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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.
Debt Awareness Week, organised by StepChange to raise awareness of the support available for those in debt, runs this month,
Finance Minister Muhammad Aurangzeb has called for reforms in international financial institutions to better address the debt crisis in emerging
Avoiding a few big credit card debt forgiveness mistakes can make the process smoother.  Getty Images Credit card debt can
As Hudson’s Bay continues to work through liquidation and restructuring plans in an Ontario court, documents have revealed that the
Star Entertainment extends refinancing talks with Salter Brothers  Gambling Insider Read the original article here
An estate agent faked a wedding abroad to con family and friends out of thousands of pounds so she could
Open this photo in gallery:A sign outside the downtown Hudson's Bay store in Vancouver on March 24. The retailer was
Breadcrumb Trail LinksNewsRetail & MarketingWorkThe Bay owes more than $950 million to its creditors, which includes banks, big clothing brands
Hudson's Bay asked an Ontario court Wednesday to approve a restructuring agreement that will give it a few extra days
The UK Supreme Court’s recent decision in El-Husseini and another v Invest Bank PSC [2025] UKSC 4 has clarified the circumstances in
PHOENIX – February 19, 2025 – Nikola Corporation (Nasdaq: NKLA), a global leader in zero-emissions transportation and energy supply and infrastructure solutions, via
TEMPO.CO, Solo - A total of 10,665 workers of the textile giant Sritex have been terminated, per January to February 26,

Debt Awareness Week, organised by StepChange to raise awareness of the support available for those in debt, runs this month, from 24 – 30 March.

In this month’s edition of MoneyHelper’s monthly financial guidance column, Paul Fox, Regional Manager for the South-West at the Money and Pensions Service (MaPS), talks about debt and how you can get free support.

1.What is problem debt?

Debt can happen in lots of different ways; you might borrow money on a credit card or loan and then find you struggle to keep up with the agreed repayments.

Or you may not have enough money to cover council tax or energy bills and start getting letters and calls asking you to repay the money you owe.

If something like this is…

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Finance Minister Muhammad Aurangzeb has called for reforms in international financial institutions to better address the debt crisis in emerging economies like Pakistan.

Speaking at a high-level session at the Boao Forum for Asia Annual Conference 2025 in China, the finance minister stressed the need for debt relief and financial justice through restructuring sovereign debt mechanisms to prevent cyclical debt crises.

He said debt crises are impeding the economic growth of many emerging economies, including Pakistan, read a statement released by the Finance Division on Wednesday.

Noting that the global debt has soared past $100 trillion, with over 60% of low-income countries at risk of debt distress, Aurangzeb called for reforms in…

Read the original article here

gettyimages-2073336362.jpg

Avoiding a few big credit card debt forgiveness mistakes can make the process smoother. 

Getty Images


Credit card debt can feel like an inescapable issue, as making the minimum payments each month tends to have minimal impact on a balance — in large part because of compounding interest. For many cardholders, growing credit card debt has become a constant reality, as evidenced by credit card debt reaching a record high of $1.21 trillion late last year. Serious credit card payment delinquencies (accounts with payments that are…

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As Hudson’s Bay continues to work through liquidation and restructuring plans in an Ontario court, documents have revealed that the department store plans to pay up to $3 million in retention bonuses to some managers and executives.

In court documents filed earlier this month, the retailer asked that nearly $3 million be set aside for “key employees” so Hudson’s Bay can “retain their services” through the liquidation process.

The company said that the employees were selected because their “continued service will be critical to the success of any wind-down or restructuring.”

The court documents said there are a total of 121 key employees across the companies over 9,300 employees who will receive the payments. Approximately…

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Star Entertainment extends refinancing talks with Salter Brothers  Gambling Insider

Read the original article here

An estate agent faked a wedding abroad to con family and friends out of thousands of pounds so she could pay off online bingo debts.

