The first Debt Relief Order (DRO) was approved 10 years ago in April 2009 with the aim of assisting people with small levels of assets and little surplus income deal with their debts*.
Since then, the Insolvency Service has approved more than 254,000 DROs to people with debts worth an average of 9,400.
People apply for a DRO through an authorised debt adviser, from organisations such as Citizens Advice, StepChange and PayPlan, who submit applications on-line to the Official Receiver on their clients behalf.
Approximately 99% of DROs are approved within 48 hours of the application being received into the team in Plymouth and 2018 saw the Insolvency Service issue approximately 312 million of debt relief the largest amount for a…
Read the full article at: https://www.miragenews.com/23-billion-debt-relief-granted-in-10-years-of-dros/
In continuation of our earlier letter dated October 8, 2018, this is to inform you that Honorable National Company Law Tribunal (NCLT), Kolkata vide order dated 5th April, 2019 (Copy enclosed) has admitted the initiation of Corporate Insolvency Resolution Process (CIRP) under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) in respect of the Company.
By the said order, NCLT, Kolkata, has declared Moratorium and public announcement in accordance with Section 13 & 15 of the Insolvency & Bankruptcy Code, 2016 and has appointed Mrs. Vinita Agarwal having Registration No. IBBI/IPA-001/IP-P00914/2017-2018/11520 as an Interim Resolution Professional (IRP) for ascertaining the particulars of creditors and convening a meeting of Commi…
Read the full article at: https://www.thehindubusinessline.com/companies/announcements/others/tayo-rolls-ltd-corporate-insolvency-resolution-process-cirp-admission-of-application-by-tribunal/article26754551.ece
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IMAGINE being trapped in a loan that a judge said had a legal interest rate of 120 per cent a year. A loan with “numerous” and “substantial” default fees and “enforcement costs” that multipled until a sheriff was ordered to seize the property that was security for the loan, and change the locks. Or a commercial loanthat started at $500,000 in August 2015 and metastasized to $7.3 million in a little more than two years. The runaway loan was initially listed by aHunter-based financier as having an interest rate of 24 per cent. Soon after a default rate of 48 per cent applied, with interest payments compound…
Read the full article at: https://www.theherald.com.au/story/5999330/revealed-newcastle-loan-sharks-120-per-cent-interest-rate/?cs=5951
The corporate insolvency rules in Scotland change on 6 April, with two new sets of rules replacing the current regime for companies. They do not apply to limited liability partnerships (LLPs).
The introduction of The Insolvency (Scotland) (Company Voluntary Arrangements and Administration) Rules 2018 and The Insolvency (Scotland) (Receivership and Winding up) Rules 2018 (together the 2018 Rules) will bring about the biggest overhaul to insolvency law in Scotland since the introduction of the Insolvency (Scotland) Rules 1986 (the 1986 Rules) over 30 years ago.
The 2018 Rules largely intimate those brought in by the equivalent England and Wales legislation, the Insolvency (England and Wales) Rules 2016 (the England and Wales Rules).
The…
Read the full article at: https://www.out-law.com/en/articles/2019/april/new-scottish-insolvency-rules-to-take-effect-from-6-april/
WASHINGTON–(BUSINESS WIRE)–Apr 5, 2019–The National Energy Marketers Association (NEM) will convene its 22nd Annual National Energy Restructuring Conference on April 10-12, 2019, at the Hyatt Regency Capitol Hill Hotel in Washington, DC. Participants will include federal and state energy policy officials as well as energy and technology industry leaders. Topics of discussion will include:
- 2019 Retail Energy Market Report Card featuring state public service commissioners from leading retail choice jurisdictions;
- The nationwide phenomenon of Consumer-Driven Retail Energy Market Openings;
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Structuring Wholesale Energy Market Policies to Support and Enhance Retail Energy Competition
; - NEM member CEO panel, Current Challenges and Opport…
Read the full article at: https://www.apnews.com/Business Wire/76a465dc3ed1469d9d7d5a19d1435870
Many Americans struggle to manage their finances. One study finds that 4 in 10 Americans couldnt handle an unexpected expense of $400. A new breed of money apps, powered by artificial intelligence (AI) and aiming to engage consumers attention when they need help the most, is trying to come to the rescue.
Olivia Moore, a young Chicago resident, was able to cut her $20,000 debt in half, in less than two years, with the help of an app called Tally. It helped her realize the impact of high credit card interest rates on her finances. But the apps come with limitations and some risks.
AI cant do all things for all people. When an algorithm gives a nudge, after all, humans still make the final save-or-spend decisions. And some consumer…
Read the full article at: https://www.csmonitor.com/Business/2019/0405/In-debt-or-struggling-to-save-Artificial-intelligence-can-help
The Star Gold Coast casino in Queensland, Australia is suing Singaporean high roller Wong Yew Choy for AUD $43 million (USD $30 million) in gambling debts he racked up during a five-day stay at the resort.
Choy left the country and canceled a check he wrote to pay what he owed to the casino. The casino says he spent five days playing baccarat and racked up the impressive bill before leaving.
The casino launched the suit in the Singapore High Court in an attempt to recover their money.
We are pursuing the debt vigorously, a casino spokesperson said to the Australia Broadcasting Company.
The Star is disappointed the situation involving Wong Yew Choy has forced us to escalate the matter to the Singapore High Court.
Wong Ye…
Read the full article at: https://news.tunf.com/star-gold-coast-casino-suing-high-roller-for-aud-43-million-in-gambling-debts/021414