Hudson’s Bay, Canada’s oldest company, is winding down its operations at most of its stores across the country—except for three locations in Ontario and three in Quebec. The Bay is just the latest of many to shutter in Canada. Here’s what other stores shut down.

An Ontario judge has rejected a Hudson’s Bay Company restructuring agreement, increasing the likelihood that lenders may seek to push the company into receivership.

In a written decision issued Saturday, Justice Peter Osborne of the Superior Court of Justice said he declined to approve the agreement because it is “neither necessary nor appropriate at this time.”

The agreement wouldn’t have just given the embattled department store an April deadline to rescue its remaining stores but would have also handed increased power over the company’s creditor protection process to the retailer’s senior secured lenders.

The agreement would have imposed a weekly budget on the business that Hudson’s Bay would have regularly had to report to the lenders…

Lambeth is boosting the help it offers to residents who need support in managing their finances by partnering with debt advice charity StepChange.

The cost of living crisis and the housing crisis mean more people than ever are struggling to manage their household budgets. Research shows that 92 percent of people struggling with debt wished they’d sought debt advice sooner.

The council’s partnership has been established to tackle this issue and ensure that residents are able to get debt support quickly and easily.  

It builds on previous work StepChange and the council have done over the past 12-months, with the charity having already helped more than 500 Lambeth reduce their debt by £280,000.  

The new partnership aims to…

Brief Facts:

The default in the present case arises from five unpaid invoices for cotton fibre supplied to the Corporate Debtor during 2021-22. While the date of default is not expressly mentioned in Part 1V of the application, invoices dated 16 December 2021 to 19…

Royole Technologies, a pioneer in foldable display technology and the creator of the world’s first commercial foldable smartphone has declared bankruptcy. Despite its early lead and innovative products, the company struggled financially, leading to its demise.

According to IT Home, Finance Sina, and East Money, an announcement from the Shenzhen Municipal Intermediate People’s Court stated that, based on the investigation of Royole Technologies’ current assets and liabilities, it can be determined that Royole Technologies is unable to pay its debts when due and that its assets are insufficient to cover all debts. Therefore, the court ruled on November 18 to declare Royole Technology bankrupt.

This marks the end of a…

Jaiprakash Associates Limited (JAL), the flagship company of the Jaypee Group, is at the centre of one of India’s most high-profile corporate insolvency cases, drawing interest from a wide array of potential bidders. At least 26 prominent entities, including some of India’s largest conglomerates such as the Adani Group, JSW Group, Welspun, Vedanta Group, as well as Oberoi Realty, Dalmia Bharat, and Oaktree Capital, are likely to submit Expressions of Interest (EOIs) to acquire the debt-laden company under the Insolvency and Bankruptcy Code (IBC), according to media reports.

The deadline for submission of EOIs closed on March 25. Given the scale and strategic importance of JAL’s assets across multiple sectors and the…