Charlotte Blackwell, 31, dreamt up the scam after getting engaged to boyfriend Daniel Thomas following a five-year fling.

Cardiff Crown Court heard that she forged flight and hotel bookings to persuade friends and relatives, including her future mother-in-law, to hand over more than £12,600 for the bogus nuptials overseas.

But she was caught when pal Helen Morse spotted spelling mistakes in travel documents and contacted travel agent TUI directly herself.

TUI confirmed they were fraudulent and police were called.

Blackwell was arrested and immediately confessed, telling officers: ‘I’m sorry, it was to pay off…

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Open this photo in gallery:

A sign outside the downtown Hudson’s Bay store in Vancouver on March 24. The retailer was back in Toronto court on Wednesday for the latest on its liquidation processDARRYL DYCK/The Canadian Press

Hudson’s Bay Co. was in court again on Wednesday, seeking approval for an agreement with its senior lenders that would place a time limit on saving six stores that have been left out of liquidation for now.

The agreement would mean that the locations would also begin liquidation, if no prospect of a deal that could repay the senior lenders was in place by April 7. Landlords for Hudson’s Bay have opposed the deal.

The lenders – Bank of America N.A., Pathlight Capital LP and Restore Capital LLC – told Hudson’s…

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The Bay owes more than $950 million to its creditors, which includes banks, big clothing brands and other businesses

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From concerns about losing their homes to regrets about not accepting a…

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Hudson’s Bay asked an Ontario court Wednesday to approve a restructuring agreement that will give it a few extra days timeline to save the six stores it has so far spared from liquidation.

A new version of the agreement will force the retailer to start liquidating those stores on April 8 — if it hasn’t found a likely transaction by then to repay some of what it owes its senior secured lenders, Bank of America, Pathlight Capital and Restore Capital — just three days after the deadline it originally asked for.

Ashley Taylor, a lawyer for Hudson’s Bay, told Ontario Superior Court Judge Peter Osborne the agreement wasn’t “a very satisfying outcome.”

It wasn’t exactly what the department store wanted either, he reasoned, but was the…

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The UK Supreme Court’s recent decision in El-Husseini and another v Invest Bank PSC [2025] UKSC 4 has clarified the circumstances in which section 423 of the Insolvency Act 1986 (the Act) provides protection against attempts by debtors to “defeat their creditors and make themselves judgment-proof”. This is a critical decision for insolvency practitioners, any corporate or fund which is involved in distressed deals and beyond to acquirers who were not aware they were dealing in distressed assets. It is potentially good news for the former, improving or fine-tuning weapons deployed for the benefit of creditors. It is potentially awkward news for the latter, who may have to look rather more broadly at insolvency issues when…

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PHOENIX – February 19, 2025 – Nikola Corporation (Nasdaq: NKLA), a global leader in zero-emissions transportation and energy supply and infrastructure solutions, via the HYLA brand, today announced that the Company and certain of its subsidiaries have filed voluntary petitions under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware. Nikola has also filed a motion seeking authorization to pursue an auction and sale process under Section 363 of the U.S. Bankruptcy Code.

Nikola has filed a number of customary “first day” motions with the Court to ensure its limited operations are able to continue, including authorization to meet its obligations to…

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TEMPO.CO, Solo – A total of 10,665 workers of the textile giant Sritex have been terminated, per January to February 26, 2025, as court declared the company bankrupt. The workers came from four companies under the Sritex Group: PT Sritex Sukoharjo, PT Bitratex Semarang, PT Sinar Panja Jaya Semarang, and PT Primayuda Boyolali.

Slamet Kaswanto, the coordinator of the Sritex Group Workers’ Union, confirmed the number. “Yes, that’s roughly the latest number,” said Slamet in a brief message sent to Tempo on Friday, February 28, 2025.

When asked further about the mass layoff faced by the workers, Slamet merely said he’s still attending a creditors’ meeting at the Semarang District Court.

A similar statement was made by Sritex…

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