An 89-year-old Long Island widow who sold her family’s house to pay the nearly $1 million fee to live at a local retirement home had to move out of the facility after it fell into bankruptcy — one of hundreds of residents nationwide who have lost their nest eggs.

Arlene Kohen moved into Harborside, a luxury senior community in Port Washington, in January 2020 after selling her family’s home in Great Neck for $838,000 to afford the required $945,000 entrance fee.

Harborside, which filed for bankruptcy three times — in 2014, 2021 and 2023 — had assured her that 75% of the entrance fee would be refundable to her heirs or returned if she left the facility.

Aaron Carter’s Estate Declared Insolvent, Unable To Pay $241K Debt

Two years after his death, Aaron Carter’s estate has reportedly been declared insolvent, informing the court it’s unable to cover the late singer’s $241K tax debt.

Documents obtained by In Touch reveal that despite selling off many of Aaron’s assets, including his home and car collection, the estate has been unable to recover due to mounting interest, penalties, and ongoing legal disputes.

Despite reportedly leaving behind $810,547 in assets, the administrator stated that the IRS claims Aaron owes $46,116 for 2018 and another $118,000 for 2021, which the estate can’t cover.

It’s also noted that, as a result, little remains to be transferred to…

66 total views today

By Rukayat Moisemhe

The Nigerian Bar Association – Young Lawyers Forum (NBA-YLF) has urged the Business Recovery and Insolvency Practitioners Association of Nigeria (BRIPAN) to foster stronger collaboration.

The forum said such collaboration would enhance youth inclusion and increase participation in Nigeria’s insolvency practice landscape.

NBA-YLF Chairman, Mr Timothy Clement, made the appeal during a courtesy visit to BRIPAN President, Mr Chimezie Ihekweazu (SAN), on Saturday in Lagos.

Clement expressed young lawyers’ growing interest in insolvency and business recovery and requested training concessions to boost their engagement.

He noted that…

Solar glass manufacturer Borosil Renewables has announced that its step-down German subsidiary, Glasmanufaktur Brandenburg (GMB), has filed for insolvency under the German Insolvency Code before the jurisdictional court in Cottbus.

The company said it filed for insolvency due to the sustained deterioration in the European solar manufacturing ecosystem, with Chinese manufacturers flooding the market with underpriced solar modules. The influx of the cheaper Chinese components led several European module makers to shut down, resulting in a sharp decline in demand for solar glass.

GMB, which has a manufacturing capacity of 350 tons per day (TPD), was supplying solar glass to European manufacturers. Despite providing financial support of…

Federal Crown agency Export Development Canada pushed Calgary robotics startup Attabotics Inc. toward insolvency last month after the money-losing company failed to raise financing that would have enabled it to fund a spate of new business, according to documents filed with an Alberta court.

The company, down to 11 employees after laying off 192 of its 203-person staff and suspending most of its operations on June 30, is soliciting options to sell its assets or business over the next month.

Attabotics last Wednesday filed an intention to make a proposal under…

The company behind a $1.5 billion plan to build the world’s largest prawn farm on a remote Northern Territory cattle station will be liquidated following a failed appeal in the Federal Court.

In February, the court found Seafarms subsidiary Project Sea Dragon had been insolvent since at least June 2020 with the judge ordering liquidators be appointed to wind up the company.

Construction company Canstruct brought the action against Project Sea Dragon after its $13.9 million contract was terminated in April 2022.

On Friday, the Federal Court dismissed Project Sea Dragon’s appeal against the February judgement and ordered the company to pay Canstruct’s legal costs.

Over the past two decades, many developing countries have made remarkable progress in reducing poverty, expanding access to education and health care, and investing in infrastructure. These gains were the result of sound national policies and coordinated efforts by the international community, often financed through responsible borrowing.

But the road ahead looks more precarious. Debt vulnerabilities are rising:  54 percent of low-income countries are already in or at high risk of debt distress, and many are spending more on debt repayments than on education, health care, and infrastructure combined. Access to affordable financing is shrinking, and repeated external shocks, from commodity price swings to climate-driven…

The shipping industry, being the mainstay of international trade, is not left unaffected by economic highs and lows, which can lead to the downfall of the largest shipping companies. The bankruptcies impact the global chain while showcasing the vulnerabilities and pressures faced by maritime companies to remain competitive.

One of the most notable cases of bankruptcy recently is that of Hanjin Shipping, a South Korean conglomerate which was once the 7th biggest container shipping line in the world.

It was declared bankrupt in February 2017, which shocked the entire sector and led to the stranding of around $14 billion worth of cargo at sea and disrupting supply chains.

However, why did Hanjin…