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The corporate insolvency resolution process yielded a resolution of 94 cases till March 31New Delhi:The corporate insolvency resolution process yielded
Repeated warnings about a tsunami of home repossessions – long threatened, but yet to arrive – has raised doubts about the scale of this legacy problem from the decade-old economic crash.
At the time of the financial crisis there were 700,000-odd mortgages with outstanding debt of about 110 billion on the countrys books. More than 100,000 ended up in some kind of financial distress.
Tens of thousands of mortgages were restructured to help borrowers repay them over the past decade but there remains a large rump of mortg…
India plans to enact a cross-border insolvency law and take steps to make bankruptcies of individuals easier as part of reforms aimed at speeding up the resolution of stressed assets, according to the governments Economic Survey for 2018-19.
The cross-border insolvency law will not only provide a transparent and predictable mechanism to deal with issues involving investors, banks and companies in more than one country but also push up foreign investment into India, the survey said.
The survey, tabled in parliament by finance minister Nirmala Sitharaman, said the law will address the key tenets of cross-border insolvency access, recognition, relief and cooperation by providing a comprehensive legislative and regulatory framework.
(This July 3 story has been refiled to give more approximate figure in paragraph 16)
By Valentina Za
MILAN (Reuters) How do you value a bank loan on the brink of default in an economy flirting with recession?
As it prepares to commit to buying billions of euros of such loans in Italy by mid July, U.S. hedge fund Davidson Kempner Capital Management (DKCM) has deployed legions of number crunchers to find out.
Their task is fiendishly complicated, with businesses survival chances often hinging on the prospects for debt restructurings, turnaround plans, securing new investment or even hiring new managers.
But the implications of their work go far beyond the fate of individual borrowers as their success could bolster Italys banking system and …
CRIF analyst Vra Kamenkov told the Czech News Agency that the
number of personal bankruptcy petitions is increasing due to the amendment
of the Insolvency Act, which came into force in early June and allows for a
wider group of people to qualify.
The amended law aims to make the debt relief process easier. People can now
either repay at least 60 percent of their debt to creditors in three years,
or make up at least 30 percent of the amount due in five years. If it were
less than 30 percent, the court would decide. Some softer conditions apply
to seniors.
Some 114,000 people in the Czech Republic filed for personal bankruptcy
last year, according to a map focused on the issue, …
* Italian banks trying to offload unlikely to pay loans
* Hedge fund DKCM in talks to take on some from Intesa
* Deal could herald others, vital to restoring banks health
By Valentina Za
MILAN, July 3 (Reuters) – How do you value a bank loan on the brink of default in an economy flirting with recession?
As it prepares to commit to buying billions of euros of such loans in Italy by mid July, U.S. hedge fund Davidson Kempner Capital Management (DKCM) has deployed legions of number crunchers to find out.
Their task is fiendishly complicated, with businesses survival chances often hinging on the prospects for debt restructurings, turnaround plans, securing new investment or even hiring new mana…
More Canadians are finding they cant juggle their finances.
Insolvencies among consumers rose in May to 12,375, up 5 per cent from April and 8.6 per cent from a year earlier, the latest statistics from the Office of the Superintendent of Bankruptcy show.
There are two types of insolvency: One is outright bankruptcy, the other a proposal under which a consumer offers creditors new terms to pay debts.
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The number of bankruptcies climbed 6.2 per cent in May from April, to 5,163, though that mark…
The corporate insolvency resolution process yielded a resolution of 94 cases till March 31
New Delhi:
The corporate insolvency resolution process yielded a resolution of 94 cases till March 31 which has resulted in the settlement of claims worth Rs 173,359 crore, according to the Economic Survey 2018-19 tabled by Finance Minister Nirmala Sitharaman in Parliament on Thursday.
A total of 6,079 cases involving a total amount of Rs 2.84 lakh crore were withdrawn before admission under provisions of the Insolvency and Bankruptcy Code (IBC) till February 28. Besides, Rs 50,000 crore was received by banks from previously non-performing accounts.
“The accelerated recoveries show behavioural change for the wider lending ecosystem even before entering…
According to a newly-published report almost half of adults are currently in debt and owe an average of 6,465.
But while credit cards and general overspending are responsible for this debt in some cases, it would seem the spiralling costs of paying for basic living is the most common reason adults are getting into financial difficulty.
According The UK Spending Report, commissioned by personal insolvency practice, Creditfix.co.uk, the top cause of debt in the UK was in increase in household bills, with 36% of respondents attributing their money problems to this.
But 33% said raised rent or mortgage repayments were the main culprit, a trend being driven by increasing property prices and lack of supply of new homes.
When a business entity that is regulated by the Federal Energy Regulatory Commission (FERC) is closely related to another business entity, FERC takes the position that under some circumstances it may treat the two different legal entities as if they were one single entity. FERC ruled recently that it may disregard the corporate form in the interest of public convenience, fairness, or equity and [t]his principle of allowing agencies to disregard corporate form is flexible and practical in nature. As a result, a new power marketer could be barred by a Regional Transmission Organization (RTO) from participating in the market unless it paid off the debts to the RTO owed by another power marketer with the same business objectives and the sa…
NEW YORK (Reuters) – A federal judge said New Yorks attorney general may pursue a lawsuit accusing Debt Resolve Inc and nine other defendants of involvement in a scheme to induce thousands of struggling student loan borrowers into paying for debt relief services they could have gotten for free.
U.S. District Judge Alison Nathan in Manhattan on Wednesday rejected requests by Debt Resolve, Chief Executive Bruce Bellmare, his predecessor Stanley Freimuth, and the other defendants to dismiss the September 2018 lawsuit.
Eric Krejci, a lawyer for Debt Resolve, Bellmare and Freimuth, declined to comment.
They had argued that Attorney General Letitia James failed to plead facts supporting this allegedly fraudulent debt relief scheme with particu…
Curtis Solsvig, managing director at Goldin Associates and interim CEO at uBiome
Courtesy of Goldin Associates
The new interim CEO of troubled microbiome startup uBiome, Curtis Solsvig, is a longtime turnaround and restructuring expert at financial advisory firm Goldin Associates and the former chief restructuring officer of failed drone startup Lily Robotics.
Earlier this week, San Francisco-based uBiome said thatSolsvig would replace interim CEO John Rakow, previously the companys general counsel. Cofounders and former co-CEOs, Jessica Richman and John Apte, who were placed on administrative leave in May, also left the board of directors this week. Reached by email, Solsvig declined to comment.
By the end of fourth quarter 2018, total household debt in the United States reached a new high of $13.54 trillion. A new Economic Inquiry study found that nonprofit credit counseling–which reaches millions of consumers a year and provides financial education, individualized financial counseling, and debt restructuring services–can be an effective strategy for addressing consumer debt issues.
For the study, researchers analyzed the credit of counseled individuals versus a matched comparison group of noncounseled individuals. Individuals who underwent credit counseling experienced a substantial decline in debt relative to the comparison group, and credit counseling was also associated with an increase in credit scores for consumers w…
