recoup losses.

Gupta is the founder of Liberty Steel and its holding company, GFG Alliance. The latter has vowed to fight the legal petition, which presents a fresh threat to Guptas metals empire and the 5,000 people it employs across the UK.

The bank Credit Suisse is understood to have instructed administrators to file wind-up orders against Liberty Commodities Limited at a London insolvency court. The action was brought by a unit of another bank, Citigroup, which was acting under instruction from Credit Suisse.

Liberty Commodities is one of the main units of Guptas metals trading arm and specia…

Read the full article at: https://www.theguardian.com/business/2021/mar/31/credit-suisse-aims-at-wind-up-orders-for-guptas-liberty-arm

Washington Bold new mechanisms are urgently needed to help low- and middle-income countries address crippling debt, sharply worsened by the COVID-19 pandemic, threatening vital investment to tackle poverty and climate change for years to come, the United Nations Development Programme (UNDP) says in a new report. The study, published today, echoes a call by the UN Secretary-General for more aggressive moves to fight debt distress in countries lacking resources to manage it.

The report, Sovereign Debt Vulnerabilities in Developing Economies, released ahead of the World Bank-International Monetary Fund (IMF) Spring Meetings next week, analyses debt vulnerability across 120 low- and middle-income economies to identify which are most at…

Read the full article at: https://www.miragenews.com/new-undp-study-reveals-magnitude-of-limited-538787/

The accident-prone bank has certainly done a lot of damage to the reputation of Swiss bankers in the last few weeks. Swiss cheese has become a metaphor for the bank’s balance sheet.

The walking disaster area that is is intending to recompense more investors burnt by the Swiss banks exposure to belly-up Greensill Capital.

News agency Reuters reports that the bank closed around US$10bn of funds that had bought notes from Greensill Capital, the supply chain financing outfit.

Some US$3.1bn of this has been repaid to customers while US$1.5bn in cash was in the funds as of March 29.

Over time, we expect the majority part of the funds investments to be recovered in the liquidation process, and we have recourse to other measures should they be…

Read the full article at: https://www.proactiveinvestors.co.uk/companies/news/945642/credit-suisse-feeling-the-heat-945642.html

On 26 March 2021, the Government passed the CIGA 2020 (Coronavirus) (Extensions of Relevant Period) Regulations 2021 (Regulations), extending some of the temporary relief measures under the Corporate Insolvency and Governance Act 2020 (CIGA 2020) until 30 June 2021.

The Regulations bring further relief to companies, directors, and businesses, who would otherwise have faced a tsunami of winding up petitions, action for wrongful trading and re-commencement of insolvency procedures after 31March 2020. Applicable across the whole of the UK, these Regulations aim to provide additional support to the cash strapped businesses on the brink of being declared insolvent. The Government has declared this extension in a bid to give a definitive bo…

Read the full article at: https://www.ibblaw.co.uk/insights/uk-corporate-insolvency-and-governance-act-covid-19-measures-extended-what-does-this-means-for-companies-and-directors