Insolvency Guardian Media Centre
Coalition confirms it won’t follow Labor’s plan to wipe student debt if elected 9News
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The Insolvency and Bankruptcy Board of India (IBBI) has made it mandatory for the resolution professionals (RPs) to formally inform the committee of creditors (CoC) about any fraudulent or avoidance transactions carried out by a company prior to its bankruptcy. The amendments are aimed at improving the transparency, and the treatment of “avoidance transactions” in the corporate insolvency resolution process (CIRP), IBBI circular said.
Under the amended rules, the RP will have to include the details of the “identified avoidance transactions or fraudulent or wrong trading” in the information memorandum, which is essentially a comprehensive document giving details about the corporate debtor undergoing CIRP.
Till recently, the…
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IBBI Notifies Amendments To Simplify Corporate Insolvency Procedures MSN
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Student loan borrowers navigate new landscape as options dwindle under Trump The Hill
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‘Corporate Insolvency: Road to Viksit Bharat’: Sumant Batra’s Visionary Book Charts India’s Economic Reforms Through Lens Of IBC BW Legal World
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The National Company Law Tribunal, Mumbai, comprising Justice V.G. Bisht (Retd.) and Prabhat Kumar (Member – Technical), examined if a petition u/s 7 of the IBC could be admitted when the amount claimed in the petition is subsequently offered by the corporate debtor through a demand draft.
The bench dismissed the petition and observed that IBC is not a recovery mechanism and the additional claims of interest beyond the amount mentioned in the petition cannot justify admission.
Background
Ritwik Finance Pvt. Ltd., an NBFC, extended a secured loan facility of Rs. 60 lakhs to Genesiis Constro Pvt. Ltd. The financial creditor claimed an amount of Rs 1.16 Cr, which includes interest, TDS, and penal charges. The financial…
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Twelve years.
That was the period for which Bernard Morrin, former director of Intensive Community Programmes Limited, was disqualified by the High Court earlier this year — one of the lengthiest bans imposed on an Irish company director in recent times.
The case began, on the surface, like many others: a service provider entering liquidation with large debts. But beneath the numbers was a different story.
Intensive Community Programmes had been entrusted with delivering care services to vulnerable teenagers and young adults, under contracts with Tusla and the HSE. Yet when the company went into liquidation in 2019 with a deficit of over €620,000, the liquidator uncovered evidence that…
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FIBES Conference and Exhibition Centre, Seville
The President of the Government of Spain, Pedro Sánchez, during his speech at the event “Forging a Common Agenda to Achieve Debt Sustainability in Developing Countries” (Pool Moncloa/Borja Puig de la Bellacasa)
The President of the Government of Spain, Pedro Sánchez, today advocated a “profound change” in the international debt architecture”, through “ambitious and innovative solutions based on international cooperation and solidarity”, which would turn…
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Student loan borrowers have been on a wild ride over the past few years.
The onetime dream of widespread debt forgiveness has been extinguished, and a five-year reprieve for people who had defaulted on student loans expired in May of this year. This summer, the Trump administration will garnish the wages, tax refunds, and federal benefits of individuals in student loan default, in a move that could potentially impact millions.
It’s going to be a cruel summer for millions of Americans bracing for the worst, but there are steps that employers can take to support workers who are laboring under the financial burden of student loan debt.
Benefits geared towards student loan assistance have become more popular over the…