SINGAPORE – In order to clear his gambling debts to a friend, a man agreed to help the friend recover money from another debtor.

Wu Zhibing, 36, and the friend, Lin Mei, 42, came up with a plan to lure the debtor into a warehouse and force her to pay her debt.

They managed to do so and held the woman there for five hours. They blindfolded her, tied her hands and legs, and sat her down on a chair.

On May 21, Wu pleaded guilty to wrongfully confining the debtor. He was sentenced to eight months’ jail. Lin’s case will be mentioned on July 16.

Court documents revealed that by November 2023, Wu, a Chinese national, had owed Lin, a Taiwanese, around $25,000 through gambling. The pair were friends and lived together in the same home.

On Feb…

• Rico Iheagwara fraudulently applied for two £20,000 Bounce Back Loans during the summer of 2020  

• Iheagwara’s SJR Recruitment Limited company was not trading at the time of the applications 

• SJR Recruitment was placed into liquidation in 2021 with liabilities of more than £67,000

A recruitment consultant who fraudulently spent Covid support funds for personal purposes has been handed a suspended sentence. 

Rico Iheagwara secured two Bounce Back Loans worth £20,000 each from different banks for his Essex-based SJR Recruitment Limited company when businesses were only entitled to a single loan under the scheme. 

Iheagwara, 36, of River Meads, Stanstead Abbotts, Hertfordshire, was sentenced to…

Latest figures from the Insolvency Service have shown that the number of registered business insolvencies in England and Wales increased by 2.9% in April 2025 to a total of 2,053 compared to March 2025’s total of 1,996, and decreased by 5.1% compared to April 2024’s total of 2,163.

The business insolvencies consisted of 379 compulsory liquidations, 1,544 creditors’ voluntary liquidations (CVLs), 105 administrations, 24 company voluntary arrangements (CVAs) and one receivership appointment.

In April 2025, CVLs accounted for 75% of all company insolvencies. The number of CVLs was similar to that in March 2025, but was 10% lower than the same month last year (April 2024). 

Compulsory liquidations have increased…

Latest figures from Accountant in Bankruptcy (AiB) have shown that business insolvencies in Scotland declined by 7% in April 2025.

The data showed that there were,there were 101 company insolvencies registered in Scotland, 7% lower than the number in April 2024.

The total number of business insolvencies was comprised of 47 CVLs, 51 compulsory liquidations and three administrations.

There were no CVAs or receivership appointments.

Latest monthly statistics from the Insolvency Service show that in April 2025, personal insolvencies increased while business insolvencies declined in Northern Ireland.

The data showed that there were 123 individual insolvencies in Northern Ireland. This was 10% higher than in April 2024. There were 95 IVAs, 16 bankruptcies and 12 DROs.

Business insolvency data shows there were 30 company insolvencies, this was 9% lower than in April 2024.

The total number of business insolvencies comprised of 14 compulsory liquidations, 11 CVLs, three CVAs and two administrations. There were no receivership appointments.

The European Travel Agents’ and Tour Operators’ Association (ECTAA) has called for urgent, mandatory airline insolvency protection in Europe following the recent bankruptcy of Air Belgium (CB, Brussels Charleroi), which left EUR8 million euros (USD9 million) in unpaid passenger refunds, including more than EUR5 million (USD5.6 million) sold through travel agents and tour operators.

Air Belgium ceased passenger operations in September 2023 to focus on cargo and aircraft leasing. It subsequently entered judicial reorganisation and, unable to recover, was declared bankrupt on April 30, 2025 leaving “thousands of passengers” and intermediaries without refunds, the ECTAA claimed. The…

The Insolvency and Bankruptcy Code (IBC) has triggered a paradigm shift in India’s corporate debt landscape, fostering fiscal discipline while enabling strategic adjustments for distressed firms, according to a recent study by the Insolvency and Bankruptcy Board of India (IBBI). The study shows that after implementation of IBC, there has been a broad-based reduction in leverage and an improved corporate governance. Analyzing data from the National E-Governance Services Limited (NeSL), the report highlights systemic behavioral changes among corporates and lenders since the IBC’s implementation in 2016.

Key Findings

1. Broad-Based deleveraging: Post-IBC, firms reduced overall leverage by 4%, with long-term and secured…

Lenders have recovered Rs 3.89 lakh crore against admitted claims of Rs 12 lakh crore through resolution plans under the Corporate Insolvency Resolution Process (CIRP) till March 2025, resulting in a recovery rate of 33%. This means on average bankers have taken a haircut of 67% from CIRPs which yielded in resolution. However, the recovery is 163% of the total liquidation value (Rs 2.30 lakh crore) of the companies which got resolved through insolvency resolution process.

The total number of insolvency cases yielding resolution plans rose to 1,194 by March 2025, up from 947 in FY2023-24. At the end of FY24, the total recovery was to the tune of Rs 3.36 lakh crore.

Of the 1,194 cases, lenders in 172 cases had admitted claims exceeding Rs…

Lenders have recovered Rs 3.89 lakh crore against admitted claims of Rs 12 lakh crore through resolution plans under the Corporate Insolvency Resolution Process (CIRP) till March 2025, resulting in a recovery rate of 33%. This means on average bankers have taken a haircut of 67% from CIRPs which yielded in resolution. However, the recovery is 163% of the total liquidation value (Rs 2.30 lakh crore) of the companies which got resolved through insolvency resolution process.

The total number of insolvency cases yielding resolution plans rose to 1,194 by March 2025, up from 947 in FY2023-24. At the end of FY24, the total recovery was to the tune of Rs 3.36 lakh crore.

Of the 1,194 cases, lenders in 172 cases had admitted claims exceeding Rs…

WeightWatchers has filed for bankruptcy in the US as it struggles with debt and fierce competition from fat-loss jabs like Ozempic and Mounjaro.

The legal process will see $1.15bn (£860mn) of the 60-year-old diet brand’s debt written off while it agrees new terms for paying back its lenders.

WeightWatchers said it will remain “fully operational” during the process with “no impact to members”.

It follows the meteoric rise in popularity of weight loss injections in what the firm said was a “rapidly changing weight management landscape”.

“For more than 62 years, WeightWatchers has empowered millions of members to make informed, healthy choices, staying resilient as trends have come and gone,” said chief executive Tara Comonte.

The plans have…