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.
A key member of Manchester United’s Champions League-winning team of 2008 filed for bankruptcy after retirement
Tom Sunderland Sports Writer
10:00, 03 Jan 2026
Manchester United icon Wes Brown went from assisting Cristiano Ronaldo in the 2008 Champions League final to declaring bankruptcy(Image: John Peters, Manchester United via Getty Images)
One would think anyone boasting five Premier League titles and a pair of Champions League winners’ medals would be financially secure for life. Yet former Manchester United star Wes Brown discovered just how rapidly fortunes can change.
The National Company Law Tribunal (NCLT) at Mumbai has approved a Rs. 16.10 crore resolution plan submitted by Klassic Wheels Ltd for the revival of debt-laden Indian Refrigerator Company Ltd, bringing the resolution process to an end.A coram of Judicial Member Nilesh Sharma and Technical Member Charanjeet Singh Gulati, in an order dated December 19, 2025, held that the plan complied with…
PSV Holdings Limited will officially exit the Johannesburg Stock Exchange (JSE) after enduring nearly six years of financial distress, business rescue attempts, and eventual liquidation proceedings. Founded in 1998, PSV Holdings operated as an industrial engineering group, supplying essential industrial products such as steel and tools, alongside specialized services like gas systems. Its diverse client base spanned sectors including mining, manufacturing, water, and healthcare across Southern Africa.
The company listed on the JSE in 2006, marking a significant milestone in its growth trajectory. However, PSV’s fortunes changed dramatically at the start of the current decade. In 2020, mounting financial pressures…
New Delhi, Jan 3 (KNN) The Bombay High Court ruled that if a company exits insolvency under an approved resolution plan, an arbitral award under challenge does not survive, and any money withdrawn by the award holder from court deposits must be returned if the claim stands extinguished.
Court Orders Refund of Withdrawn Amount
Justice Somasekhar Sundaresan, in an order dated December 17, 2025, allowed Reliance Defence and Engineering Ltd’s interim application and directed Afcons Infrastructure Ltd to return Rs 12.76 crore withdrawn from court deposits during the pendency of the arbitration challenge.
“It is only proper that the amount withdrawn should now be brought back by Afcons since the underlying Arbitral Award…
The National Company Law Tribunal (NCLT) at Jaipur has imposed a cost of Rs. 5 lakh on a Jaipur-based company after holding that it had misused the insolvency process to block recovery action by State Bank of India.The tribunal dismissed the insolvency petition filed by M.D. Suitings Pvt. Ltd. for its own insolvency under Section 10 of the Insolvency and Bankruptcy Code, finding it to…
An Ohio man says a debt relief company’s promises left him worse off, and FTC data shows thousands of other consumers nationwide have filed similar complaints.
COLUMBUS, Ohio — Nick Kaps told 10TV he’s sleeping a little easier these days after an experience with a debt relief company that he claims didn’t hold true on its promise.
“It’s a company that basically tells you to stop paying your debt and then they suggested to just let your credit score go, you know, horribly down,” he said. “And then they claim that they’re going to work with the creditors.”
That was five years ago and now he’s finally on the…
An Ohio man says a debt relief company’s promises left him worse off, and FTC data shows thousands of other consumers nationwide have filed similar complaints.
(Bloomberg) — State regulators are abandoning a plan to rehabilitate PHL Variable Insurance Co. and may pursue liquidation instead, after finding that the struggling life insurer — acquired by private equity firm Golden Gate Capital a decade ago — is in worse shape than previously thought.
Authorities said they may also sue Golden Gate and its Nassau Financial Group insurance arm on claims including breach of fiduciary duty if the firms don’t agree to an acceptable settlement. In a statement, Nassau called such accusations “without merit.”
Seeking rehabilitation no longer appears feasible, Joshua Hershman, the interim head of Connecticut’s insurance department, wrote in a court filing on New Year’s Eve. PHL doesn’t have…
The following is a summary of features of the Plan of Sale and Liquidation. This summary may not contain all of the information about the
Plan of Sale and Liquidation that is important to you. We encourage you to carefully read this entire proxy statement, including the Plan of Sale and Liquidation and the other documents attached to this proxy statement and incorporated herein by
reference, for a more complete understanding of the Plan of Sale and Liquidation.
General
After careful consideration, the Board has unanimously determined that the Plan of Sale and Liquidation is advisable, fair to and in the best
interests of our stockholders, and has approved the Plan of Sale and Liquidation. The…
MASSENA, New York (WWNY) – A proposal to use nearly $2 million in unused town funds to reduce Massena’s $5 million debt to the state pension system was rejected by the town board in a 3-2 vote.
The town owes the money to New York state’s retirement system after Massena Memorial Hospital was sold in 2019. While the sale ended the town’s hospital operations, officials remained responsible for the pension debt because hospital workers were town employees.
Massena made its first payment of about $383,000 this year as part of a 30-year payment plan.
Former Deputy Town Supervisor Patrick Facteau proposed using unused town funds to pay down the debt, which would have saved taxpayers about $156,000 per year.
Maybe your resolution for 2026 is to pay down debt, start your retirement savings, or save for a big ticket item. Maybe you need help with personal finance but don’t know where to start.
Either way, prioritizing your goals for the New Year comes down to understanding what you value the most, Kumiko Love, an accredited financial counselor and author of “My Money, My Way,” told PBS News.
That’s because, in “the world of finance, everything is a trade off,” Love said.
Of the 30% of Americans who say they make at least one resolution, 61% say they are focused on money or finances, according to Pew Research. And a majority of Americans – 87% – say…
