HSQLDB timestamp - How to specify a default date/time

Here's a quick example of how to set a default value for an HSQLDB TIMESTAMP field:

create cached table directories (
  dir_id identity NOT NULL,
  directory varchar(255) NOT NULL,
  time timestamp default 'now'

There are other ways to do this, but the important line that sets the default timestamp in the above SQL is this:

time timestamp default 'now'

This is where I'm creating a timestamp field named "time" that automatically defaults to the current date/time when a record is created.