High borrowing costs and inflation are weighing heavily on businesses, official figures suggest. Company insolvencies rose 16% in March compared to the previous year as business owners struggled to contend with soaring costs and tougher economic conditions. Experts predict that more will follow, as the economy continues to stagnate. Last month there were 2,457 insolvent…
ByHT News Desk | Written by Aryan Prakash May 02, 2023 05:28 PM IST Share Via Copy Link Go First said it has been forced to ground 25 aircraft, which is approximately 50 per cent of its Airbus A320neo aircraft fleet as of 1 May 2023. Air Carrier Go First Airways on Tuesday filed for…
Company insolvencies increased by nearly 20% in the first three months of 2023 compared with the same period last year. R3, the insolvency and restructuring trade body for Dorset has said that the figure of 5,747 corporate insolvencies in January, February and March were the highest for any first quarter of a year in England…
Wadia group-owned Go First on Tuesday filed an application for voluntary insolvency resolution proceedings before the National Company Law Tribunal (NCLT), said CEO Kaushik Khona. The airline has informed the government about the developments and will also be submitting a detailed report to aviation regulator Directorate General of Civil Aviation (DGCA). “Go First has had…
Private equity firms buy businesses in the hopes of flipping them for a profit a few years later. The idea is simple enough. But companies bought by private equity firms are 10 times as likely to go bankrupt as those that arent. The industrys defenders claim that this is simply because private equity firms often…
Former Manchester United defender Wes Brown is now reportedly renting a property from a current Old Trafford star after being officially declared bankrupt last month. Brown spent a total of 19 years at the ‘Theatre of Dreams’, making 262 appearances and winning 19 trophies during his time at the club. At the peak of his…
Vanessa Stuart is a director in our Restructuring & Insolvency Practice Group based in our Manchester office. Vanessas practice covers all aspects of restructuring, business recovery, corporate and personal insolvency law, acting for banks, asset-based and other secured lenders, as well as insolvency practitioners and those being pursued by insolvency practitioners. Her particular area of…
Customers left devastated by collapsed building companies say it should be harder for directors of failed businesses to simply walk away once a company goes into liquidation. A group of Hallbury Homes customers, who had made deposits, discovered when the business went into liquidation in February their domestic building insurance policies hadn’t been taken out…
The company insolvency statistics from January to March 2023 have been released, between 1 January and 31 March 2023 (Q1 2023), there were 5,747 (seasonally adjusted) registered company insolvencies. Industry experts give their views and thoughts below: Ian Hepworth, director of Croydon-based Funding Solutions UK: IThough insolvencies in the first quarter were down slightly on the fourth…
Former Manchester United defender Wes Brown lost millions of pounds in failed property deals and also racked up car debt, it has been revealed. The Mirror detailed earlier this week how Brown, who used to earn around 50,000-a-week during his Old Trafford days, had been the subject of a bankruptcy petition from HMRC. The order…