Insolvency Guardian Media Centre
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The Delhi High Court has issued notice in a petition by India Leprosy Foundation, a public Charitable Trust, against the initiation of insolvency proceedings against Dewan Housing Finance Corporation Limited (DHFL) [India Leprosy Foundation vs RBI].
A Bench of Chief Justice DN Patel and Justice Jyoti Singh sought response from the Reserve Bank of India (RBI) in the petition by a public depositor having fixed deposits in DHFL.
It is the petitioner’s case that it was incumbent upon RBI to resolve DHFL crisis in terms of Section 45-MBA of the RBI Act and to give effect to the provisions of Section 45-QA (1) which guarantees repayment of deposits to depositors of NBFC.
Instead, the petitioner …
Read the full article at: https://www.barandbench.com/news/litigation/delhi-high-court-seeks-response-rbi-plea-against-initiation-insolvency-proceedings-dhfl
A 48-year-old man who got involved in cocaine-dealing because of big gambling debts and serious pressure to make repayments has been given a five-year suspended jail term.
Judge Sen Donnabhin said he had serious doubts about imposing a fully suspended sentence in the case against James Cregan of 49 Palmbury Orchard, Togher, Cork, but on the other hand, he was recognising the extensive efforts made by him since July 2019 to turn his life around.
Detective Garda Rory OConnell said he obtained a warrant to search the defendants home. On the way to carry out the search, the garda stopped the accused in his car and found that he had over 1,000 worth of cocaine.
He had a much bigger stash of cocaine at his home and a lesser amount of cannab…
Read the full article at: https://www.echolive.ie/corknews/arid-40221530.html
Leading Democrats are backing a proposed bill to legalize sports betting and online gambling with plans to fund Connecticuts debt-free community college program through iLottery revenue.
In 2019, the state established the Pledge to Advance Connecticut, or PACT, program to cover the leftover costs of attending one of the states community colleges after students received federal, state and institutional aid. The program is available to Connecticut residents who graduated from an in-state high school and are enrolling as full-time students for the first time in any of the community colleges.
Legislators expected to appropriate the necessary funds to support the program during the 2020 session, but COVID-19 cut it short…
Read the full article at: https://www.courant.com/politics/hc-pol-online-lottery-community-college-20210205-r5hbye7s7falpjyf2f326ofpvm-story.html
WASHINGTON President Joe Biden is considering taking executive action to provide federal student loan debt relief to borrowers nationwide as he continues to call on Congress to take action amid the ongoing coronavirus pandemic.
In a post published Thursday on Twitter, White House press secretary Jen Psaki said members of Bidens team were reviewing his options.
The President continues to support the cancelling of student debt to bring relief to students and families, she wrote. Our team is reviewing whether there are any steps he can take through executive action and he would welcome the opportunity to sign a bill sent to him by Congress.
The President continues to support the cancelling of student …
Read the full article at: https://www.kiro7.com/news/trending/biden-considering-executive-action-provide-federal-student-loan-debt-relief/VABP7QKPVRDQ7EQCMH2TAVGHUI/
SUDBURY Laurentian University filed for creditor protection on February 1, citing years of operational deficits alongside decreasing enrolment and increased expenses due to the pandemic. As a result of recurring operational deficits in the millions of dollars, Laurentians factum says, LU is experiencing a liquidity crisis and is insolvent.
Court documents indicate that the university has deficits of $42.6 million, holds nearly $100 million in long-term debts, and has had its access to multiple lines of credit severed. It is projecting a deficit of $5.6 million in the 2020-21 school year.
The Ministry of Colleges and Universities tells TVO.org via email that it is not aware of another publicly assisted postsecondary institution that has …
Read the full article at: https://www.tvo.org/article/laurentian-u-creditor-protection-and-what-comes-next
If youre considering debt consolidation or debt settlement, be sure you understand the differences between these similar-sounding options. (iStock)
Debt can keep you up at night especially when you owe multiple creditors. If you have credit card debt, medical billsand outstanding loans, staying on top of monthly payments can be overwhelming. If youre interested in paying down debt by bundling it together also known asdebt consolidation you may want to consider apersonal loan.
In fact, one of the mostcommon reasons borrowers take personal loansis to consolidate debt. Its a solid option, but when exploring ways to pay down your balances, its easy to confuse debt consolidation and debt settlement.
