Insolvency Guardian Media Centre
Quashing of insolvency order sought: NCLAT likely to decide on Ansal API homebuyers’ plea today Hindustan Times
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Michelle Lim, granddaughter of disgraced Singapore oil tycoon Lim Oon Kuin (O.K. Lim), has failed to convince the court that three insurance policies under her name, valued at SGD521,000 (US$409,000), should be excluded from her father’s bankruptcy estate.
High Court Judicial Commissioner Mohamed Faizal has rejected Michelle Lim’s application for a declaration that the three insurance policies are held in trust solely for her benefit by her father, Lim Chee Meng, who was declared bankrupt in December 2024, according to The Business Times.
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Lim Oon Kuin, popularly known as O.K. Lim, speaks during an interview in 2013. Photo by Reuters |
The policies are among eight AIA insurance policies the father took out when Michelle was a…
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As retirement approaches, many people look forward to a slower pace of life and the freedom that comes with no longer working full-time. But for those carrying debt into their later years, the prospect of retiring can bring just as much anxiety as it does anticipation.
With income often dropping and expenses sometimes shifting in unpredictable ways, it’s important to take stock of your financial situation beforehand.
Dennis Hussey, team manager at National Debtline who has also been a money advisor for 20 years,…
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78% of Americans Fear Trump’s Tariffs Will Raise Debt: 6 Ways to Stay in Control Money Talks News
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The National Company Law Appellate Tribunal (NCLAT) New Delhi bench of Justice Rakesh Kumar Jain (Judicial Member), Justice Mohammad Faiz Alam Khan and Mr. Naresh Salecha (Technical Member) has held that a complete surrender on the part of the corporate debtor to negotiate the terms of the Memorandum of Understanding, by which the property from the Respondent was to be purchased, and agreeing to a one side clause that empowers the Respondent to unilaterally terminate the agreement and forfeit the entire amount paid in pursuance of the said agreement would fall within scope of fraudulent transactions under section 66 of the Code.
Brief Facts:
This appeal has been filed by the Appellants under Section 61 of the Insolvency…
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Borosil Renewables has moved to exit its German solar glass business, with its step-down subsidiary GMB Glasmanufaktur Brandenburg GmbH filing for insolvency, as the company shifts focus to the fast-growing Indian solar glass market.In a regulatory filing, Borosil said GMB has applied for the commencement of insolvency proceedings before the Insolvency Court in Cottbus, Germany, under the German Insolvency Code (InsO). The decision follows a comprehensive assessment of market viability, strategic priorities, and continued losses caused by plunging demand, PTI reported.“The challenges for GMB began with slide in demand for German made solar panels, when faced with the precipitous drop in prices by Chinese manufacturers of solar panels,…
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Following a court application filed by Skillpro Malta Ltd (the ‘company’), on February 26, 2025, the Civil Court Commercial Section (‘court’) acceded to the company’s request to enter the preventative restructuring procedure as set out in the Pre-Insolvency Act (Chapter 631 of the Laws of Malta, and hereinafter referred to as the ‘Act’).
This not only marked Malta’s first application by a legal entity for the newly enacted preventative restructuring procedure, but also the first successful application, with the court approving the proposed restructuring plan by means of a decree given on May 21.
Background to pre-insolvency proceedings in Malta
Directive (EU) 2019/1023 of the European Parliament and of…
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SEVILLE/LONDON – Spain has partnered with the World Bank to help poorer countries free up money to spend on development and conservation via debt “swaps,” the country’s Ministry of Economy said on Tuesday.
With rich governments cutting official development aid and many countries struggling with their debts, nations are trying to find creative ways to fund projects ranging from protecting coral reefs to paying for schools.
The Global Hub for Debt Swaps for Development, launched at the UN’s Finance for Development summit in Seville, will provide technical and financial assistance to countries eyeing debt swaps for food security and climate change adaptation, the Spanish government said.
Nations from Barbados and Belize to Ecuador and…
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Ethiopia has agreed a memorandum of understanding with its Official Creditor Committee that formalises an initial debt restructuring deal reached earlier this year, the government’s official news agency said on Wednesday.
The debt rework offers relief of over $3.5 billion, the Ethiopian News Agency (ENA) said.
The Eastern African nation opted to restructure its external debt under the G20’s Common Framework in 2021, before it defaulted on its sole Eurobond in December 2023.
Ethiopia’s government hopes that reaching a formal agreement with its official creditors will help it seal deals with other creditors like its bondholders, ENA said.
Engaging in ‘good faith’
“Ethiopia continues to engage in good faith with all its other participating…
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Ethiopia Agrees Debt Restructuring Deal With Official Creditors Bloomberg.com
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