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When Patrick O’Connell picks up the phone these days to help Prince Edward Islanders in financial distress, he’s hearing a familiar concern: the rising cost of living, which is driving people deeper into debt, CBC.ca reported. O'Connell, a licensed insolvency trustee for P.E.I. with Allan Marshall & Associates, said many of the Islanders he speaks with are struggling to make ends meet as everyday expenses continue to climb. He said last month was the busiest his firm has ever been on the Island, handling more insolvency files on P.E.I. than ever before.
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The insolvency regulator has proposed mandating bidders for bankrupt firms to disclose beneficial ownerships, a move aimed at curbing misuse of the ‘clean slate’ principle and preventing backdoor entry of disqualified promoters or related parties, the Economic Times of India reported. In a discussion paper, the Insolvency and Bankruptcy Board of India (IBBI) has suggested a standard format for beneficial ownership disclosures by all potential resolution applicants.
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European business sees a far greater impact in 2026 from U.S. tariffs and other trade tensions than in 2025, when front-loading mitigated the consequences, a survey by BusinessEurope showed on Monday, Reuters reported. The survey found that trade tensions were likely to pull 2025 gross domestic product down by 0.03 percentage points for the euro zone, the EU and a broader group of European countries. For 2026, the negative impact was likely to be 0.5 to 0.6 percentage points, with the euro zone faring worst.
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The Bank of England has dropped demands for strict rules governing cryptocurrencies following pressure from Donald Trump’s administration to soften its stance, the Telegraph reported. Threadneedle Street unveiled proposals on Monday aimed at helping the UK to grab a slice of the $300bn (£230bn) market. While officials confirmed plans to cap the amount of so-called stablecoins that people can own at £20,000 for individuals and £10m for businesses, it said retailers and cryptocurrency exchanges would be exempt from the “temporary” limits.
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Brazil's central bank on Monday released long-awaited rules for trading virtual assets, including cryptocurrencies, that will extend existing rules against money laundering and terrorism financing to virtual-asset service providers, Reuters reported. Latin America's largest economy approved a legal framework for cryptocurrencies in 2022, but its rollout hinged on complementary regulation from the central bank, which later held four public consultations on the matter.
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The company behind the Cork Pride festival is set to appoint a liquidator after becoming insolvent, raising questions over future Pride events in the city, the Irish Independent reported. The proposed liquidation of Cork LGBT+ Pride CLG is a huge blow for diversity, equity and inclusion (DEI) supporters in Ireland, with this year’s Pride parade in the city attracting an estimated 5,000 participants. The organisation also publishes an annual magazine and is linked to the Work With Pride professional business network.
Bilateral trade between Spain and Russia has shrunk in value, signaling a clear decision to decouple from the sanction-ridden nation, EuroNews.com reported. The Kremlin's decision to launch a full-scale invasion of Ukraine almost four years ago has had an undeniable effect on Spanish companies that aspired to open up markets in Russia, with the result that the volume of their exports has plummeted sharply since the beginning of the conflict.
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For three years, a crack team of detectives gathered each weekday morning around a whiteboard at the German Federal Police headquarters in Potsdam, near Berlin. Now their investigation into who was behind the greatest act of sabotage in modern history—the bombing of the Nord Stream pipelines—is threatening to splinter support for Ukraine, the country they hold responsible, the Wall Street Journal reported. Poland already has refused to extradite one of the suspects to stand trial in Germany.
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A two-member bench of the appellate tribunal said the NCLT should have taken into consideration the directions issued by the Supreme Court in the Mansi Brar Fernandes case, where it was held that real-estate insolvency should be project-specific, the Economic Times of India reported. Moreover, the NCLAT also noticed an intervention application filed by different sets of homebuyers of other projects of Mahagun, where they prayed to set aside the NCLT order directing insolvency against the realty firm.
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The pioneer streaming platform Idagio has applied to Berlin’s Charlottenburg Court to approve its self-administered insolvency, SlippedDisc.com reported. The plan is said to ensure the continuation of IDAGIO’s classical music service, without job losses. Despite the insolvency, business operations continued without interruption throughout the entire restructuring process. “All parties involved expressed clear support for the business model and made its continuation possible.