LANSING, Mich. (WILX) – Relief could soon be on the way for thousands of Michiganders dealing with medical debt.

Several proposals are making their way through the state Capitol to make medical debt more manageable and less destructive in the long-term.

Research by the National Institute of Health shows medical debt is a leading cause of bankruptcy nationwide.

To curb the impact in Michigan, state lawmakers are pushing for smaller fees and stronger financial support from hospitals. Patients and providers say those changes will make a big difference.

Terri Sober has dealt with her fair share of major medical expenses.

“It took me a long time to pay for my portions of my psych hospitalization and my emergency care,” Sober said.

She said…

Informist, Monday, Nov. 17, 2025

NEW DELHI – The Insolvency and Bankruptcy Board of India Monday suggested that the committee of creditors of a company undergoing corporate insolvency process should mandatorily give reasons for recommending liquidation of the debt-ridden company if the resolution plan of value greater than liquidation value was received. 

The reasons for such recommendation must be mandatorily recorded in the minutes of the meeting and furnished along with the liquidation application, said the board in a discussion paper for strengthening safeguards and transparency in the insolvency process. The board has invited comments from the stakeholders on its suggestions by Dec. 8.

The board noted that in…

…

In less than three weeks, the UK has just seen the bankruptcy of two regional carriers. At the beginning of October, Eastern Airways, one of the UK’s leading domestic carriers with almost 1.5 million passengers a year, went out of business. Its two main bases were Aberdeen airport in Scotland and Humberside airport in north-east England. The carrier was a major operator of offshore drilling platforms in the North Sea. In the 2000s, Eastern Airways also operated routes to France, before leaving following the Brexit.

With Blue Islands is no longer the main operator from Jersey. The company operated a fleet of 5 70-seat ATR72s between Jersey and…

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After failing to secure emergency funding, Australia’s biggest online bookseller Booktopia has said that it has now entered into voluntary administration.

The company has appointed Keith Crawford, Matthew Caddy and Damien Pasfield from McGrathNicol to oversee either a sale of the business or a recapitalisation of it.

Booktopia has asked those who are interested in acquiring its assets or recapitalising it to “urgently” come forward and noted that a first meeting of its creditors will take place on Monday, July 15.

Trading of its shares will be suspended during the administration process. Since launching on the ASX in 2020, Booktopia’s share price has plummeted from a peak of A$3, to a low of just 4 cents.

At…

Wescom Financial is partnering with ForgiveCo to erase $10 million in consumer debt for residents impacted by the 2025 Los Angeles wildfires.

The Pasadena-based credit union’s charitable foundation joins with the public benefit corporation to make it happen, and they are starting to reach out to select consumers to deliver the good news.

Darren Williams, Wescom president and CEO, said that they are starting to notify wildfire survivors this week through letters, emails, and text messages.

“We’ll let them know that Wescom Financial and through our foundation, Wescom Foundation, and ForgiveCo, who is our partner in this, that we have acquired and we have paid off the debt,” Williams said.

He said the goal is to lessen the burden for…

Bicameral letter warns that “sale would be a giveaway to wealthy insiders at the expense of working-class borrowers and taxpayers.”

“Time and again, the Trump Administration has put the interests of well-connected, wealthy insiders ahead of working families.”

Text of Letter (PDF)

WASHINGTON – Today, Congresswoman Ayanna Pressley (MA-07), along with Senators Elizabeth Warren (D-MA) and Bernie Sanders (I-VT), led 41 of their colleagues in a letter urging Secretary of Education Linda McMahon and Secretary of the Treasury Scott Bessent to immediately end any plans to sell or transfer the federal student loan portfolio to the private market.

“Let’s be clear: This sale would be a giveaway to wealthy…

Tasmania’s auditor-general has confirmed he referred Spirit of Tasmania operator TT-Line to the corporate regulator after suspecting its directors were in breach of the Corporations Act.

Auditor-General Martin Thompson said he made the referral to the Australian Securities and Investments Commission (ASIC) on July 31, having formed the view earlier in the month that TT-Line was insolvent.

He appeared at a budget estimates hearing on Monday, where he confirmed he informed TT-Line of his conclusion on insolvency on July 22, but the company continued to trade.

TT-Line denies the claim and argues that it can pay its debts when they…

Informist, Monday, Nov. 17, 2025

NEW DELHI – The Insolvency and Bankruptcy Board of India on Monday suggested that anyone appointed as a director or partner of an insolvency professional entity shall hold at least 5% of its paid-up equity share capital, provided the entity has more than 20 members. The minimum prescribed shareholding or the capital contribution of members, as the case may be, should be reduced on a pro rata basis, the board said in a discussion paper on empowering directors and partners in an insolvency professional entity by proposing minimum shareholding and capital contribution requirements. The Board has invited comments on its proposal by Dec. 7. 

An insolvency professional entity is a firm,…