Insolvency Guardian Media Centre
The U.S. Education Department is proposing changes to Obama-era rules that offer debt relief for students who were defrauded by their colleges.
If you attended a school that misled you or engaged in misconduct, theres a government program called Borrower Defense to Repayment that helps get relief from your federal student loans. The rules that explain this program were introduced in 2016, after a number of high-profile cases involving some for-profit colleges.
But critics and the administration have said those regulations were too broad and allowed too many students to apply for relief.
Basically, any students could raise their hand and qualify for free money, says Mary Clare Amselem, a p…
Read the full article at: https://whyy.org/npr_story_post/devos-to-make-it-tougher-for-defrauded-students-to-seek-debt-relief/
With the recent news that Marks & Spencer, Debenhams and House of Fraser are to close stores across the UK amid heavy falls in profit, it has raised questions around what employees rights are when a business decides to restructure. Contributor Kirsten Cluer, HR Consultant and owner Cluer HR.
House of Fraser, the most recent established UK retailer to feel the squeeze on the High Street, announced it is to close more than half of its UK stores, including its flagship on Londons Oxford Street, putting 11,000 jobs at risk.
When a company or organisation enters a period of transition, the major changes can be swift. During this time, businesses will often consider cutting costs, restructuring, downsizing or streamlining operat…
Read the full article at: https://www.thehrdirector.com/features/business-growth/employees-rights-business-restructure/
New London Ten years ago, on July 28, 2008, federal regulators arrived early in the morning at the tiny New London Security Federal Credit Union to close down the more than 70-year-old institution, only to find that someone apparently had broken in to the office overnight.
“It looked like somebody had tried to get past the molding to pop the lock,” recalled Gary Meisinger, an examiner in the Hartford office of the National Credit Union Administration, in a January 2014 deposition The Day obtained as part of a Freedom of Information Act request involving more than 2,000 pages of transcripts.
On that day, the credit union regulatory agency, which already had called in the FBI to investigate, declared the institution insolvent, leavin…
Read the full article at: https://www.theday.com/local-news/20180728/decade-later-new-london-credit-union-closure-still-confounds
A little more than a year ago, he had it all expensive houses, the trappings of luxurious living and a trophy wife. He even had a name befitting the 245th position on The Sunday Times Rich List.
But now Kevin Cash, the Birmingham boy who amassed a £500 million fortune in the London and international property markets, claims he has little left apart from the name. Mr Cash was declared bankrupt at Oxford county court this week after a group of creditors rejected his offer of a softer individual voluntary arrangement (IVA).
That snub is a sign…
Read the full article at: https://www.thetimes.co.uk/article/broke-mr-cash-accused-of-hiding-millions-rdprwtgq9
exclusive
Allegations that a former Royal Bank of Scotland manager solicited bribes from small business owners in return for showing leniency towards their troubled companies are being investigated by police, The Times can reveal.
A former banker from RBSs notorious Global Restructuring Group is alleged to have demanded tens of thousands of pounds in cash from customers in return for forbearance on their debts.
The allegations, which are subject to a criminal investigation by Police Scotland as well as an internal inquiry at the bank, exacerbate the scandal at GRG. The claims go far …
Read the full article at: https://www.thetimes.co.uk/article/manager-at-rbs-restructuring-group-took-bribes-from-troubled-companies-x07hpkj8h
The number of personal insolvencies in England and Wales has hit a six-year high as consumers are squeezed by high inflation, modest wage rises and growing levels of debt.
There were 28,951 people declared insolvent in the past three months, a jump of 27 per cent on the same period last year and up 4.4 per cent on the first quarter of this year.
The Insolvency Service, a government agency, said insolvencies had risen steadily since 2015 and were now at the highest quarterly total since the start of 2012. It said the increase was driven by a record number of people taking out individual voluntary arrangements, a means of managing debt in which debtors a…
Read the full article at: https://www.thetimes.co.uk/edition/news/insolvency-rate-is-highest-for-six-years-3kwnjhd8m
The number of personal insolvencies in England and Wales has hit a six-year high as consumers are squeezed by high inflation, modest wage rises and growing levels of debt.
