Distressed securities include such events as restructurings, recapitalizations, and bankruptcies. This include collections, charge offs, repossession, foreclosures, bankruptcies, liens and judgments. Trump Taj Mahal declared bankruptcy in November 1990, the first of several such bankruptcies. Private bankruptcies and constant layoffs had the Communists on a short fuse. The global oversupply has resulted in bankruptcies and production cutbacks both inside and outside China. Iridium went bankrupt, one of the largest bankruptcies in US history at the time. Instead established relationships continued through the embargo crisis, in spite of numerous bankruptcies. The Asian financial crisis also led to more bankruptcies in Japan. MF Global's collapse was one of the ten biggest bankruptcies in U.S. history. Over 60% of personal bankruptcies is caused by medical bills. In 1974, redundancy allowances in cases of bankruptcies were introduced. According to Ben Bernanke, the subsequent credit crunches led to waves of bankruptcies. In fact, in 2015, 33% of all business bankruptcies were caused by employee theft. From 1937 to 2008 there were fewer than 600 municipal bankruptcies. There has also been significant criticism of BAPCPA's changes to Chapter 11 business bankruptcies.