Insolvency Guardian Media Centre
Debt
consolidation rolls high-interest debts into a single lower-interest
payment, such as credit card bills. It can reduce your total debt and
restructure it so that you pay it more quickly. If you have a
manageable debt amount and simply want to reorganize several bills
with various interest rates, payments and due dates are a sound
approach to debt consolidation that you can deal with yourself.
You
have credit cards, student loans and auto loans in depth. Minimum
monthly payments dont help you solve your debt. Something has to
change, and you are considering debt consolidation because the one
easy payment and lower interest rates they offer are promising.
Some
people decide that they have had enou…
Read the full article at: https://www.conservativedailynews.com/2019/03/is-debt-consolidation-worth-the-risk/
NEW DELHI: As Jet Airways battles acute financial woes, a senior government official Monday said a “good outcome” from the negotiations between the creditors and the company would be better than moving for proceedings under the insolvency law.
“I think creditors and the debtor are in discussion. That is the best process,” Corporate Affairs Secretary Injeti Srinivas said.
He was responding to a query on whether Jet Airways is a fit case to be referred under the Insolvency and Bankruptcy Code (IBC).
“If there is a good outcome from the negotiations between the creditors and the corporate debtor, then that is better than dragging into insolvency. But if that (insolvency) is only option left at that stage, then bankers will take a call,” …
Read the full article at: https://www.thehansindia.com/business/good-outcome-from-creditors-company-negotiations-better-than-insolvency-centre-on-jet-crisis-515124
A Queensland brickworks company formed in the 1800s has entered voluntary administration, the latest collapse in an industry contending with high energy costs and a rapidly slowing property market.
Claypave, which operates a brick manufacturing plant in Ipswich, has appointed insolvency firm Worrells as administrators.
Up to 50 employees risk losing their jobs at the business, which exports to Japan, Europe and the United States.
Headwinds in the housing market has weighed heavily on Australian manufacturing, with Brickworks chief executive Lindsay Partridge predicting more pain for the industry at the recent release of his companys financial results.
Partridge said that the building products manufacturer would be seeking opportunities in…
Read the full article at: https://theurbandeveloper.com/articles/queensland-brickworks-enters-administration-amid-market-headwinds-
One of lifes biggest stressors is debt. Whether its from student loans or credit cards, debt can really restrict your life. When it comes to setting financial goals, such as purchasing a home or saving for retirement, debt can make it difficult to achieve those goals. Even worse, debt can make you feel like you have no freedom to spend money on things you need and want.
Youre not alone in the struggle to pay off your debt as quickly as possible. Try practicing one or more of these methods to pay off your debt as quickly as possible and to reduce your stress.
Transfer Your Credit Card Balance
Interest rates can drastically increase your debts over time. Credit cards, in particular, can charge interest rates as high as 30%.
I…
Read the full article at: https://thriveglobal.com/stories/payoff-methods-to-lower-the-stress-of-your-debt/
New Delhi: The ministry of corporate affairs will soon notify regulations on last possible measures for revival of companies that have been ordered for liquidation through the insolvency process.
“Once the liquidation order is given, the liquidator has to explore Section 230 of the Companies Act first. We are working on the regulation on how this will be done and the process that will be followed,” a senior official aware of the developments said.
This follows a recent order by the National Company Law Appellate Tribunal, in which it directed the liquidator to exhaust options available under this section before proceeding to attempt to sell the company wholly or in parts.
Section 230 of the Act allows creditors to make arrangements wit…
Read the full article at: https://economictimes.indiatimes.com/news/economy/policy/rules-to-revive-companies-before-liquidation-to-come-out-soon/articleshow/68571841.cms
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.
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…
Read the full article at: https://www.vantageasia.com/supreme-court-puts-aims-bankruptcy-code-rest/
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.
She said, We had to make some other decisi…
Read the full article at: https://theintercept.com/2019/03/25/gymboree-bankruptcy-severance-scam/
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.
Advance Market …
Read the full article at: http://www.digitaljournal.com/pr/4223506
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.
…
Read the full article at: https://www.irishtimes.com/news/crime-and-law/courts/high-court/fund-objects-to-businessman-s-proposed-insolvency-arrangement-1.3838219
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.
Another user speculated that the target i…
Read the full article at: https://hub.packtpub.com/oracle-does-organizational-restructuring-by-laying-off-100s-of-employees/
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…
Read the full article at: https://www.thehindu.com/business/focus-is-now-on-personal-insolvency-injeti-srinivas/article26637045.ece
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…
Read the full article at: https://www.ft.com/content/466be42e-4eed-11e9-9c76-bf4a0ce37d49