There were 28,951 people declared insolvent in the past three months, a jump of 27 per cent on the same period last year and up 4.4 per cent on the first quarter of this year.
The Insolvency Service, a government agency, said insolvencies had risen steadily since 2015 and were now at the highest quarterly total since the start of 2012. It said the increase was driven by a record number of people taking out individual voluntary arrangements, a means of managing debt in which debtors a…
Read the full article at: https://www.thetimes.co.uk/article/insolvency-rate-is-highest-for-six-years-3kwnjhd8m
Education Secretary Betsy DeVos is proposing new rules to the Borrower Defense program.
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The U.S. Education Department is proposing changes to Obama-era rules that offer debt relief for students who were defrauded by their colleges.
If you attended a school that misled you or engaged in miscond…
Read the full article at: https://www.npr.org/sections/ed/2018/07/27/633107206/devos-to-make-it-tougher-for-defrauded-students-to-seek-debt-relief
Rising domestic demand coupled with slack utilization rates will help debt-burdened India Inc to draw some relief over the next two years as earnings will grow faster than debt, enabling them to meet higher demand without further investments, says a report.
“We foresee a profit upcycle for India Inc, as revenues expand but capital expenditure stays flat,” S&P Global Ratings said in a report today.
It sees the median corporate revenue increasing 12-14 percent over the next 24 months, or about 500 bps higher than the past three years’ average. Earnings should rise even faster than revenues, helping corporates continue the deleveraging trend seen over the last two years.
These growth expectations are anchored in continu…
Read the full article at: https://www.moneycontrol.com/news/india/demand-buoyancy-to-help-debt-laden-companies-to-deleverage-report-2773321.html
Debt consolidation loans are appealing as they will help you to get the most out of paying off many debts. There are five great points about these loans that make them so indispensable and necessary for your life.
1. It is easier for you to manage your debts with a debt consolidation loan.
The problem with some of the expenses you might be struggling with is that they come with various due dates. You could lose track of those dates. These problems can be a real issue as you might build more debt from missed payments, late fees, and added interest charges.
A debt consolidation loan will reduce the likelihood of you struggling to handle those charges. By having only one monthly payment to all those entities, it becomes easier for y…
Read the full article at: http://www.finsmes.com/2018/07/5-undeniable-reasons-to-love-debt-consolidation-loans.html
The National Company Law Appellate Tribunal (NCLAT) on Wednesday, July 25, 2018 resolved the stay order against Chennai based, Shriram EPC in connection with a petition filed by ACRE (Asset Care & Reconstruction Enterprises) under Corporate insolvency Resolution process of the corporate debtor.
The NCLAT accepted the stand that there was no default on part of the Corporate Debtor (Shriram EPC) and that the issue arose because the consortium bankers did not accept ACRE as a lender since the deed of Accession was not executed by them. The bench had also noted that the issues between ACRE and consortium now stand resolved.
The NCLAT has set aside the order of the NCLT Chennai and closed the CIRP process.
Shares of the company gained Rs 1….
Read the full article at: http://myiris.com/news/sector/nclat-clears-stay-against-shriram-epc-in-corporate-insolvency-resolution-process/20180727094040199
In probably the first petition to be filed after an ordinance brought homebuyers on par with financial creditors, an investor has moved the National Company Law Tribunal, Delhi, seeking to initiate corporate insolvency resolution process in respect of a builder who not only failed to handover possession of residential unit despite missing the deadline five years ago but also did not refund the money paid by the petitioner (financial creditor)
Surjendu Sekhar Kuila and Pooja Bhatnagar, residents of South Delhi, have moved NCLT through PSP Legal praying that an order be passed for initiating corporate insolvency resolution process in respect of M/s Granite Gate Properties Private Limited (a fellow company of 3C developers) which is develo…
Read the full article at: http://www.livelaw.in/homebuyer-moves-nclt-seeking-insolvency-process-against-builder-notice-issued/