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High-rate credit card debt has become a crushing reality for millions of Americans, who added a collective $27 billion to their credit card balances in the second quarter of 2025. The total amount of credit card debt is now sitting at a record-high of $1.21 trillion nationwide, while the average credit card rate is closing in on 22%. As a result, what may have once been manageable debt…
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Dragonboat restaurant opened in the 1990s, and is now going into liquidation, owing at least 1.4 million dollars to creditors.
Photo: RNZ / Yiting Lin
The rising cost of living and a pandemic hangover have put the pressure on businesses, sending nearly 1300 into liquidation already this year.
New Zealand is riding its highest wave of company liquidations in more than a decade, with thousands of businesses folding and countless livelihoods caught in the crossfire.
Many more are holding on, but just.
In the first half of this year alone, 1270 businesses have shut their doors – a 12 percent increase on this time year.
It’s now anticipated that the total number of liquidations for the year will…
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Jewellery retailer Claire’s set for insolvency in Ireland and UK after sale talks fail Business Post
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IBBI amends CPE guidelines, mandating in-person training for insolvency professionals from 2026. Learn about the new credit hour requirements.
As per the revised framework, IPs must complete a minimum of 30 credit hours of CPE every calendar year, except in the year of their registration.
The amendments prescribe that at least 40 per cent of total CPE credits be obtained through in-person programmes in 2026, rising to 50 per cent in 2027 and 60 per cent from 2028 onwards.
The obligation will apply even if an “IP will undertake CPE even when…
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900 jobs gone, workers owed $11m as major care provider folds Herald Sun
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The government has introduced a major reform to India’s insolvency framework with the Insolvency and Bankruptcy Code (Amendment) Bill, 2025. Presented in the Lok Sabha by Finance Minister Nirmala Sitharaman, the Bill seeks to reduce long delays in insolvency cases, strengthen creditor control, and make the resolution process more efficient.
Cutting Down Delays in Insolvency Admissions – Section 7 Amendment
At present, corporate insolvency applications must be admitted within 14 days under the IBC. In reality, the process takes an average of 434 days, eroding asset value and reducing recoveries for creditors. The Bill proposes to amend Section 7 of the IBC so that the adjudicating authority will only check if a…
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District engineer’s casino addiction spawns ghost projects Philstar.com
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Claire’s in Administration Threat Company Rescue
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Tween Jewelry Retailer Claire’s Set for UK Insolvency After Sale Talks Fail Bloomberg.com
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According to Soumitra Majumdar, partner, JSA Advocates & Solicitors, the adjudicating authority is mandated to consider only instances of default for initiation of corporate insolvency resolution plan (CIRP). “Narrowing the scope of adjudication should significantly lessen the adjudication timelines and thus solve for the admission delays and the consequent value erosion,” Majumdar says.
The eligibility of the defaulting entities which can be resolved under this process would depend upon the amount of assets, Income and amount of debt, which are yet to be notified. “This is a very unique and important step and for it to be successful, regulations to implement such amended provisions should not be very water tight,” feels…
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WASHINGTON (TNND) — The pace of consumer inflation increased slightly in July, but not as much as some economists feared, as the national debt hit a new high and surpassed $37 trillion.
There was a big, national sigh of relief because the numbers were really good,” Steve Moore, who is President Donald Trump’s former White House economic advisor, said Wednesday during a one-on-one interview with The National News Desk’s Jan Jeffcoat.
You know, we’re seeing inflation continue to tick down,” he added. “People are still concerned about the price of groceries and the price of utility bills and so on, but the price increases are nothing like what we saw under Biden.”
Moore said the U.S. is seeing about a 2.5% inflation rate…