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Debt Settlement Comprehensive Study by Type (Credit Card Debt, Student Loan Debt, Others), Application (Enterprise, Private, Government, Other) Players and
The Supreme Court of India on 25 January 2019 dismissed a challenge to the constitutional validity of the Insolvency and Bankruptcy Code, 2016, and has observed that the economic experiment conducted by means of the enactment of the code is proving to be largely successful going by the large numbers of cases resolved by following the prescribed insolvency resolution process. Below are some key observations by the Supreme Court.
Shardul S Shroff Executive chairman Shardul Amarchand Mangaldas
Objective of the code. The Supreme Court has put to rest the deliberation on the true objective of the code and has observed that its primary focus is the revival and continuation of operations of the corporate debtor, and not merely recover…
Mera Chung had known for weeks that her 30-year career in retail was coming to an end. But Chung, a vice president of design for Crazy 8, a division of Gymboree Group Inc., wasnt prepared for what CEO Shaz Kahng andhuman resources chiefBridget Schickedanz would tell her late on a Wednesday afternoon in mid-January.
They had called Chung in to inform her of an imminent bankruptcy filing, Gymborees second in two years, which would accompany the liquidation of two of the companys three brands, including Crazy 8, which caters to lower-income parents. Chung was ready for that; the closure of Crazy 8 was announced in December, and the bankruptcy was long rumored. But then Schickedanz dropped the bomb.
Debt Settlement Comprehensive Study by Type (Credit Card Debt, Student Loan Debt, Others), Application (Enterprise, Private, Government, Other) Players and Region – Global Market Outlook to 2024
This press release was orginally distributed by SBWire
Edison, NJ — (SBWIRE) — 03/25/2019 — Debt Settlement is also called as debt arbitration, debt negotiation, or credit settlement. It is a legitimate process of debt repayment that can be quite valuable for clients in certain circumstances. It is a debt and exemption process in which the debtor as well as creditor agree to decrease the overall amount of the payment. There are several types of debt settlement is available including credit card debt, student loan debt and others.
A financial fund is objecting to a proposed personal insolvency arrangement under which a businessman would secure a 70m write-off of debt. Conor Clarkson of Cainfort, Enniskerry Road, Stepaside, Dublin 18 is seeking to have his PIA approved by the High Court.
Promontoria (Arrow) Ltd, which says it is owed 64 million by the debtor, is objecting to Mr Clarksons PIA being approved on grounds it is prejudiced by the proposed arrangement. If the PIA is approved by the court it will allow Mr Clarkson, who was involved in property development, to return to solvency.
Last week, the news of Oracle laying off a huge number of employees as a part of its organizational restructuring came as a shock. The reason behind this layoff round was not clear, while some said that this was done to save money, some others said that people working on a legacy product were let go.
This secretive and sudden layoff process has left people speculating about the number of employees laid off. One of the users on TheLayoff.com commented, I think it was 10% from OCI due to being insulated for the past 5 years. I thought it was around 3k global, 2.3% of the total workforce.Another user speculated that the number could be 1,500 and more to follow given Oracles deflating performance.
A majority of corporate insolvency cases have been resolved and the focus is now on resolving personal insolvency, Corporate Affairs Secretary Injeti Srinivas said on Monday.
Commendable speed
The speed at which the cases have been disposed [of] by the NCLT [National Company Law Tribunal] has been commendable, Mr. Srinivas said, speaking at a national conference on the Insolvency and Bankruptcy Code organised by CII and the British High Commission.
But the IBC should be invoked only as a last resort, he added.
A majority of corporate insolvency, which has led to burgeoning of [non-performing assets] NPAs, has been settled and the attempt is now on resolving personal insolvency, he said.
On dealing with personal insolvency, Mr. Srinivas sai…
The founder of Indias struggling Jet Airways is to step down as chairman as part of a debt restructuring plan agreed with its lenders.
