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Home care and disability services provider Annecto Incorporated has entered voluntary administration, leaving more than 1,000 employees and 3,000 clients in
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Bursary Forgiveness Scheme – In a major breakthrough for thousands of financially struggling graduates and former students, the National Student Financial Aid Scheme (NSFAS) has officially confirmed the cancellation of over 67,000 student loans under its 2025 Bursary Forgiveness Scheme. The move, announced in early July, marks one of the most significant debt relief interventions in recent history and aims to bring renewed financial freedom to beneficiaries who have long been burdened by educational debt. The announcement, made by the Department of Higher Education and NSFAS officials, has already sent waves of relief across South Africa, particularly among low-income graduates who have struggled to repay their student loans due…
What collection debt looks like in America: A mid-year look
In April 2025, Freedom Debt Relief reviewed data from tens of thousands of people actively looking for help with their debt. The numbers might be surprising.
About one in four has at least one account in collections.
The average collection balance is over $3,000.
Most debt relief seekers have multiple overdue accounts.
Many still use their credit cards, despite struggling with high balances and maxed-out cards.
This report examines debt collection in the U.S. It shows which states have the most debt and what this means for American families’ finances.
Key takeaways:
One in four Americans seeking help with debt has at…
Home care and disability services provider Annecto Incorporated has entered voluntary administration, leaving more than 1,000 employees and 3,000 clients in limbo across Victoria, New South Wales, Queensland, and South Australia.
In June, the Melbourne-based Not For Profit announced plans to cease services by the end of July, with three providers selected by the Department of Health, Disability and Ageing to take on their clients:
The National Company Law Appellate Tribunal (NCLAT) New Delhi bench of Justice Ashok Bhushan (Judicial Member), Mr. Barun Mitra (Technical Member) and Mr. Arun Baroka (Technical Member) has held that section 10A of the Insolvency and Bankruptcy Code, 2016 (IBC) does not prohibit parties from entering into an arrangement to restructure their debts during or after the section 10A period. If a restructuring agreement is executed between the parties, a fresh application under section 7 of the IBC can be filed upon default under the restructured terms.
A Guarantee Agreement was executed by the corporate debtor in favor of the Financial Creditor. After the default, the Non Convertible Debentures were classified as Non- Performing…
Wockhardt has announced a strategic shift in its operations in the United States, deciding to exit the generics pharmaceutical segment in the country. The company has filed for voluntary liquidation under Chapter 7 of the US Bankruptcy Code for its two Delaware-incorporated step-down subsidiaries—Morton Grove Pharmaceuticals Inc. and Wockhardt USA LLC.
This move marks a broader strategic realignment, with Wockhardt aiming to focus on its innovation-driven portfolio, particularly in new antibiotic drug discovery and insulin-based biologicals. The company stated that the decision follows years of losses in the US generics segment, with losses nearing $8 million in FY25 alone.
Wockhardt USA LLC contributed approximately 3% to the…
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This year was brutal for a number of well-known companies and their bottom lines.
As inflation continued to rear its ugly head, consumers slashed their discretionary spending, tilting some companies to file for bankruptcy. Other brands fell victim to changing trends or even more malicious ailments, like cyberattacks.
At least 19 companies have cut a combined 14,000 jobs because of bankruptcies, according to Challenger, Gray & Christmas, an outplacement services firm.
Notably, retail closures have picked up this year because the sector’s sugar high of 2021 and 2022 — when…
The National Company Law Appellate Tribunal (NCLAT) New Delhi bench of Justice Ashok Bhushan (Judicial Member) and Mr. Barun Mitra (Technical Member) has held that issuance of a fresh demand notice with significant changes like claimed amount, date of default etc. triggers a time line therefore if any dispute is pending between the parties before the demand notice is issued, an application under section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) cannot be admitted.
The present appeal has been filed against an order passed by National Company Law Tribunal (NCLT) by which an application filed under section 9 of the IBC was rejected.
The Operational Creditor and the Corporate Debtor entered into an agreement by…
BC.Game, an online gambling operator famous for sponsoring Leicester City FC, could face potential trouble as its parent companies have been declared bankrupt. This announcement comes only four months after the agreement with the soccer club was signed.
The Court of Curaçao Declared BC.Game’s Parents Bankrupt
According to a report by casinonieuws.nl, the Court of Curaçao announced bankruptcy for two companies behind the brand, namely Blockdance BV and Small House BV. As it turns out, a petition that was filed in October, and initially dismissed, revealed significant losses for the BC.Game brand when it was transferred from Blockdance to Small House.
