India plans to enact a cross-border insolvency law and take steps to make bankruptcies of individuals easier as part of reforms aimed at speeding up the resolution of stressed assets, according to the governments Economic Survey for 2018-19. The cross-border insolvency law will not only provide a transparent and predictable mechanism to deal with issues…
Details(This July 3 story has been refiled to give more approximate figure in paragraph 16) By Valentina Za MILAN (Reuters) How do you value a bank loan on the brink of default in an economy flirting with recession? As it prepares to commit to buying billions of euros of such loans in Italy by mid…
DetailsIllustrative photo: fantasista / FreeDigitalPhotos.net CRIF analyst Vra Kamenkov told the Czech News Agency that the number of personal bankruptcy petitions is increasing due to the amendment of the Insolvency Act, which came into force in early June and allows for a wider group of people to qualify. The amended law aims to make the…
Details(Gives more approximate figure in paragraph 16) * Italian banks trying to offload unlikely to pay loans * Hedge fund DKCM in talks to take on some from Intesa * Deal could herald others, vital to restoring banks health By Valentina Za MILAN, July 3 (Reuters) – How do you value a bank loan on…
DetailsBriefing highlights Insolvencies on rise Global markets tame so far New York closed for Independence Day Canadian dollar at about 76.5 cents What to watch for today Required Reading Insolvencies on rise More Canadians are finding they cant juggle their finances. Insolvencies among consumers rose in May to 12,375, up 5 per cent from April…
DetailsThe corporate insolvency resolution process yielded a resolution of 94 cases till March 31 New Delhi: The corporate insolvency resolution process yielded a resolution of 94 cases till March 31 which has resulted in the settlement of claims worth Rs 173,359 crore, according to the Economic Survey 2018-19 tabled by Finance Minister Nirmala Sitharaman in…
DetailsAccording to a newly-published report almost half of adults are currently in debt and owe an average of 6,465. But while credit cards and general overspending are responsible for this debt in some cases, it would seem the spiralling costs of paying for basic living is the most common reason adults are getting into financial…
DetailsWhen a business entity that is regulated by the Federal Energy Regulatory Commission (FERC) is closely related to another business entity, FERC takes the position that under some circumstances it may treat the two different legal entities as if they were one single entity. FERC ruled recently that it may disregard the corporate form in…
DetailsNEW YORK (Reuters) – A federal judge said New Yorks attorney general may pursue a lawsuit accusing Debt Resolve Inc and nine other defendants of involvement in a scheme to induce thousands of struggling student loan borrowers into paying for debt relief services they could have gotten for free. U.S. District Judge Alison Nathan in…
DetailsCurtis Solsvig, managing director at Goldin Associates and interim CEO at uBiome Courtesy of Goldin Associates The new interim CEO of troubled microbiome startup uBiome, Curtis Solsvig, is a longtime turnaround and restructuring expert at financial advisory firm Goldin Associates and the former chief restructuring officer of failed drone startup Lily Robotics. Earlier this week,…
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