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.
The USDA will disburse up to $4 billion in Biden-backed loan forgiveness to minority farmers as speedily as possible, said Agriculture Secretary Tom Vilsack at the first-ever House Agriculture Committee hearing on the state of Black farmers. Farm state Republicans said the debt relief, intended as compensation for decades of racism, was itself discriminatory because white farmers are excluded.
Agriculture Committee chairman David Scott said material from the hearing would be used in drafting legislation to ban discriminatory policies at the USDA and improve Black farmer income. We will also have things in this bill that will increase the number of farmers we have; that acreage (is) reopened, said Scott at the end of the four-and-a-half-…
WASHINGTON/KHARTOUM (Reuters) – Sudan has settled its debts with the World Bank after nearly three decades, moving the heavily indebted African country closer to a much-needed international debt-relief package, the World Bank, U.S. Treasury and IMF said on Friday.
World Bank President David Malpass attends the “1+6” Roundtable meeting at the Diaoyutai state guesthouse in Beijing, China November 21, 2019. REUTERS/Florence Lo
World Bank President David Malpass said the move meant Sudan could now access nearly $2 billion in grants from the Banks International Development Association (IDA).
Clearing the arrears, which date back to the years of ousted autocrat Omar al-Bashir and earlier, was made possible through a $1.15 billion bridge loan from…
NEW DELHI: The Supreme Court on Friday ruled that a bank can initiate proceedings under the Insolvency and Bankruptcy Code (IBC) against a corporate guarantor if the principal borrower defaults on repayment of loans and the debt is declared nonperforming asset (NPA). A bench of Justices A M Khanwilkar, B R Gavai and Krishna Murari rejected the argument that as the principal borrower was not a corporate person, the financial creditor could not have invoked remedy of insolvency resolution proceedings under Section 7 of the IBC against the corporate person, who had merely offered guarantee for such loan account. That action can still proceed against the guarantor being a corporate debtor, consequent to the default c…
A PARISH council will have to write off a debt of almost 17,000 after an allotment holder who took the authority to court declared bankruptcy.
Maureen Powles, from Hurworth, near Darlington, was told last year she would have to pay Hurworth Parish Councils costs after she took it to court and lost following a long-running row over putting a summerhouse on her allotment.
She has now declared herself bankrupt which means the council will have to write off the debt.
Ms Powles, 64, who no longer works because of her health, described the stress she has been under since the decision was made last year.
She said: Ive never been in debt before. Ive never even had a credit card. If I think about it I could burst into tears. Since 2017 its been …
WASHINGTON, March 26 (Reuters) – Sudan has settled its debts with the World Bank after nearly three decades, moving the heavily-indebted African country closer to a much-needed international debt relief package, the World Bank and U.S. Treasury Department said on Friday.
World Bank President David Malpass said the move meant Sudan could now access nearly $2 billion in grants from the Banks International Development Association (IDA).
Payment of Sudans arrears was made possible through a $1.15 billion bridge loan from the U.S. government.
Sudans finance minister Gibril Ibrahim said clearance of the arrears would enable the country to secure financing from the World Bank Group and o…
Many people around the world are caught up in the chains of debt. It is an uncomfortable situation, as every financial problem can significantly limit our ability to buy things we want. Sometimes, this budget hole can be so big that it may seem unsolvable. If you are having problems with managing your debt, do not worry. We are here to help.
In our article, we list a few proven ways that will allow you to regain control of your finances. When you feel like you could use a hand in creating a successful debt-reduction strategy, take a look at these tips.
Pay Attention to the Amount You Owe
The first thing that you should do is to pay attention to the amounts you owe. In most cases, people simply stop paying attention to their debts. …
Worried about being declared bankrupt? Read on. (Rawpixel pic)
Generally, the idea of getting bankrupt never crosses our minds, but being declared bankrupt can happen to anyone with some form of debt.
A sudden loss of employment or the only source of income will put you in financial distress, and if you are unable to make debt repayment, you will face legal action.
Heres what you need to know about the bankruptcy processes in Malaysia.
1. Bankruptcy defined
The bankruptcy law in Malaysia is made up of Bankruptcy Act 1967 and the Bankruptcy (Amendment) Act 2020.
Bankrupt is the legal status of a person or organisation unable to pay the debts owed to creditors. The court of law makes such a declaration.
GamCare has confirmed its support for Debt Awareness Week (22-28 March), the nationwide campaign on managing debt-related issues organised by UK charity Step Change.
As the operator of the National Gambling Helpline, GamCare highlights significant concerns as seven out of 10 callers mention having debt-related anxieties and financial hardships.
Furthermore, GamCare states that the majority of helpline callers are unaware of free debt advice available to consumers provided by organisations such as Step Change, Citizens Advice and PayPlan.
Since 2014, UK charities have participated in Debt Awareness Week to encourage the general public to openly discuss their debt-related concerns.
Consumers whose finances have suffered due to coronavirus have just a matter of days remaining to apply for an off-the-peg payment deferral on debt they are struggling to pay.
The extended 31 March deadline for applications, as set down by the Financial Conduct Authority (FCA), applies to mortgages, personal loans, credit cards, store cards and catalogue debt.
Help on high-cost, short-term credit such as payday loans, rent-to-own, buy-now-pay-later and pawn broking agreements, also carries the 31 March deadline.
Payment breaks on premiums for car, home and other general protection insurance policies ended in October 2020.
On Wednesday 24 March, the government confirmed that it will be extending the current temporary restrictions on statutory demands and winding-up petitions and the temporary suspension of directors liability for wrongful trading put in place under the Corporate Insolvency and Governance Act 2020, until 30 June 2021.
The extensions, set out in the Corporate Insolvency and Governance Act 2020 (Coronavirus) (Extension of the Relevant Period) Regulations 2021, laid before parliament on 24 March, will come into effect on 26 March 2021.
This will bring the suspension measures in line with the governments announcement on 10 March that it will be extending the current restriction on commercial landlords right of re-entry or forfeiture for non-pa…
GamCare has confirmed its support for Debt Awareness Week (22-28 March), the nationwide campaign on managing debt-related issues organised by UK charity Step Change.
As the operator of the National Gambling Helpline, GamCare highlights significant concerns as seven out of 10 callers mention having debt-related anxieties and financial hardships.
Furthermore, GamCare states that the majority of helpline callers are unaware of free debt advice available to consumers provided by organisations such as Step Change, Citizens Advice and PayPlan.
Since 2014, UK charities have participated in Debt Awareness Week to encourage the general public to openly discuss their debt-related concerns.
As the IMF prepares a $650 billion injection of funds into the global economy, there are calls to target support to climate vulnerable nations
As the International Monetary Fund is poised to inject $650 billion into the global economy,indebted low and middle-income countries are exploring ways to leverage the relief into green investments.
In recent months, the plea of vulnerable nations for financial support has risen to the top of the international agenda.
Revenues from the commodity trade and tourism collapsed in 2020, leaving many nations struggling to meet their basic needs, let alone invest in sustainable development.
Cash-strapped governments in Africa, Latin America and the Caribbean do not have the luxury of borrowing cheaply t…
