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Debt management isn’t always the best option — but it can provide big relief to the right type of cardholders.
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When credit card bills start piling up, the weight of that debt can put a lot of pressure on your budget, especially if you’re already struggling to keep up with your regular expenses. But if you’re growing frustrated with your credit card debt, you’re certainly not alone in the struggle. The average cardholder now carries nearly $8,000 in credit card debt, and with credit card interest rates hovering close…
In an unexpected twist, companies are increasingly finding themselves entangled in legal disputes with their vendors. Suppliers and vendors are turning to insolvency petitions over payment delays as a legal tool to recover dues.
This comes at a time when companies like Zomato and Ola Electric have been served insolvency petitions by its vendors.
According to news report, B2B apparel manufacturer Nona Lifestyle has approached the NCLT to initiate the corporate insolvency resolution process (CIRP) against Zomato over alleged non-payment of ₹1.64 crore for supplied uniforms and merchandise, including ICC World Cup 2023 apparel.
Ola Electric is facing a financial dispute after Rosemerta Digital, and Rosemerta Safety Systems filed an…
New Delhi: The Insolvency and Bankruptcy Board of India (IBBI) has told debt resolution professionals to be more open about bankrupt companies’ past losses that can be carried forward, helping attract fresh investments into the company.
The idea is that greater disclosures about ‘carry forward’ of past losses, which will lower future tax liability of the company, could result in more viable debt resolution plans.
In an order issued late on Monday, IBBI told professionals that in their notices inviting bids, they should have a separate section showing the extent of carry forward of past losses available to the entity.
The regulator said that based on its review of notices inviting bids for bankrupt companies it felt disclosures…
Scotland witnessed a 10% increase in company insolvencies in February 2025 compared to the same month in 2024, with 103 businesses entering insolvency.
This figure comprised 60 Creditors’ Voluntary Liquidations (CVLs), 38 compulsory liquidations, and five administrations. There were no Company Voluntary Arrangements (CVAs) or receivership appointments.
The 12-month insolvency rate to February 2025 stood at 51.6 per 10,000 companies on the effective register, a slight decrease of 1.2 from the previous year.
Junior Canadian Ranger Nova Gull in front of the abandoned Hudson’s Bay Company trading post at Lake River in Polar Bear Provincial Park.
credit: Canadian Rangers
Hudson’s Bay seeks court approval for full liquidation as financial struggles push the retailer to the brink
TORONTO, ON – The future of Hudson’s Bay hangs in the balance as the embattled retailer awaits a court decision on its request to begin liquidating all 80 of its Canadian stores, along with Saks Fifth Avenue and Saks Off 5th locations it operates under a licensing agreement.
During a Monday hearing at Ontario Superior Court, lawyers for Hudson’s Bay urged Justice Peter Osborne to approve the liquidation, arguing that the company needs…
Lester Bonner purchased a tractor, hay baler, and two hay combines for his 113-acre wheat farm when he learned he’d have $50,000 of his loans wiped clean as a result of a debt relief program from the U.S. Department of Agriculture.
Many more farmers invested in their farms in anticipation of the forgiveness of loans administered by the USDA’s Farm Service Agency.
However, they never received it.
Bonner and three Virginia-based farmers of color are suing the U.S. government, which they say broke a contract in 2022 by repealing a $4 billion debt relief program, putting them at risk of losing their farms and livelihoods. The government is arguing that there was no contract.
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Plans to liquidate and shut down all 80 Hudson’s Bay stores and e-commerce operations in Canada, along with three Saks Fifth Avenue and 13 Saks Off 5th Avenue locations there, could begin today unless a financial lifeline is found to sustain some operations — a prospect that appears increasingly unlikely, according to CBC.
Hudson’s Bay Chief Executive Officer Richard Baker, 48, of Hudson’s Bay Co. (HBC) The Canadian … [+] department store chain has agreed to pay $2.4 billion to acquire Saks Inc. one of America’s most prestigious luxury retailers. (Photo by Neville Elder/Corbis via Getty Images)
