Americans are sinking deeper into debt, and the numbers prove it. According to the latest Quarterly Report on Household Debt and Credit from the Federal Reserve, released this week, the total household debt nationwide surged by $93 billion in the fourth quarter of 2024, bringing the overall total to a staggering $18.04 trillion. Credit card balances alone jumped by $45 billion from the previous quarter, hitting a record high of $1.21 trillion by the end of December. Aggregate delinquency rates also ticked up during…

Delhi High Court: A petition was filed by Bhushan Power and Steed Limited under Article 226 read with Section 482 of Criminal Procedure Code (CrPC) seeking quashing of case filed under Section 3 and 4 of the Prevention of Money Laundering Act, 2002 (PMLA) and all consequential proceedings arising out of or emanating therefrom including the order issuing process dated 17-01-2020 passed by the Special Judge qua the petitioner company. Manmeet Pritam Singh Arora, J., partly allowed the petition and the order dated 17-01-2020, taking cognizance and issuing process against the Petitioner Company, was set aside.

Punjab National Bank (PNB) initiated corporate insolvency resolution proceedings (CIRP) against Bhushan Power and Steel Limited…

French firearms manufacturer Verney-Carron, which had a contract to supply Ukraine with assault rifles, has declared bankruptcy, according to its parent company, CYBERGUN.

The company has stopped paying wages and suspended production due to a complete freeze on its finances.

Verney-Carron, which has a two-century history, currently holds a debt of €1 million. Despite receiving a €12 million investment from CYBERGUN, financial difficulties persist. A court hearing scheduled for February 12 is expected to confirm its insolvency. Efforts are underway to find a new shareholder to keep the company operational.

In 2023, Verney-Carron signed a €36 million agreement with Ukraine’s state arms exporter Ukrspetsexport. The deal included the…

For three weeks in November and December 2021, iconic Canadian clothing chains Bootlegger, Cleo and Ricki’s found themselves paralyzed — staring down the barrel of the “critical holiday season” but prevented by ransomware from moving inventory.

The attack occurred on Nov. 23, but the businesses weren’t able to regain access to their internal systems until Dec. 13 — a lag time that forced the 221 affected stores to mount heavy promotions in order to offload the substantial portion of seasonal clothing caught up in the delay.

According to court documents filed as part of insolvency proceedings by Winnipeg-based Comark Holdings — the company which owns all three retailers — the “brick and mortar stores lost approximately $8.2…

Keith Bell, who ran the Bishopton Road Post Office in Stockton, spent 20 years blaming himself for shortfalls on his accounts until he watched ‘Mr Bates v The Post Office’ and felt like his life was unfolding on TV.

He went from living a comfortable life to being bankrupt and even lost his new job as a driving instructor due to the criminal conviction, but has now received a £600,000 payout.

Keith told the Echo: “I got to the point when I had no money – there was nothing coming in. I tried to keep paying the mortgage but I had to declare myself bankrupt.

“I went from a way of life where I wasn’t rich but I was comfortable. That came to an end, you make do with what you can.

“It’s nice to be in the…

Thursday, 17 October 2024

King’s Inns

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Opening remarks

Thank you, Ian (Drennan), for your introduction and warm welcome.

Good morning, everyone – it is a privilege to be here with you today, at the Corporate Enforcement Authority’s (CEA) second annual conference.

I am delighted to be back again at King’s Inns. It is wonderful to see a building such as this, so steeped in history, being made available for hosting a conference like this.

I want to start by thanking Ian and the team at the Authority for inviting me to address you all.

I would also like to acknowledge Cathy (Shivnan), her team and all the Directors and staff of the CEA for their work in…

Doha – Business insolvencies in Morocco are expected to increase over the 2024-2025 period, according to a recent global report from Allianz Trade.

Titled “Global Insolvency Outlook: The ebb and flow of the insolvency wave,” the document places Morocco among the countries experiencing a “noticeable increase” in situations where companies are unable to meet their financial obligations, leading to business closures or debt restructuring.

The report forecasts that business insolvencies in Morocco will rise by 13% in 2024 and 8% in 2025. It highlights a significant increase in insolvencies, from 12,397 cases in 2022 to 14,245 in 2023. This figure is expected to reach 16,100 in 2024 and 17,400 in both 2025 and 2026.

The…