Americans now owe approximately $1.18 trillion on their credit cards, according to the Federal Reserve Bank of New York. Elevated interest rates and persistent inflation have made this burden even heavier by squeezing household budgets. While credit card balances declined by $29 billion in the first quarter of 2025, overall debt levels remain historically high.

For…

New Delhi, Aug 5 (PTI) The Competition Commission of India (CCI) on Tuesday approved Dalmia Bharat’s proposal to acquire the debt-laden Jaiprakash Associates Ltd (JAL), which is going through the insolvency resolution process.

Under the provision of the Insolvency and Bankruptcy Code (IBC), an approval from the competition watchdog is a key requirement for submission of resolution plan to participate in the bidding process.

Besides Dalmia Bharat, several other players that have shown their interest to acquire the debt ridden JAL, which operates from cement to real estate, hospitality to fertiliser plant.

Players…

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All-in-one dashboard enables users to track, manage, and optimize loan payments across student loans, mortgages, credit cards, and more

NEW YORK, Aug. 5, 2025 /PRNewswire/ — Vola Finance, a personal financial management platform, today announced the launch of its Vola CreditMap, a new loan management dashboard designed to help consumers take control of personal debt and increase their credit scores. The tool provides a centralized, intuitive platform to manage everything from credit cards and student loans to rent and utility reporting.

As the average U.S. consumer debt balance surpasses $104,000, borrowers, particularly Millennials and Gen Z, are managing more loans…

Hamburg-based Closed GmbH has filed for insolvency. The brand filed the application with the relevant district court in Hamburg on Tuesday. Stefan Denkhaus, a lawyer from the BRL law firm, has been appointed as the provisional insolvency administrator.

The insolvency was necessary due to excessive debt and the associated financing costs. Operationally, the company, with its healthy sales structure of wholesale, online and brick and mortar retail, is fundamentally profitable. Turnover has developed better than the market.

Business operations will continue during the proceedings. Insolvency benefit pre-financing for the workforce has already been initiated. Suppliers and other business partners will now be involved in the process.

The…

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A businessman who sold seven classic cars for just £1 to another company he controlled has been banned from being a director for six years.

Kulbarg Singh, 62, was director of Aldridge Construction Engineering Ltd when he sold all the company assets to Ace Earth Solutions Ltd, of which he was also a director, in 2021, before the former entered liquidation a year later.

The Insolvency Service said Singh, of Haselour Lane in Harlaston, Staffordshire, sold the assets for more than £465,000 – much less than their £1.5m value.

The seven cars, which had a combined value of £101,500, were two Daimlers from 1936 and 1965, two Jaguars from 1969 and 1978 and three Rolls Royce from the 1970s.

Kevin Read, chief investigator at the Insolvency…

An Indian-origin businessman who sold seven historic cars, including two Jaguars and three Rolls-Royces, for just GBP 1 to another company he controlled has been disqualified from holding a company directorship for six years following an investigation by the UK’s Insolvency Service.

Kulbarg Singh from Staffordshire in the West Midlands region of England was the director of Aldridge Construction Engineering Ltd when he entered into an asset purchase agreement with Ace Earth Solutions Ltd in 2021.

According to the Insolvency Service this week, at least GBP 1.5 million of company assets were sold, with Aldridge Construction Engineering Ltd entering liquidation the following year.

Among the “under-priced sales” identified in the probe…

A businessman who sold seven classic cars for just £1 to another company he controlled has been banned from being a director for six years.

Kulbarg Singh, 62, was director of Aldridge Construction Engineering Ltd when he sold all the company assets to Ace Earth Solutions Ltd, of which he was also a director, in 2021, before the former entered liquidation a year later.

The Insolvency Service said Singh, of Haselour Lane in Harlaston, Staffordshire, sold the assets for more than £465,000 – much less than their £1.5m value.

The seven cars, which had a combined value of £101,500, were two Daimlers from 1936 and 1965, two Jaguars from 1969 and 1978 and three Rolls Royce from the 1970s.

Kevin Read, chief investigator at the Insolvency…