Insolvency Guardian Media Centre
Temple University graduate Ewan Johnson’s mother borrowed so he could go to college.
Growing up in a small town near Trenton, N.J., Ewan Johnson said there were birthdays when his mother couldn’t afford to buy presents for him and his sister, but she did her best by baking cookies. There were times whenshe worked overtime in her job helping people with disabilities.
I come from a low economic background. Going to college was literally my only way out, Johnson says.
But like many students, Johnson said, the maximum in Pell Grants he received wasn’t enough to pay for living expenses and tuition and fees atTemple University, where he earned a bachelor’s in strategic communications and political science.
He took out the $31,000 limit in …
Read the full article at: https://www.insidehighered.com/news/2021/01/28/large-debate-looms-over-canceling-parents-debt-student-loans
Many developing countries are experiencing mounting external debt distress owing to the economic consequences of COVID-19. G20 Finance Ministers were swift to adopt the Debt Service Suspension Initiative (DSSI) in 2020, suspending bilateral debt payments through July 2021 for 73 low-income countries. Globally, Chinese governmentsponsored banks have emerged as the largest bilateral creditors (1). For the 46 participating DSSI countries thus far, payments due to China constitute 68% ($8.4 billion) of all official bilateral payments originally due by the end of 2020 (2). G20 countries have now come to realize that they will need to go beyond debt suspension to include the cancellation of some portion of debt. Without substantial debt relie…
Read the full article at: https://science.sciencemag.org/content/371/6528/468.full
The Australian Securities and Investment Commission (ASIC) seeks industry feedback on its proposal to extend financial reporting and annual general meeting (AGM) relief in order to reduce the regulatory burden for externally administered companies.
ASIC has proposed expanding the relief available under the ASIC Corporations (Externally-Administered Bodies) Instrument 2015/251 (LI 2015/251) to companies where a voluntary administrator, controller, or provisional liquidator is first appointed by:
- Extending the deferral of financial reporting obligations for the external administration period to a maximum of 24 months; and
- Allowing public companies to defer their obligation to hold an AGM until two months after the financial reporting…
Read the full article at: https://www.insurancebusinessmag.com/au/news/breaking-news/asic-consults-on-extending-financial-reporting-and-agm-relief-244867.aspx
Speedcast International Limited, a major provider of satellite connectivity to the cruise industry, has announced that its plan of reorganization has been confirmed by the U.S. Bankruptcy Court for the Southern District of Texas
According to a press release, this confirmation definitively clears the path for the company to successfully complete the Chapter 11 process after receiving final regulatory approvals and satisfying customary closing conditions, which is expected by the end of the first quarter of 2021.
The company stated that it is poised to emerge with a significantly strengthened balance sheet and the support of Centerbridge Partners and its affiliates as its new owner.
The Courts confirmation of the plan marks a key milesto…
Read the full article at: https://www.cruiseindustrynews.com/cruise-news/24268-speedcast-to-undergo-restructuring-under-chapter-11.html
Progressive Debt Relief uses a process known as debt settlement to help consumers negotiate and settle all other unsecured debts they might have, such as credit card debt. It has been a pioneer in the industry when it comes to helping consumers escape from a cycle of using payday loans to stay afloat.
According to the website, Progressive has “established relationships” with all the major payday loan companies and other known creditors. They use these relationships to help negotiate your debts for less than you owe so you can get out of debt once and for all.
Like other debt relief companies, Progressive Debt Relief is adamant that they do not charge fees upfront, and that you only pay fees as each debt is settled. However, they do not …
Read the full article at: https://www.investopedia.com/progressive-debt-relief-review-5096947
Due to the national public health emergency caused by COVID-19, the US Department of Agriculture announced the temporary suspension of past-due debt collections and foreclosures for distressed borrowers under the Farm Storage Facility Loan and the Direct Farm Loan programs administered by the Farm Service Agency (FSA).
USDA will temporarily suspend non-judicial foreclosures, debt offsets or wage garnishments, and referring foreclosures to the Department of Justice; and USDA will work with the US Attorneys Office to stop judicial foreclosures and evictions on accounts that were previously referred to the Department of Justice.
Additionally, USDA has extended deadlines for producers to respond to loan servicing actions, including loan de…
Read the full article at: https://www.thepigsite.com/news/2021/01/usda-temporarily-suspends-debt-relief-for-thousands-of-distressed-farm-loans
WASHINGTON (Reuters) – Chad has officially requested a debt restructuring, the first country to do so under a new common framework agreed by Group of 20 major economies last year, the International Monetary Fund said on Wednesday.
