Small businesses face tougher bankruptcy rules

The new federal bankruptcy law not only makes it harder for individuals to avoid repaying their debts, it also imposes tougher rules on small businesses that want to keep creditors at bay.

CIT reports solid start to 2005

CIT Group Inc the commercial and consumer finance group reported net income of US$210.4m for the first quarter 2005, an increase from US$189.3m in Q1 2004. Diluted earnings per share were US$0.98 for the quarter, up from US$0.88 last year.