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.
A plan to recover the student debts of people who have died was under consideration by the Federal Government, documents obtained by the ABC under Freedom of Information reveal.
The Federal Education Department estimated the move could save taxpayers $46 million over a decade, but it acknowledged it would be controversial.
The Government eventually rejected the proposal.
What happens to the debt?
The Government is owed $55 billion by people who accessed the Higher Education Loan Program (HELP), and at least $20 billion of that debt is forecast to be written off.
Under the current law, if a person does not pay off all money they owe under HELP before they die, that de…
This is the latest in Adam Minskys series on the 2020 presidential candidates positions on student loan debt. Check out the prior articles on Joe Biden, Pete Buttigieg, and Kamala Harris.
Senator Bernie Sanders is one of the frontrunners of the 2020 Democratic presidential primary contest, and he has a large amount of support from young people. But where does he stand on student loan debt? Heres what we know.
Free College
Sanders was one of the earliest supporters of the concept of free or debt-free college, and he propelled the concept int…
Politicians condemned as a complete whitewash a long-awaited report by the UKs financial regulator over why it failed to take action against the Royal Bank of Scotland over its disgraced restructuring unit.
In a 78-page report published on Thursday, the Financial Conduct Authority largely repeated conclusions aired last summer when it said it could not fine the bank or take action against senior managers because it felt it lacked the relevant powers.
The taxpayer-controlled banks now-defunct Global Restructuring Group was accused of exploiting small businesses following the 2007-2008 financial crisis by pushing them to restructure and profiting from buying assets at heavily reduced prices.
Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, we wish to inform you that the Court 2 of the Chennai Bench of the National Company Law Tribunal (NCLT) has, Vide its order dated June 07,2019 admitted the Petition/Application No.1BA 243/2019 filed by State Bank of India under Section 7 read with Rule 4 of the Insolvency and Bankruptcy Code,2016 and appointed Mr R Raghavendran, having Reg. No IBBI/IPA-OOl/IP-POO211/2017-18/10411 as the Interim Resolution Professional with effect from June 07,2019. Copy of the aforesaid Order of the NCLT is attached.
Marina Bay Sands (MBS) has dropped a lawsuit worth more than SG$13 million against Australian high roller Wang Zhi Cai, ending a case that stretches back to 2013.
According to The Straits Times, MBS lawyers filed a notice of discontinuance with the High Court last week, with the matter said to have been resolved amicably.
The Singapore casino had been pursuing Wang for a gambling debt of SG$$9,996,250 accrued across two visits to Marina Bay Sands in April 2013 and January 2014, plus interest of SG$3,782,690 and costs of SG$7,398.
The resolution comes two years after a Singapore court issued a 2017 default judgement against Wang, who had failed to respond to repeated attempts by MBS to contact him at his l…
Retrenchments rose in the first quarter of this year compared to the previous quarter, due to business restructuring and reorganization, said Singapores Ministry of Manpower (MOM) on Thursday. Among the sectors, retrenchments were driven by the manufacturing industry, the ministry said.
A total of 3,230 workers were laid off in the first three months of this year, compared to 2,510 workers in the last quarter of 2018 and 2,320 workers the same period a year ago.
The manufacturing sector saw 1,040 workers let go for the first quarter, an increase from 380 workers in the previous quarter, primarily affecting production workers and those related to factory work in the electronics segment.
The electronics sector chalked up almost one-fifth…
Italian industrial group Maccaferri, the parent company of the insolvent EPC contractor, has also filed for insolvency for another three units of its energy business.
A PV plant built by Enerray in Turkey, where the company has suffered from its geothermal investments.
Image: Enerray
Italian conglomerate Gruppo Maccaferri has begun insolvency proceedings for its energy businesses Seci Holding, Seci Energia, Enerray, and Exergy, according to Italian newspaper Il Resto del Carlino.
The companies, which together employ around 200 people, will have 60-120 days to present a restructuring plan following the appointment of an insolvency administrator, a move which is expected to happen on Tuesday.
WELLINGTON, June 13 (Xinhua) — A new legislation requires liquidators in New Zealand to be licensed and meet basic standards of honesty and competence, aiming to protect creditors and the public, Commerce and Consumer Affairs Minister Kris Faafoi said on Thursday.
The Third Reading of the Insolvency Practitioners Regulation Bill and the Insolvency Practitioners Regulation (Amendments) Bill address some failings of the previous system, and shut down the ability of liquidators who fell short on skills and integrity.
“One of the main aims of corporate insolvency law is for businesses to be turned around if they are viable but if they are not, they should be wound up, the assets realized and distributed to credit…
A total of 347 people agreed deals with their lenders in the first three months of this year in situations where they are unable to pay the full amount.
This was up 16pc on the number of arrangements put in place in the first quarter of last year, figures from the Insolvency Service of Ireland show.
Most of the deals were personal insolvency arrangements (PIAs). These are court-approved restructurings of mortgage and other debts where there is a deal to repay a more manageable amount over a six-year period.
Last month a High Court judge reserved judgment in a personal insolvency application by musician Frank McNamara and his barrister wife Theresa Lowe.
The couple are seeking court approval for an arrangement to assist them in dealing wi…
In a deal struck in recent days, the multiple X-Men flick helmer will hand over $150,000 to Cesar Sanchez-Guzmans bankruptcy trustee to see the sexual abuse claim disappear.
The debtor filed a claim against Mr. Singer that he had no basis or legal right to file, proclaimed Singers lawyer Andrew Brettler in a statement today after the agreement over the Washington State filed 2017 matter was announced.
Mr. Singer has denied even knowing this individual, let alone allegedly having interacted with him more than 15 years ago, the attorney at Lavely & Singer, no relation, added. The…
Cyril Amarchand Mangaldas has hired Richa Roy as a partner in its insolvency and bankruptcy and policy practice in Mumbai. Roy recently worked as a graduate research fellow at the University of Oxford in the UK on a range of public policy projects in trade policy and banking regulation.
Roy was a part of the Bankruptcy Law Reform Committee where she drafted the corporate insolvency provisions of the Insolvency and Bankruptcy Code, 2016, and the corporate insolvency resolution process regulations. She has over 12 years of experience during which she worked at ICICI Bank as group head of legal, international banking and at AZB & Partners.
VERTICES MAKES LATERAL HIRE
Vertices Partners has hired Sohini Mandal as an associate…
