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

Australias largest vehicle transporter Autocare Services has gone into voluntary administration, citing volatile market conditions, declining vehicle volumes and increasing operating costs as reasons.

Big Rigs has asked parent company LINX Cargo Care Group for more details on what todays news means for the many truckies with Autocare, and exactly how they are impacted.

An earlier report said Autocare Services receives and processes more than half of the one million cars that are sent to Australia by OEMs and delivers them to the franchise dealers on a fleet of approximately 300 trucks.

In todays media statement, LINX Cargo Care Groups Chief Executive Officer, Anthony Jones, said Autocare Services continues to be significantly impacted …

Read the full article at: https://www.bigrigs.com.au/index.php/2021/02/04/nationwide-vehicle-transporter-goes-into-voluntary-administration/

Coordination between the Cayman Court and the U.S. Bankruptcy Court to Protect the Interests of Stakeholders and Facilitate Luckin Coffees Restructuring of its Financial Obligations

All Company Stores Remain Open and Serving Customers in China; No Material Impact on Daily Operations Expected

Company Continues to Meet Trade Obligations in the Ordinary Course of Business, Including Paying Suppliers, Vendors and Employees

BEIJING, Feb. 05, 2021 (GLOBE NEWSWIRE) — The Joint Provisional Liquidators (the JPLs) of Luckin Coffee Inc. (the Company) (OTC:LKNCY), Alexander Lawson of Alvarez & Marsal Cayman Islands Limited and Wing Sze Tiffany Wong of Alvarez & Marsal Asia Limited, today …

Read the full article at: https://www.globenewswire.com/news-release/2021/02/05/2170477/0/en/Luckin-Coffee-s-Restructuring-Efforts-Move-Forward-with-Commencement-of-its-Chapter-15-Case-in-the-United-States.html

A software firm headquartered in Ireland has taken a stake in a Birmingham debt management company.

Aryza has invested in Back to Credit which has been trading for more than ten years.

Colin Brown, chief executive of Aryza, said: “By partnering with Lily and her team and leveraging their in-depth knowledge of their sector, we will be able to use our software solutions to fully automate the debt management journey.

“This will help put Back to Credit at the leading edge of innovation and will increase Aryzas power and coverage across what will become a growing sector.

“Working this closely with a debt solution firm takes the idea of being a partner to our customers to the next level.”

Lily Bhandal, chief executive of Back to Credit, a…

Read the full article at: https://www.insidermedia.com/news/midlands/software-firm-invests-in-debt-management-company

London partners Adam Gallagher and James Watson join as European investment drive continues

Simpson Thacher & Bartlett has hired a pair of experienced insolvency lawyers to help establish a European restructuring practice in London.

Adam Gallagher and James Watson join as partners from Freshfields Bruckhaus Deringer and Kirkland & Ellis respectively as the firm gears up for a potential rise in companies facing financial distress as a result of recent market disruptions, including the coronavirus pandemic.

Jason Glover, managing partner of Simpson Thachers London office, said: Establishing a restructuring practice in Europe is a logical expansion of our existing platform and will further enhance our abi…

Read the full article at: https://m.globallegalpost.com/big-stories/simpson-thacher-makes-double-partner-hire-in-european-restructuring-push-41286858/

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 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 he would welcome the…

Read the full article at: https://www.latimes.com/politics/story/2021-02-04/biden-considering-student-debt-relief

The Council of Australian Tour Operators (CATO) has acknowledged Tucan Travels contribution to the industry following the UK and Australian-owned companys collapse.

The council said in a statement it was devastated to learn that Tucan Travel had been placed into voluntary administration due to the impact of COVID-19.

[CATO] would like to acknowledge its 33-year contribution to the travel and tourism industry, and travellers alike, it said.

CATO empathises with Tucans employees, consumers and suppliers who have been financially affected, and we want to acknowledge the hardship the Australian tourism industry is currently facing and has faced over the last year as a result of COVID-19.

CATO continues to lobby government for support and re…

Read the full article at: https://www.travelweekly.com.au/article/devastated-cato-reacts-to-tucan-travels-collapse/

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 he would w…

Read the full article at: https://www.startribune.com/biden-officials-considering-action-on-student-debt-relief/600019042/

People who bet even relatively small sums are more likely to suffer financial hardship and unemployment, while heavier gamblers die earlier, according to a landmark study analysing data from millions of bank customers.

In a report thought to be the largest of its kind carried out in the UK, academics tracked the links between gambling spend and problems experienced by 6.5 million Lloyds Banking Group customers over seven years.

They found that the likelihood of missing a mortgage payment, taking a payday loan or being pursued by debt collectors escalated rapidly the more someone gambled, while there were longer-term links to job loss and mortality.

The study, led by academics at Oxford and Warwick universities, will intensify concern about …

Read the full article at: https://www.theguardian.com/society/2021/feb/04/even-low-levels-of-gambling-linked-to-financial-hardship-study-finds