In short: The NSW Supreme Court has appointed liquidators for the Gateway Marina at Burnett Heads. Liquidators find companies owe $7.9million to creditors. What’s Next? Developer Simon Harvey hopes the project will continue under new ownership. A $250 million marina development on the edge of the Great Barrier Reef has gone into liquidation, owing millions of dollars…
DetailsLONDON/WASHINGTON The worlds small island states plan to join forces to push for debt relief and more climate investment ahead of 2024s COP29 UN climate summit, part of a 10-year strategy to help save some of them from extinction, a draft document seen by Reuters showed. The Small Island Developing States (Sids), a grouping of…
DetailsThe number of people taking out a debt relief order (DRO) reached a record high in England and Wales in April, according to new figures. Some 3,436 DROs were recorded by the Insolvency Service in April, marking a record high in the statistics going back to when DROs were introduced in 2009. The jump coincided…
DetailsLiberal Party of Australia The Albanese Government has botched its Budget commitment to cut student debt for three million Australians with the ATO confirming HELP loans will rise by 4.7 per cent from 1 June 2024, rather than the 4 per cent increase Labor promised. Shadow Minister for Education, Sarah Henderson, said Labors go-slow on…
DetailsOn May 20, the CFPB settled an enforcement action against a California-based telemarketing firm for practices related to student loan debt relief services. The Bureau has ordered the firm to permanently halt operations and pay a $400,000 civil money penalty, in addition to ordering the recission of all the firms existing contracts with consumers. The Bureaus investigation…
DetailsSmall borrowers with annual income up to 60,000 are likely to get automatic relief for any unsecured loans they are unable to repay, according to a new scheme for personal insolvency resolution that the government has prepared. The new scheme that will replace colonial era laws dealing with personal bankruptcy will also give breathing space…
DetailsMumbai: The National Company Law Tribunal (NCLT) has admitted Srei Infrastructure Finance‘s petition to initiate a corporate insolvency resolution process (CIRP) against Supreme Infrastructure BOT after it defaulted on the repayment of a loan.Srei Infrastructure Finance had granted a term loan of Rs 150 crore to Supreme Infrastructure BOT for a period of five years.…
DetailsFragbite CEO Marcus Teilman has resigned to “pursue new challenges” one day after the publisher declared Alara Prime developer Fall Damage bankrupt. The Swedish video game and esports company has named chairman Stefan Tengvall as interim CEO. Tengvall will step down as chairman of the board as a result but will remain a board member.…
DetailsThe corporate Insolvency Resolution Process (CIRP) against JIL was started in August 2017 over an application by an IDBI Bank-led consortium. Photo: Wikimedia Commons 4 min read Last Updated : May 24 2024 | 8:48 PM IST Insolvency appellate tribunal NCLAT on Friday upheld Suraksha Realty’s bid to acquire debt-ridden Jaypee Infratech but asked it…
DetailsMGM Resorts came to Bruno Mars defense on Monday after rumors circulated about the Grammy winners debt with the casino. In the last week, a report from NewsNation made claims that Mars had racked up over $50 million in gambling debt at MGM. They cited an anonymous source close to the situation that said Mars allegedly…
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