Stay informed with the latest in insolvency news and industry updates. We can keep you up to date with insolvency and finance information from around the world.
TORONTO — The clock is ticking down on two deadlines that may determine the fate of Hudson’s Bay.
Anyone interested in buying Canada’s oldest company or assets like the rights to its iconic Stripes brand has until Wednesday at 5 p.m. to submit binding proposals. Those wanting to take on leases held by the 355-year-old department store chain or its sister Saks businesses must make binding bids by Thursday.
Both processes began after Hudson’s Bay filed for creditor protection in March, saying the impacts of the COVID-19 pandemic, reduced downtown traffic and an intensifying tariff war were causing significant financial difficulties.
The now-liquidating company thought putting itself and its leases up for sale would uncover a route…
AI company Anthropic recently added web search to its chatbot Claude. It joins other artificial intelligence tools like Perplexity and ChatGPT in delivering one clear answer to a web search query instead of pages and pages of links. We’ll dig into what that means for consumers and content publishers on today’s Marketplace “Tech Bytes: Week in Review.”
Plus, 23andMe declared bankruptcy. So what’s gonna happen to all that genetic data?
But first — the Signal group chat heard round the world. A Trump administration official appears to have inadvertently invited a journalist into a conversation about sensitive national security issues on the secure messaging app Signal.
The app does offer end-to-end encryption, the gold standard…
Casa’s Dutch shops remained closed on Wednesday morning: the retailer was declared bankrupt on Tuesday, a logical consequence of the earlier bankruptcy of its parent company in Belgium.
‘The staff are appalled’
A month ago, Casa Netherlands’ works council had already filed for bankruptcy because wages had not been paid and shops were no longer being supplied. On that, employees were eventually paid. But now the company itself has filed for bankruptcy, without consulting the works council.
This leads to outrage: ‘The staff are appalled. We…
The construction industry has the highest number of insolvencies across all recorded sectors in England and Wales, a trend which has continued across the past decade.
Picture: Alamy
Sharelines
Construction sector in England and Wales most affected by company insolvencies #UKhousing
The construction industry has the highest number of insolvencies across all recorded sectors in England and Wales, a trend which has continued across the past decade #UKhousing
The figures from The Insolvency Service for the 12 months up until February, released this week, show 4,046 firms went into insolvency in the construction sector, which marked 17% of cases within all industries recorded in the data.
In a landmark judgment, the Bombay High Court in Nagpur has clarified that a company undergoing insolvency cannot shirk its statutory obligations towards employees.
The Court directed Dalmia Cement (Bharat) to settle over Rs 25 crore in outstanding Employees’ Provident Fund (EPF) dues owed to workers of Murli Industries, a company it had acquired through an approved resolution plan.
Murli Industries, which entered insolvency in April 2017 after proceedings initiated by Edelweiss Asset Reconstruction Company, saw its cement division revived under a resolution plan approved in 2019. The scheme, sanctioned by the National Company Law Tribunal (NCLT), explicitly stipulated that all employee liabilities, including provident…
Environmental group puts in symbolic £1 bid as UK licences auctioned off
Greenpeace UK lawyers have written to the UK government to express serious concern about its lack of control over two deep sea mining exploration licences that it sponsors via UK Seabed Resources (UKSRL).
UKSRL’s parent company, Loke Marine Minerals AS, recently declared bankruptcy and now its assets, which include the two exploration licences, are currently the subject of a fire sale under the rules of Norwegian bankruptcy. Together, the licences cover an area of the Pacific Ocean’s Clarion-Clipperton Zone larger than England [1].
Signs point towards this being a strategic bankruptcy to create a ‘phoenix company’ – a business…
In a significant ruling clarifying the procedural requirements under the Insolvency and Bankruptcy Code, 2016 (IBC), the Supreme Court on April 29, 2025, held that service of a demand notice under Section 8 of the IBC on the Key Managerial Personnel (KMP) of a corporate debtor at its registered office constitutes valid service. The Court set aside the concurrent decisions of the National Company Law Tribunal (NCLT), Cuttack Bench, and the National Company Law Appellate Tribunal (NCLAT), which had rejected a Section 9 petition for initiation of Corporate Insolvency Resolution Process (CIRP) on the ground of invalid service.
Background
The appeal before the Supreme Court arose from the dismissal of a Section 9 application filed…
This audio is auto-generated. Please let us know if you have feedback.
Dive Brief:
Hudson’s Bay Co. will wind down six namesake stores plus a Saks Fifth Avenue storethat the company had previously excluded from liquidation plans, saying on Thursday that “a viable bid for the current six-store model is unlikely.” Liquidation sales began Friday.
