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.