The Biden administration may have been blocked from canceling debt for tens of millions of borrowers by the Supreme Court, but it has still managed to eliminate billions in education debt. When the Supreme Court struck down President Bidens $400 billion plan to forgive up to $20,000 in federal student loan debt for 43 million…
In most situations it is the company which contracts for, procures, and facilitates the provision of D&O insurance for its directors and officers, but in the case of a corporate insolvency the company cannot fulfil this function. SAIFElimits addresses a number of significant consequences of this change, optimising coverage and liability protection and preserving limits…
Future Retail, once the crown jewel of Kishore Biyani-led Future Group, is now heading for liquidation as its lenders could not get any reasonable buyer of the debt-ridden firm. Also read: Future Retail RP files plea with NCLT for avoidance transactions worth over 1,000 crore As the Committee of Creditors (CoC) rejected the sole resolution…
The company behind the global Miss Universe competition has filed for bankruptcy just a week out from its international beauty pageant. Overnight, Thailand-based JKN Global Group submitted a petition for business rehabilitation into a Thai court. Thats the nations equivalent of declaring bankruptcy and securing the protections that come with it, including urgently restructuring the…
Indian banks have traditionally used personal guarantees of company promoters as insurance to offset limited institutional recourse to debt recovery. A personal guarantor stands surety through a legal contract. Based on early experience of the Insolvency and Bankruptcy Code, GOI in 2019 brought personal guarantors into its ambit. It allows financial creditors to invoke personal…
Associated Press reporter Richard Lardner kayaks to Sweetheart Island, off the coast of Yankeetown, Fla., on Aug. 5, 2023. Patrick Parker Walsh is serving five and half years in federal prison for stealing nearly $8 million in federal COVID-19 relief funds that he used, in part, to buy the island. Julio Aguilar | AP YANKEETOWN,…