The tune of Jingle Bells is probably still stuck in your mind in the days after Christmas. But around this time a decade ago it was “jingle mail” that was starting to get attention in the US.
Jingle mail is the term for home owners who simply hand the keys to their house back over to the bank when they can’t afford their mortgage repayments.
It’s an especially attractive option if property prices are falling and the borrower is in negative equity (where they owe more than their home is worth).
The main reason many Americans can do this and Australians can’t is the existence of non-recourse home loans in the US.
A non-recourse loan means the ba…
Read the full article at: http://www.abc.net.au/news/2017-12-27/full-recourse-loans-lower-defaults-but-may-increase-risky-loans/9276602
Salt Lake City A class of law students at Brigham Young University is working to help Utah residents with their debt collection lawsuits.
KUER-FM radio reports Salt Lake City lawyer Kimball Parker is leading the group of nine students in a semester-long project to work on a technology solution that can provide legal assistance free of charge.
The group, called LawX, wants to get free, easily accessible legal help to those who are facing a debt lawsuit.
The details of the technology solution wont be released until next year, but it should be available to the public soon.
Read the full article at: http://www.sltrib.com/news/2017/12/26/byu-students-work-to-help-with-debt-collection-lawsuits/
The National Company Law Tribunal has admitted an application by State Bank of India to initiate the corporate insolvency resolution process against iron-cast auto parts maker Castex Technologies Ltd.
The Mumbai bench of the NCLT appointed Dinkar Tiruvannadpuram Venkatsubramanian as an interim resolution professional for the debt resolution process, according to a stock exchange filing.
Insolvency proceedings against Castex, formerly known as Amtek India, were initiated by SBI and its subsidiaries for defaulting on loans worth over Rs 572 crore, according to a copy of the petition filed on the exchanges.
Once a case is admitted by the NCLT, there is a 180-day timeline to decide on a resolution plan, though 90 days can be given in addi…
Read the full article at: https://www.bloombergquint.com/business/2017/12/26/nclt-admits-application-for-castexs-insolvency-process
December 26, 2017:
The year 2017 was a watershed year for the Insolvency and Bankruptcy Code (IBC) which was notified in late 2016. The first insolvency petition was filed by ICICI Bank in December 2016. It was foreseeable that this laudable and long-overdue legislation, would undergo its share of trial by fire throughout 2017.
In the case of Innoventive Industries, the Supreme Court held that once an interim resolution professional (IRP) takes charge of the insolvent company, the directors lose any right to prefer an appeal on its behalf.
The judgment in Mobilox Innovations removed all ambiguities regarding the extent to which the Adjudicating Authority can investigate the veracity of a dispute for the purposes of a notic…
Read the full article at: http://www.thehindubusinessline.com/money-and-banking/changes-challenges-ahead-for-insolvency-and-bankruptcy-code/article10002681.ece
MUMBAI — Reliance Communications Chairman Anil Ambanion presented a revised debt resolution plan on Wednesday aimed at reducing the company’s liabilities from 450 billion rupees ($7 billion) to 60 billion rupees by March 2018 by withdrawing the company from the consumer wireless business and unloading assets, including real estate.
Anil Amban, chairman of Reliance Communications, speaks at a news conference in Mumbai on Dec. 26.
The plan presented by the heavily indebted company is part of its exit from a statutory debt restructuring process its has been n…
Read the full article at: https://asia.nikkei.com/Business/Deals/Reliance-Communications-asset-sale-speeds-India-telecom-shakeout
December 26, 2017:
This is to inform you that the application filed by State Bank of India under section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC 2016) read with Rule 4 of Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 before National Company Law Tribunal, Mumbai has been admitted by the Honble Tribunal w.e.f. 20th December, 2017. The Company is now under Corporate Insolvency Resolution Process (CIRP) under the provision of IBC, 2016. (Copy of order of Honble Tribunal is enclosed)
The Honble NCLT, Mumbai has appointed Mr. Dinkar Tiruvannadapuram Venkatasubramanian as an Interim Resolution Professional (IRP) for carrying out the CIRP of the Company.
The above may kindly be treated as …
Read the full article at: http://www.thehindubusinessline.com/companies/announcements/others/appointment-of-interim-resolution-professional-irp/article10002619.ece
A recent survey from the American Institute of CPAs about the anxiety-producing debt load facing Americans is replete with head-scratching details. But the upshot is this: It seems that a lot of people need financial planning.
For starters, when everyday expenses are the top debt for 44 percent of the respondents, you know things must be tough. Thats followed by mortgage payments (41 percent), insufficient income (36 percent), car payments (33 percent) and health care costs (32 percent).
Millennials, as it turns out, worry the most about their debt load. According to the Harris Poll of 1,004 U.S. adults, 73 percent of what is now the biggest generation in the country have debt. And 68 percent of millennials say debt has n…
Read the full article at: https://www.accountingweb.com/practice/growth/with-so-much-debt-financial-planning-can-help
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