Acquisitions that go wrong are a top cause of business insolvency, according to research from Purbeck Personal Guarantee Insurance. Not being close to business financials due to an over-reliance on accountants, and bad debts or payment disputes, are also key reasons why businesses collapse, the study found. Read more: One in 10 businesses at risk…
Senators have vowed to get to the bottom of a dispute in which elderly farmers were allegedly dispossessed of their land and lost money after their savings and credit cooperative society was liquidated under unclear circumstances. This was revealed during a sit-down between a Senate committee and members of Drumvale Farmers Cooperative Society.The aggrieved members…
At a glance Woking Borough Council was warned four years ago about its debt levels Debts of 2.6bn have forced the council to effectively declare itself bankrupt One of the group who carried out a peer review in 2019 said: “I remember asking key figures at the council how they slept at night with debts…
At a glance Woking Borough Council was warned four years ago about its debt levels Debts of 2.6bn have forced the council to effectively declare itself bankrupt One of the group who carried out a peer review in 2019 said: “I remember asking key figures at the council how they slept at night with debts…
The number of company insolvencies across Staffordshire over the past four years has jumped by more than two thirds. Figures released through the BBC Shared Data Unit reveal that across the county, 209 companies were liquidated in 2022 compared with 124 in 2019 an increase of just under 69%. The national picture saw eight out…
A personal insolvency arrangement (PIA) which allows a Co Galway-based electrical contractor to write off approximately 2.7 million in debt owed to financial institutions has been approved by the High Court. Mr Justice Alexander Owens, who approved the PIA in respect of Thomas Fahy on Monday, described the arrangement as being “a good bit of…
12/06/2023 15:00 Nikki van Toorn The number of corporate bankruptcies, adjusted for court session days, has increased. There were 16 more bankruptcies in May than in the previous month, according to Statistics Netherlands (CBS). This is an increase of 7 percent. The number of bankruptcies remained below the pre-pandemic level. In the first five months…
A personal insolvency arrangement which allows a Co. Galway-based electrical contractor to write off approximately 2.7m in debt owed to financial institutions has been approved by the High Court. Mr Justice Alexander Owens, who approved the PIA in respect of Thomas Fahy on Monday, described the arrangement as being “a good bit of business”. Under…
Patrick Lau, 46, has been sentenced to 16 months imprisonment, suspended for two years after pleading guilty to four counts of fraud under the Insolvency Act 1986. Lau had been sole director of Big Wok Ltd, which traded as a Chinese buffet restaurant in Birmingham until it went into liquidation in 2018. His company had…
An electrical contractor will have some 2.7 million of a 2.9 million debt written-off under a personal insolvency arrangement (PIA) approved by the High Court. The arrangement, approved by Mr Justice Alexander Owens on Monday, includes the near halving of the 470,000 mortgage debt of Thomas Fahy from Cortoon, Claregalway, Co Galway. Approval was sought…