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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.

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…

The firm has outlined early signs of insolvency risk and how businesses can change course when facing cash flow issues.

Since the 2022 financial year, insolvency rates have increased year on year, driven by high operating costs and a return to stronger tax debt enforcement by the ATO, following its relatively lenient approach during the pandemic.

There were 13,089 insolvencies in the financial year to May 2025 – up 31 per cent from the same period in the year prior, ASIC data showed.

The Reserve Bank said the current insolvency highs represented a ‘catch up’ effect after a period of unusually low insolvencies during the pandemic.

“The share of companies entering…

TOKYO – A record number of ramen noodle eatery operators in Japan went out of business in 2024, according to a research firm, as the food’s reputation for affordability limits room to raise prices amid soaring ingredient and utility costs.

Also hit by climbing personnel expenses due to labor shortages, insolvencies among ramen business operators resulting in liabilities of at least 10 million yen ($63,000) in 2024 jumped over 30 percent to 72, up from 53 in 2023, Teikoku Databank Ltd. said.

Japanese ramen soup noodles typically combine meat and vegetable toppings with broth. Despite rising costs, the average price of a bowl of ramen is still under 700 yen, according to Teikoku Databank. A popular lunchtime…

Toms River refuses to pass budget amid $175 million in state cuts

School officials won’t follow orders to stop programs

 Taxes would need to go up by nearly 13%

TOMS RIVER — The largest school district in Ocean County, on the verge of declaring bankruptcy due to funding cuts, is slamming the Murphy administration for demanding that it stop student services.

On Monday, the Toms River school board refused to pass a budget for the upcoming fiscal year.

The district, which serves over 14,600 students, has lost $175 million in recent years due to changes in the state funding formula.

Ashley Lamb, the school board president, said the district would have to raise taxes by 12.9% to balance the budget. And that’s on top of a 9.3%…

A caller to “The Ramsey Show” recently shared a hard lesson learned about gambling and debt with hosts George Kamel and Jade Warshaw. Her decision to skip car payments and try her luck at the casino backfired in a big way, resulting in a repossession and a remaining debt of over $19,000.

She Tried To Flip Car Payments Into Gambling Winnings

“Instead of making my payments, I was thinking I can go to the casino and double it to make payments and things like that,” the caller said. But it didn’t work out. The car was repossessed and later sold for about $3,500, leaving her responsible for the large remaining balance on the loan.

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Adding to the confusion, she began receiving toll road bills tied to the vehicle even after it…

Five companies — Adani Enterprises, Vedanta Group, Dalmia Bharat Cement, Jindal Power and PNC Infratech — have submitted their resolution plans to acquire JAL.

However, lenders of JAL, on June 25, had rejected the resolution plan of Suraksha Group-owned Jaypee Infratech Ltd as the bid was submitted late and without earnest money.

According to sources, Jaypee Infratech requested the Committee of Creditors (CoC) of JAL to reconsider the decision to reject its bid. It sought permission to participate in the insolvency process.

In a meeting on July 1, the members of the CoC…

Five companies — Adani Enterprises, Vedanta Group, Dalmia Bharat Cement, Jindal Power and PNC Infratech — have submitted their resolution plans to acquire JAL.

However, lenders of JAL, on June 25, had rejected the resolution plan of Suraksha Group-owned Jaypee Infratech Ltd as the bid was submitted late and without earnest money.

According to sources, Jaypee Infratech requested the Committee of Creditors (CoC) of JAL to reconsider the decision to reject its bid. It sought permission to participate in the insolvency process.

In a meeting on July 1, the members of the CoC…

Five companies — Adani Enterprises, Vedanta Group, Dalmia Bharat Cement, Jindal Power and PNC Infratech — have submitted their resolution plans to acquire JAL.

However, lenders of JAL, on June 25, had rejected the resolution plan of Suraksha Group-owned Jaypee Infratech Ltd as the bid was submitted late and without earnest money.

According to sources, Jaypee Infratech requested the Committee of Creditors (CoC) of JAL to reconsider the decision to reject its bid. It sought permission to participate in the insolvency process.

In a meeting on July 1, the members of the CoC…