This past January, Kitchener-Waterloo, Ont.-based workforce training platform Uvaro acquired coding school Lighthouse Labs for an undisclosed amount, making it a subsidiary. Just over seven months later, both have filed for bankruptcy. 

As first reported by Canadian Cyber in Context, the two companies filed a bankruptcy notice to creditors on Aug. 1 and appointed professional advisory firm GlassRatner as their trustee. Both the Uvaro and Lighthouse Labs’ websites now redirect to their trustee page, which contains bankruptcy documents and a frequently asked questions (FAQ) document for creditors and…

Reps. Beyer, Carson, and Chu introduce legislation to expand student debt relief for Fulbright teachers under PSLF program.

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Murray & Roberts will not oppose liquidation proceedings initiated by creditor, as the iconic South African engineering and construction firm faces final winding up after over 120 years in business. The group advised shareholders on Friday, 15 August 2025, that it would not fight the application in the Gauteng Division of the High Court, citing its dire financial position.

Historic Firm Heads Towards Closure Amid Insolvency Woes

South African engineering and construction giant Murray & Roberts has confirmed it will not stand in the way of a creditor’s push for its liquidation. The company, with roots stretching back to 1902, shared the news with shareholders on Friday, 15 August 2025, explaining that a creditor…

Amid uproar by the Opposition, Finance Minister Nirmala Sitharaman on Tuesday introduced an amended Insolvency and Bankruptcy Code in the Lok Sabha. Among some of the key amendments to the existing bankruptcy law that are incorporated in the Insolvency and Bankruptcy Code (Amendment) Bill, 2025, include a provision enabling a “creditor-initiated insolvency resolution process” with an out-of-court initiation mechanism for genuine business failures, in order to facilitate faster and more cost-effective insolvency resolution.

For starters, the bill aims to reduce delays, maximise value, and improve process governance for all stakeholders, introducing new provisions based on select global best practices for resolving insolvency. Several of…

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Banks and financial creditors have taken a 67% haircut in over 1,200 cases of corporate insolvency cases that ended in resolution. The data released by Insolvency and Bankruptcy Board of India (IBBI) indicates a realisation of Rs. 3.96 lakh crore for creditors under resolution plans through June 2025 against admitted claims of Rs 12.15 lakh crore.

The fair value of these assets was estimated at Rs. 3.50 lakh crore, and the liquidation value at Rs. 2.32 lakh crore. This demonstrates that creditors realized 170.84% of the liquidation value, a key indicator of the process’s effectiveness in preserving and enhancing the value of distressed assets.

According to IBBI, about 40% of the CIRPs (497 out of 1229 for which data are available), which…

With average credit card interest rates hovering close to 22%, the cost of carrying balances has become more than just a nuisance. It’s a significant financial burden. But if recent statistics are any indication, Americans are taking their collective $1.21 trillion in credit card debt seriously. According to the 2025 Credit Check-In by Happy Money, released this week, nearly 60% of U.S….

Credit card debt has reached staggering heights across America, with the total amount recently surpassing $1.21 trillion, a record high. In this economic landscape, that translates to millions of households trying and failing to juggle hefty credit card balances while also facing other economic challenges, like sticky inflation and elevated interest rates. As a result, many cardholders are now caught…

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Among the largest creditors are the NBU, to which the hotel owes UAH 4,2 billion, and the Finance and Credit Bank – UAH 1,19 billion.

The court opened a liquidation procedure for a year, which will be conducted by the arbitration manager Vadym Kizlenko. The main asset – the hotel building at 11b Ivan Mazepy Street – is planned to be sold to repay debts.

As a reminder, in 2008, PJSC “Hotel “Salyut” concluded a mortgage agreement with the National Bank to secure the fulfillment of obligations under refinancing loans of the “Finance and Credit” bank. That is, the hotel became a property guarantor for the obligations of the bankrupt bank.

Since the bank did not fulfill its…

The Department of Justice (DOJ) blocked Spirit Airlines’ merger with JetBlue in order to preserve competition in the domestic airline industry. Now, it looks like Spirit may go under.

In July 2022, JetBlue announced its acquisition of the foundering Spirit Airlines, which reported a net loss of $36 million in the third quarter of 2022 and $270 million in that year’s fourth quarter. Ted Christie, Spirit Airlines’ president at the time, described the deal as an “agreement to create the most compelling national low-fare challenger to the dominant U.S. carriers.” But the DOJ saw things in a less flattering light.

The DOJ sued to block the merger in March 2023, alleging that “the proposed transaction [would] increase fares and reduce…