Up to $700,000 of debt owed to building suppliers is likely to go unpaid, according to liquidators of Ballarat-based residential builder Bond Homes. Key points: Ballarat home builder Bond Homes was liquidated in early September The company owes up to $700,000 to suppliers Bond Homes’ asset value is about $300,000, which will go to employees as…
DetailsStudent loan payments are notoriously difficult to pay off. In fact, on average it takes borrowers 20 years to pay off their student loans, according to a 2021 report from the Education Data Initiative. And while the Biden-Harris student loan forgiveness plan was struck down by the Supreme Court in June 2023, borrowers with an…
DetailsCHARLESTON, WV (WVNS) Opioid addiction is not the only addiction hitting West Virginia hard. Local businesses excited for exposure brought by Healing Appalachia Research shows gambling addiction is also a growing problem in the Mountain State. According to a recent study, one in 50 people in West Virginia struggle with a gambling addiction, which experts…
DetailsUnder the Insolvency and Bankruptcy Code, 2016 (IBC), Section 7 deals with initiation of Corporate Insolvency Resolution Process (CIRP) by a Financial Creditor (FC). Accordingly, a financial creditor either by itself or jointly with other financial creditors, or any other person on behalf of the financial creditor, as may be notified by the Central Government,…
DetailsThe Insolvency and Bankruptcy Board of India, on 18.09.2023, made the amendments to Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2023, vide Notification No. IBBI/2023-24/GN/REG 106, dated 18.09.2023. Major changes in the process of corporate insolvency resolution process have been brought through this amendment. Details of debt…
DetailsChina Evergrande Group, struggling under US$327 billion of liabilities, has surprisingly scrapped creditor meetings scheduled for next week as home sales sagged and lawsuits snowballed, dragging bondholders back to the drawing board in the countrys biggest corporate restructuring. The developer cancelled four meetings for two classes of its creditors in Hong Kong and the Cayman…
DetailsMyles Stephenson revealed a hidden gambling addiction during his late teens had left him embarrassed to speak out and in debt to his friends. In 2017, Myles, 32, found fame on The X Factor as a member of the hit group Rak-Su. The popular boy band formed in Watford consists of vocalists Myles, Ashley Fongho,…
DetailsThe U.S. Department of Education announced today that it will provide $37 million in student debt cancellation for some 1,200 former students who contend they were scammed by the University of Phoenix, which has long been the largest for-profit college and has received tens of billions in taxpayer funding. The University of Phoenix brazenly deceived…
DetailsSocietal CDMO, Inc., a contract development and manufacturing organization (CDMO), is implementing a strategic restructuring plan to streamline and optimize operations. Societal has reduced its workforce by 26 positions (9%) across all the business, effective September 20, 2023, and has eliminated nine open positions. These moves are expected to result in annualized savings of approximately…
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