Whenever you’re conside…
Read the full article at: https://www.fox10phoenix.com/money/debt-consolidation-debt-settlement-difference
(AP) – The Biden administration is reviewing whether it can take steps to provide student debt relief through executive action, even as it continues to call on Congress to pass legislation to help borrowers and their families.
A tweet by White House press secretary Jen Psaki appeared to go further than her comments at a briefing earlier Thursday, when she said President Joe Biden was looking to Congress to act next on student loan relief. Biden has said he supports up to $10,000 in student loan forgiveness per borrower.
The President continues to support the cancelling of student debt to bring relief to students and families, Psaki tweeted. Our team is reviewing whether there are any steps he can take through executive action and h…
Read the full article at: https://www.kcbd.com/2021/02/05/biden-officials-considering-action-student-debt-relief/
2008 and 2020 arent the only times Australias economy has teetered. It was in the drink in the 1930s too. After the Wall Street stock market crash in New York in 1929, the world was plunged into The Great Depression.
Black Tuesday hit Australia hard, with the collapse of international commodity prices, including wheat and wool, meaning the debts run up by federal, state and territory governments were almost impossible to pay off at the previously agreed rate.
According to myplace.edu, Some politicians argued that the loan repayments shouldnt be made as the money would be better used creating local jobs. Other politicians said that the most important thing was Australias financial standing and the debts had to be repaid or else the natio…
Read the full article at: https://www.dmarge.com/2021/02/bondi-icebergs-photo-1935.html
Perini Navi declared bankrupt
Last week, the Court of Lucca (Tuscany) rejected the plan to debt restructuring presented by the Perini Navi shipyard, declaring the company bankrupt.
Founded in 1983 by Fabio Perini, the superyachts builder, known especially for the Maltese Falcon, has a cumulative debt close to 100 M. The bankruptcy comes despite british private equity company, Blue Sky Investment Group announced last september that it intended to restructure the shipyards debts and invest in the Italian yard.
San Lorenzo, Ferretti and lately Palumbo Shipyard are in line for acquiring the assets of Perini Navi. Decision should occur mid June this year.
The range of Perini Navi on NauticNews
Tags on NauticNews : Perini Navi, Superyachts…
Read the full article at: https://www.nauticnews.com/en/nautism/news/2021/02/05/perini-navi-declared-bankrupt/
In the backdrop of the COVID-19 pandemic and the worldwide economic recession, Finance Minister Nirmala Sitharaman presented her third budget on February 1, 2021, making it her shortest one yet at 10,500 words and lasting around 110 minutes.
The focus was to reset the economy by spending heavily on infrastructure development and upping the healthcare outlay by 137 percent.
The government has come up with a roadmap for Aatmanirbhar Bharat through a six-pillar approach to kickstart the economy by creating demand through novel infrastructure projects funded by the government or by public-private partnerships.
On the tax side, the Budget introduced several changes from dispute resolution and assessment framework, reducing routine compl…
Read the full article at: https://yourstory.com/2021/02/business-restructuring-proposals-budget-2021
He would look to Congress to take the next steps, she said.
Legal scholars have fallen on either side of the issue of whether Biden has the power himself to address loan relief, with some saying the move would be unlikely to survive a legal challenge.
The Trump administration took steps to block broad debt cancellation in early January, issuing an Education Department memo concluding that the secretary lacked the authority to provide such assistance and that it would be up to Congress.
Schumer said he and Warren have researched the question and concluded that this is one of those things the president can do on his own. Past presidents have cleared debt, Schumer said, although not at the scale being proposed.
Democrats are pressing the i…
Read the full article at: https://www.dtnpf.com/agriculture/web/ag/news/world-policy/article/2021/02/05/biden-officials-considering-action
Despite the doom and gloom of the pandemic year of 2020, the Corporate and Personal Insolvency statistics for England and Wales appear to be a surprise. It is only when you unpack the reality of the figures that perhaps the true extent of the problem that companies and individuals in the UK are going to face over the next year or two becomes apparent.
Corporate Insolvencies
- There were 12,557 underlying corporate insolvencies in 2020 a fall of 27.1% from 2019s figures
- Underlying corporate insolvency numbers increased by 16.9% between Q3 and Q4 2020.
On the surface fewer corporate insolvencies is good news, particularly when the news has been full of iconic UK brands falling into insolvency. However, it is not a surprise when you con…
Read the full article at: https://www.ibblaw.co.uk/insights/2020-annual-insolvency-figures-what-do-they-tell-us
