Headlines

The South Korean Supreme Court announced on January 28 that it will expand support for litigation costs in personal bankruptcy procedures for small business owners, amid a surge in personal rehabilitation cases, Chosun.com reported. Under the recently revised "Regulations on the Operation of the Litigation Assistance System," small business owners with annual sales of up to 300 million Korean won will be eligible for "litigation assistance" starting from the 1st of next month.

Turkey is planning to tighten access to bankruptcy protections after a surge in applications, as authorities seek to curb what they say is misuse of a key debt-restructuring tool, Bloomberg News reported. Draft proposals seen by Bloomberg would overhaul the country’s concordat system, a court-supervised process that allows financially distressed companies to postpone payments and restructure with creditors instead of entering bankruptcy.

The Insolvency and Bankruptcy Code (IBC) has been a game-changer and has transformed the insolvency landscape by fostering transparency, accountability and efficiency in corporate dispute resolution and laying the foundation of a more resilient and robust economy, Financial Services Secretary M Nagaraju said on Wednesday, the Economic Times of India reported.

The Original Factory Shop (TOFS) will this week become the latest retailer to call in administrators, putting about 1,200 jobs at risk, Sky News reported. The discount chain, which was already on the brink of collapse when it was bought by Modella Capital last year, is expected to appoint Interpath to handle its insolvency as soon as Wednesday afternoon. TOFS, which opened its first shop in the late 1960s, trades from approximately 130 stores. Read more.

Native Instruments is in preliminary insolvency proceedings, according to documentation reported by Create Digital Music. According to that report, a preliminary insolvency administrator has been appointed, who will take responsibility for restructuring the company and any sale of existing assets. The German music technology brand, known for era-defining products such as Maschine, Massive, Traktor and Kontakt, has been through numerous changes over the past decade.

German federal police have been searching the offices of Deutsche Bank in Frankfurt and Berlin since early Wednesday morning, with raids ordered by prosecutors in Frankfurt, Euronews.com reported. About 30 investigators reportedly entered the bank’s Frankfurt headquarters in plain clothes, according to Der Spiegel, which first reported the news. Another Deutsche Bank location in Berlin was also searched. Prosecutors say they are investigating unknown managers and employees of Deutsche Bank on suspicion of money laundering.

The U.K.'s Financial Conduct Authority on Tuesday launched a review into the impact of advanced artificial intelligence ​on retail financial markets and consumers, Reuters reported. The review, led by FCA ‌Executive Director Sheldon Mills, will look at how the evolution of AI could affect markets ‌and firms, including changes to competition and market structure, as well as the impact on consumers. Findings will go to the FCA board in mid‑2026. The regulator reiterated that it does not intend to introduce AI‑specific rules.

Money launderers received at least $82 billion in cryptocurrencies last year, up sharply from $10 billion in 2020, driven in part by fast ​growth among Chinese-speaking groups, blockchain researchers said on Tuesday, Reuters reported. The fastest-growing ‌category has been Chinese-language money-laundering networks, which emerged during the pandemic and processed almost $40 million worth of crypto per day in 2025, U.S.-based blockchain research company Chainalysis said in a report.

After threatening to euthanize about 30 beluga whales, Marineland, a shuttered Canadian aquatic park, is now likely to send the animals to marine facilities in the United States, the Canadian government said on Monday, the New York Times reported. Marineland, once a bustling tourist destination in Niagara Falls, Ontario, is headed toward bankruptcy and last year asked the federal government for financial help and approval to export the animals to a theme park in China.

Azerbaijan is deepening its strategic cooperation with the Organisation for Economic Co-operation and Development (OECD) as part of a broader effort to modernise its economy and align with international standards, Euronews.com reported. The expanded partnership is aimed at supporting structural reforms designed to improve transparency, attract foreign investment, and strengthen the country’s integration into global markets. Under the enhanced cooperation framework, Azerbaijan will focus on capital market development, trade facilitation, and improved connectivity.