Insolvency Guardian Media Centre
In a troubling reflection of India’s rising personal debt crisis, a government employee has turned to Reddit seeking advice as he stares down Rs 29 lakh in loans across more than nine sources—just 4.5 years away from retirement.
With a monthly in-hand salary of Rs 62,000 and pension prospects of Rs 30,000 post-retirement, the individual revealed that a mix of personal loans, chitty commitments, and society loans—some taken using friends’ salary certificates—has landed him in deep financial distress. Some lenders have reportedly issued legal notices and threatened salary recovery.
“I’ve cut down expenses to Rs 27,000 and can reduce further to Rs 22,000, but EMIs and urgent dues already exceed my current capacity,”…
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Hurt by Houthi blockade, debt-ridden Eilat port seeks aid to help it stay afloat The Times of Israel
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(WXYZ) — Michigan has eliminated $144 million in medical debt for more than 210,000 residents as part of a state initiative announced by Gov. Gretchen Whitmer on Thursday.
Watch Jolie Sherman’s video report:
Medical debt relief on the way
The debt relief comes through a partnership with the nonprofit organization Undue Medical Debt, which purchases medical debt for pennies on the dollar.
“We believe that getting sick or getting hurt shouldn’t have to mean going broke,” Whitmer said.
Lt. Gov. Garlin Gilchrist noted the widespread impact of medical debt in the state, saying, “We estimate that there are more than 700,000 adults who carry medical debt. That’s more than the combined populations…
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The National Company Law Appellate Tribunal (NCLAT) New Delhi bench of Justice Rakesh Kumar Jain (Judicial Member) and Mr. Indevar Pandey (Technical Member) has held that Intervention Application under section 60(5) of the Insolvency and Bankruptcy Code, 2016 (IBC) cannot be entertained beyond the limitation period of 3 years.
The present appeal has been filed by the Corporate Person through its Liquidator against an order passed by National Company Law Tribunal (NCLT) by which it allowed the Respondent to intervene in an application under section 59(7) of the Insolvency and Bankruptcy Code, 2016 (IBC).
The Appellant submitted that since the application for intervention was filed on 28.08.2019, therefore, it was beyond…
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Bruno Mars breaks silence on 50 million dollars gambling debt to MGM: ‘Almost out of debt’ MSN
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‘Shark Tank’ food company owners file Chapter 7 bankruptcy TheStreet
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Sydney furniture companies collapse with $500k in undelivered orders MSN
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The High Court has made a Disqualification Order against the directors of a company operating in the business of travel agents.
The Order was made for eight years against David John Weir (53) of Whitesides Road, Randalstown, Co. Antrim and Sharmayne Louise Weir (54) of Craigahulliar Road, Portrush, Co. Antrim in respect of their conduct as directors of Weir Travel Limited (“the Company”).
The Company was involved in travel agency activities with a registered office at 26 New Row, Coleraine, BT52 1AF. The Company went into liquidation on 21 January 2022 with an estimated deficiency as regards…
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The national non-profit purchases medical debt for pennies on the dollar by working with counties, states, donors, and healthcare providers to bring relief to 271,000 Michiganders so far.
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(Bloomberg) — Shareholders of collapsed fintech startup Linqto Inc. asked a federal judge in Texas to send the company’s bankruptcy case to Delaware, contending there they will be better protected from the whims of new managers.
Investment firm Sapien Group said in a court filing Wednesday that shareholders want to challenge actions taken by Linqto’s board after a new chief executive was hired to replace founder Bill Sarris.
The filing alleges that Linqto’s new management team under CEO Dan Siciliano created a corporate shell named Linqto Texas that was used to justify filing for bankruptcy there instead of Delaware, where the parent in incorporated.
Delaware’s reputation as the default location for companies to house…
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Insolvency processes are by definition resource-constrained environments, so artificial intelligence (AI) tools that enhance efficiency and reduce delay and cost (and ultimately improve creditor returns) are naturally a welcome development.
The potential for efficiency gains via AI use in insolvency processes and restructurings more generally is significant. This brings with it the opportunity to address some long-standing concerns over Australia’s insolvency regime’s complexity, inefficiency and cost – without the need for structural reform.
Given low levels of public trust and confidence in AI in Australia generally, and uncertainties as to how AI technology may ultimately develop, the way in which Australian…