From almost 60 per cent as of December 2019, the share of liquidations in the mode of closure of total Insolvency and Bankruptcy Code (IBC) cases came down to 44 per cent till September 2023, data by the Insolvency and Bankruptcy Board of India (IBBI) shows. Experts say the decreasing trend in liquidations under the…
DetailsStephen Morris Nov 28, 2023 5.28pm London | Barclays is exploring a plan to drop thousands of clients at its investment bank as part of a strategic overhaul that is meant to boost profits and cut 1 billion ($1.9 billion) of costs. Barclays executives have met several times this year to thrash out the restructuring,…
DetailsYou may be able to get your lenders to write off some, or all of, your credit card debt. ValentinRusanov/Getty Images Credit card debt is nothing new in the United States. But according to the U.S. Government Accountability Office, the level of credit card debt consumers face has reached record highs. Today, Americans owe more…
DetailsHEALTHS financial reserves have depleted to such an extraordinarily low level that the department would be declared bankrupt if it were a UK council, according to an adviser and senior manager. The department has already used 3.1 million of its reserves to deal with additional pressures between August and September this year. And according to…
DetailsNearly 60 Hong Kong public sector households have been found to own private flats in the wake of a get-tough policy designed to crack down on abuse of the system. Permanent Secretary for Housing Rosanna Law Shuk-pui said the 59 offenders were caught after officials carried out property checks on 57,000 people in 25,000 households…
DetailsWhat is an appropriate thank-you gesture (note, gift, or otherwise) for in-laws who help pay off student loan debt? G.H. / Boston I am so very tempted to say grandchildren, because I am the reincarnation of a Borscht Belt comic. Thank you for letting me get that out of my system and for such a…
DetailsThe Kerala GST Department issued Standard Operating Procedure (SOP) vide SGST/973/2023-LEGAL3 dated November 21, 2023, for the Insolvency and Bankruptcy Code (IBC), 2016 cases before the National Company Law Tribunal (NCLT). The Insolvency and Bankruptcy Code (IBC), 2016, was enacted to consolidate the fragmented laws pertaining to insolvency. The IBC handles the insolvency proceedings cases…
DetailsDefunct buy now pay later business Openpay was put into voluntary liquidation late last week after attempts to sell or recapitalise the business failed. Openpay collapsed into receivership in February this year owing more than $66.1 million to creditors, $4.1 million in unpaid leave and wages to employees, and with just $1.2 million left as…
DetailsReuters. Eagle Group has successfully won the bid to acquire the debt-laden Sumeet Industries, with a majority of lenders, including Bank of Baroda and IDBI Bank approving the acquisition plan. The deal, valued at 231 crore, was sealed with a 74.90% affirmative vote from the creditors. The purchase agreement stipulates an upfront payment of 203…
DetailsNEW DELHI: Top level exits at troubled edtech startup Byju’s continue. The firm’s chief technology officer (CTO) Anil Goel is leaving the company after three years, amid a broad restructuring process that India CEO Arjun Mohan is spearheading.In a statement on Monday, the firm said Jiny Thattil has been elevated as the new CTO. Thattil…
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