Total household debt jumped $147 billion to top $17.94 trillion last quarter with balances increasing in mortgages, credit cards and auto loans, according to the latest data from the New York Federal Reserve released Wednesday.

Not only are Americans borrowing more, it seems they’re not paying it off at an increasing rate, as credit delinquency inched up from 3.2% to 3.5% for the same period.

These data serve as a wake-up call for many to get their financial books in order over the next six weeks and help prepare for a fresh start with the New Year — and who wouldn’t like that?

Bollywood actor Akshay Kumar recently faced a setback in his legal battle as the National Company Law Tribunal (NCLT) dismissed his insolvency petition against the ed-tech company Cue Learn Pvt. Ltd. The dispute revolves around an endorsement agreement Kumar signed with Cue Learn in March 2021, for a total fee of ₹8.10 crore. According to the terms, this amount was to be paid in two equal installments. While the first installment was duly paid, the second installment, amounting to ₹4.83 crore, was allegedly withheld by the company.

Akshay Kumar filed the petition under Section 9 of the Insolvency and Bankruptcy Code (IBC), claiming that the unpaid amount constituted “operational debt.” However, Cue Learn argued that…

The Salvation Army has urged Australians to reassess their finances at the start of 2025, with new research revealing concerning trends in financial literacy and debt.

According to the research, almost half of all Australians (46 per cent) are beginning the year in debt and 3.2 million (15 per cent) do not understand how interest works. Additionally, almost one in three (30 per cent) are unable to create a budget for themselves.

These findings come after an expensive Christmas and holiday season for many Australians, with over 34 per cent of people using credit cards and 17 per cent relying on buy now, pay later schemes to fund their celebrations.

Shockingly, 6.3 per cent borrowed money and 8.9 per cent sold…

By R. Chandra Mouli

Filing an insolvency petition can work wonders, especially in an ecosystem that favors creditors, further to the constitution of the National Company Law Tribunal. 

If you want to know when NCLT was established, the answer can be found in the Exam Prep lessons – published by Byju’s. 

Hundreds of thousands of Americans file for bankruptcy each year to seek relief from their overwhelming financial burdens, whether they’re dealing with high-rate credit card debt, medical bills, unsustainable personal or student loan payments or something else entirely. Bankruptcy filings have also been increasing recently, with recent data showing an uptick in filings of 16.2% from 2023 to 2024, which was likely due, at least in part, to the financial pressures caused by today’s higher…

New Delhi, Jan 19 (PTI) NCLT has directed for the liquidation of debt-ridden Tulip Hotels, as the tribunal failed to receive any bidder during its insolvency resolution process within the prescribed timeline.

On May 16, 2023, the NCLT had directed the initiation of a Corporate Insolvency Resolution Process (CIRP) against Tulip Hotels over a plea filed by Yes Bank, claiming a default of Rs 900 crore for two corporate guarantees issued by it.

Tulip Hotels was a corporate guarantor for two loans disbursed by Yes Bank to Cox &…

The National Company Law Tribunal (NCLT) has ordered the liquidation of Tulip Hotels after the failure to secure a resolution plan within the stipulated timeline during the Corporate Insolvency Resolution Process (CIRP). Initiated on May 16, 2023, based on a plea by Yes Bank, the CIRP was launched due to a default of INR 900 crore. The default arose from corporate guarantees issued by Tulip Hotels for loans amounting to INR 450 crore each, disbursed by Yes Bank to Cox & Kings and EzeeGo One Travel and Tours Ltd. When the borrowers defaulted, Yes Bank invoked the guarantees.

Despite the statutory 180-day timeframe mandated by the Insolvency and Bankruptcy Code (IBC), no bids or resolution plans were submitted for Tulip Hotels. The…

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James Whitaker*, 35, first gambled at around the age of 12, playing Italian Roulette with real money. In his late 20s, he got hooked playing…

Insolvency-related activity in the Thames Valley and Wiltshire has decreased slightly says R3, the UK’s insolvency and restructuring trade body.

R3’s analysis of data provided by Creditsafe showed a minor drop in insolvency-related activities from 211 in November to 203 in December.

The figures include administrator and liquidator appointments together with creditors’ meetings.

This number is significantly lower than October’s 293, which was the highest figure since March 2022.

The South East figure for insolvency-related activities is the sixth highest in the UK, behind…

Mosaic Brands, the owner of Rivers, Millers and Katies, has entered voluntary administration. The ASX-listed company, which operates over 700 stores and employs around 3000 staff, confirmed the decision on Monday after efforts to restructure informally fell short.

Mosaic had attempted several changes,…

Busy Bee Airways Pvt Ltd, one of the bidders for the grounded airline Go First, has approached the National Company Law Appellate Tribunal (NCLAT) to challenge the airline’s liquidation. 

On 20 January the National Company Law Tribunal (NCLT) issued an order that sent Go First into liquidation after the airline’s creditors unanimously voted to liquidate the debt-ridden carrier, citing its lack of assets and a viable recovery plan.

An NCLAT bench led by chairperson Justice Ashok Bhushan, is set to hear the bidder’s plea on Thursday, 23 January. On 21 January, Busy Bee Airways informed the NCLT of its decision to contest the liquidation, saying it intended to submit a resolution plan to take over the airline.

Also read | Go First case:…