Chad’s President Idriss Deby attends a working session of the G5 Sahel summit in Nouakchott, Mauritania June 30, 2020. Ludovic Marin /Pool via REUTERS The IMF said its staff had completed talks with Chad on a new medium-term financing program worth about $560 million under its Extended Credit Facility and the Extended Fund Facility. The deal must still be approved by the IMFs executive board.
Like several other African countries, Chad is struggling with a high debt burden against a backd…
Read the full article at: https://www.reuters.com/article/us-chad-debt/chad-becomes-first-country-to-ask-for-debt-overhaul-under-g20-common-framework-idUSKBN29X0Q5
The collapsed fundraising agency Home Fundraising is being liquidated, facing claims totalling more than 5m.
The liquidators report, published on the Companies House website this week, reveals it has received claims totaling 4.8m from 56 unsecured creditors, while a further 92 claims have yet to be received for sums totalling more than 300,000.
The unsecured creditors are expected to receive nothing, the report states.
The door-to-door fundraising agency went into voluntary administration in March 2019, having entered into a Company Voluntary Arrangement in May the previous year.
The CVA a deal that allows companies to pay creditors over an extended period of time while still trading pledged to pay off more than 1.5m worth of debt, in…
Read the full article at: https://www.thirdsector.co.uk/defunct-fundraising-agency-faced-claims-5m-report-shows/fundraising/article/1705708
SINGAPORE – Small and micro companies that have been hit hard by the Covid-19 pandemic and need to restructure their debts to stay viable or wind up their businesses can apply for support to do so under a new programme from Friday (Jan 29).
Applications for the Simplified Insolvency Programme (SIP) will be open until July 28 and the period may be extended if the need arises, the Ministry of Law (MinLaw) said on Thursday.
The SIP consists of two separate programmes which eligible companies can apply for.
One is the Simplified Debt Restructuring Programme (SDRP) for the restructuring of debts and the potential rehabilitation of viable businesses.
The other is the Simplified Winding Up Programme (Swup) for the orderly winding up of non-vi…
Read the full article at: https://www.straitstimes.com/business/small-companies-can-apply-for-simplified-insolvency-programme-from-jan-29
Nelson Loh, co-founder of the Bellagraph Nova spotlighted for a series of false claims including doctored photos with ex-U.S. President Barack Obama has been judicially declared bankrupt after DBS commenced proceedings against him over outstanding debt.
Nelson Loh was adjudged a bankrupt, according to a Business Times report citing Singapore High Court documents, over S$14.2 million ($10.7 million) of outstanding debt owed to DBS.
Loh also owes another S$2.7 million to Citi, which led a notice that supported DBSs bankruptcy application.
Loh was named as a guarantor for two loan facilities including a S$9 million term loan facility provided in January last year to Novena Global Healthcare Pte Ltd and a S$5 million temporary bridging lo…
Read the full article at: https://www.finews.asia/finance/33680-dbs-wins-bankruptcy-case-against-bellagraph-co-founder
Santander’s Madrid HQ
Glenn Maud, an investor who during the last boom bought some of the worlds most expensive buildings, has been declared bankrupt after losing a near seven-year court battle.
Maud was declared bankrupt in November following a petition lodged in 2014 from Libyas sovereign wealth fund, anotice from the High Court of Justiceshows.
The bankruptcy order comes after a complex legal battle involving the Libyan Investment Authority, Mauds former joint venture partner Derek Quinlan and fellow boom-time property investor Robert Tchenguiz. The case centred around the ownership of Santanders Madrid HQ, one of the worlds most valuable and highly leveraged property assets.
A judge found against Maud in his battle in June…
Read the full article at: https://www.bisnow.com/london/news/capital-markets/investor-once-head-of-35b-empire-declared-bankrupt-after-7-year-fight-107515
WASHINGTON, Jan. 27, 2021 Due to the national public health emergency caused by coronavirus disease 2019 (COVID-19), the U.S. Department of Agriculture today announced the temporary suspension of past-due debt collections and foreclosures for distressed borrowers under the Farm Storage Facility Loan and the Direct Farm Loan programs administered by the Farm Service Agency (FSA). USDA will temporarily suspend non-judicial foreclosures, debt offsets or wage garnishments, and referring foreclosures to the Department of Justice; and USDA will work with the U.S. Attorneys Office to stop judicial foreclosures and evictions on accounts that were previously referred to the Department of Justice. Additionally, USDA has extended deadlines for pr…
Read the full article at: https://www.usda.gov/media/press-releases/2021/01/27/usda-temporarily-suspends-debt-collections-foreclosures-and-other