Naresh Goyal, a former travel agent who founded Jet in 1992 and built it into Indias largest international airline, will also leave the board as part of a resolution plan that will give lenders a majority stake of 50.1 per cent in the companys shares.
The lenders also agreed to provide additional funding of up to Rs15bn ($218m), secured against the companys assets, according to a stock exchange filing.
Mr Goyals wife, as well as a director nominated by Jets strategic investor Etihad Airways, are also leaving the board under the agreement.
After a string of annual losses under Mr Goyals leadership, Jet h…
March 25, 2019 Qubec, Qubec Employment and Social Development Canada
Over the course of their lives, seniors have made tremendous contributions to their communities right across Canadaand carry with them a wealth of knowledge, experience and skills they can continue to contribute today.
Today, the Honourable Jean-Yves Duclos, Minister of Family, Children and Social Development, was in Qubec to highlight Budget 2019, Investing in the Middle Class. The Budget details how the Government is making sure middle-class Canadians benefit from Canadas economic growth. That includes helping more Canadians find an affordable home, prepare for well-paid jobs, retire with confidence and afford p…
New Delhi, Mar 25 As many as 12,000 cases have been filed since the implementation of the insolvency law and setting of National Company Law Tribunal (NCLT), a senior government official said Monday.
Asserting that the Insolvency and Bankruptcy Code (IBC) should be the last resort, Corporate Affairs Secretary Injeti Srinivas said the NCLT has been very expeditious in disposing cases related to insolvency.
“In some of the NCLTs, the number of cases filed and the number of cases disposed off are almost the same. That means you are almost current,” he noted.
Cases under the code can be taken up only after approval from the tribunal, which has benches in different parts of the country.
Srinivas said that personal insolvency should be approa…
JINHUA, China, March 25, 2019 (GLOBE NEWSWIRE) — Kandi Technologies Group, Inc. (the Company, we or Kandi) (NASDAQ GS: KNDI), announced today that Kandis wholly-owned subsidiary, Zhejiang Kandi Vehicles Co., Ltd. (“Kandi Vehicles”) signed an Equity Transfer Agreement (the Transfer Agreement) on March 21, 2019 with Geely Technologies Group Co., Ltd. (Geely) to transfer certain equity interests in the Kandi Electric Vehicles Group Co., Ltd ( the JV Company) to Geely. Given Geelys competitive strength and recognition in the global automotive industry, this deal could help significantly accelerate the growth of the JV Company. Pursuant to the Transfer Agreement, the parties have agreed to some of the key terms below:
As many as 12,000 cases have been filed since the implementation of the insolvency law and setting of National Company Law Tribunal (NCLT), a senior government official said Monday. Asserting that the Insolvency and Bankruptcy Code (IBC) should be the last resort, Corporate Affairs Secretary Injeti Srinivas said the NCLT has been very expeditious in disposing cases related to insolvency. “In some of the NCLTs, the number of cases filed and the number of cases disposed off are almost the same. That means you are almost current,” he noted.
Cases under the code can be taken up only after approval from the tribunal, which has benches in different parts of the country. Srinivas said that personal insolvency should be approached carefully and …
JINHUA, China, March 25, 2019 (GLOBE NEWSWIRE) — Kandi Technologies Group, Inc. (the Company, we or Kandi) (NASDAQ GS: KNDI), announced today that Kandis wholly-owned subsidiary, Zhejiang Kandi Vehicles Co., Ltd. (“Kandi Vehicles”) signed an Equity Transfer Agreement (the Transfer Agreement) on March 21, 2019 with Geely Technologies Group Co., Ltd. (Geely) to transfer certain equity interests in the Kandi Electric Vehicles Group Co., Ltd ( the JV Company) to Geely. Given Geelys competitive strength and recognition in the global automotive industry, this deal could help significantly accelerate the growth of the JV Company. Pursuant to the Transfer Agreement, the parties have agreed to some of the key terms below:
