While mortgage arrears remain low, Australians are starting to fall behind on other debts as the cost-of-living crisis bites down on household budgets, according to digital credit and collections platform Credit Clear. Andrew Smith said there has been a steep change in the way not only companies but people and consumers in general reacted to…
WASHINGTON, Oct 4 (Reuters) – The U.S. should demand that China support debt restructuring for struggling poor and middle-income countries as a condition of changes to the International Monetary Fund’s shareholding formula, a former senior U.S. Treasury development expert said on Wednesday. Nancy Lee, a former deputy assistant Treasury secretary who works at the Center…
Oct 4, 2023 6.36pm Bradley Hall, the owner of boutique home builder Chatham Homes, which went into liquidation this week leaving 50 buyers with unfinished homes, blamed the largely hidden commissions builders pay to referring agents between 8 per cent and 12 per cent of a contract price for his companys collapse. The absurdly high…
The White House Roosevelt Room 1:16 P.M. EDT THE PRESIDENT: Good afternoon. Before I speak about student debt relief, I want to make take a minute to talk about what took place yesterday in the Congress. I’ll be very brief. The House will now reorganize and select a new Speaker. I know it’s going to…
(London) The Legal 500 United Kingdom 2024 has recognized a number of Akin practices and lawyers in the firms London office as leaders in their respective fields. For the 10th consecutive year, Akins financial restructuring practice received top rankings in the Corporate Restructuring and Insolvency category. In addition, Akin saw three partners named to the…
Fresh changes to the insolvency code removed the moratorium hurdle that lessors faced in taking back control of aircraft from bankrupt airlines. Transactions, arrangements, or agreements related to aircraft, aircraft engines, airframes, and helicopters will be exempt from the moratorium under the new amendment to the Insolvency and Bankruptcy Code, 2016, according to a government…
Torrent Investments Pvt. Ltd has filed a Letter of Urgency in the Supreme Court challenging the 2 March order of National Company Law Appellate Tribunal, that allowed Reliance Capitals lenders to initiate a second auction, as a part of its corporate insolvency resolution process. In its three-page letter, Torrent said it has sought the apex…
WASHINGTON President Joe Biden announced another round of federal student loan forgiveness on Wednesday as borrowers brace for payments to restart after a three-year pause that began during the COVID-19 pandemic. The Democratic president’s latest step will help 125,000 borrowers by erasing $9 billion in debt through existing relief programs. In total, 3.6 million borrowers…
Reuters. In a significant leadership shift, French IT firm Atos announced on Wednesday that Yves Bernaert has assumed the role of CEO. He replaces the interim leadership group comprising Nourdine Bihmane, Philippe Oliva, and Diane Galbe. This change comes in the wake of a series of failed takeover attempts and profit warnings that led to…
BENGALURU, Oct 4 (Reuters) – India has amended its insolvency rules to exclude leased aircraft from a moratorium that kicks in when an airline goes into bankruptcy, according to a government notification released on Tuesday, a move that could resolve discrepancies between global leasing rules and its bankruptcy laws. Some provisions of the Indian Bankruptcy…