By the time people need Marcela Mingotis help their finances are in crisis. Mingoti is interim chief executive of Nga Tangata Microfinance, a not-for-profit organisation which aims to break the cycle of financial stress. Nga Tangata offers low-income people who are working with a financial mentor interest-free and fees-free loans to help reduce expensive debt,…
Over 11,000 metric tons of film have been discovered since REDcycle, Australias largest film collection program, went under in 2022. | Canetti/Shutterstock Three Australian supermarket chains will have another 12 months to address a plastics stockpile left over from the failure of the countrys largest film collection program. The Australian Competition and Consumer Commission extended its…
Lee Kim Yew announced in February that he would step down as Country Heights Holdings Bhd executive chairman. PETALING JAYA: Prominent businessman Lee Kim Yew has been declared bankrupt by the Shah Alam High Court. Checks made by FMT on the e-Solvency website found that the Country Heights Holdings Bhd (CHHB) founder was declared bankrupt…
Image credit: Alex Marakhovets // shutterstock.com The latest corporate insolvency figures released by the UK government reveal the countrys food and beverage sector is struggling to cope with multiple headwinds. There were 2,457 UK companies declared insolvent last month, up 16% from March 2022, as well as 288 compulsory liquidations, double the figure from a…
More companies in England and Wales went bankrupt in March than at any point since monthly records began three years ago. With businesses struggling with rising bills, higher interest rates and a stagnant economy, the Insolvency Service said the number of corporate insolvencies jumped to 2,457 last month, up 16% on a year earlier and…
Following the March company and individual insolvency statistics published by The Insolvency Service this morning, financial industry experts have commented. Ian Hepworth, director of Croydon-based Funding Solutions UK: Increasing insolvencies are sadly a sign of the times, as macroeconomic headwinds continue to bite. The withdrawal of government support from businesses, higher interest rates, stubbornly high inflation, wage demands and…
Member Article R3 responds to March 2023 insolvency statistics Corporate insolvencies increased by 37.7% in March 2023 to a total of 2,457 compared to Februarys total of 1,784, and increased by 15.9% compared to March 2022s figure of 2,120. o Corporate insolvencies increased by 145.9% from March 2021s total of 999 and by 99.3% from…
Over 450 directors have been disqualified by the Insolvency Service in 2022-23 for abusing the COVID-19 financial support scheme, as the agency continues to clamp down on pandemic fraudsters. Figures published today by the Insolvency Service also show that directors guilty of COVID-19 related misconduct are being hit with longer disqualification periods. The average length…
International law firm Womble Bond Dickinson has strengthened its London restructuring and insolvency practice with the appointment of Amy Gallimore who joins as partner. Amy specialises in corporate and personal insolvency law, representing insolvency practitioners and stakeholders affected by financial distress including directors, shareholders and creditors. With strong expertise in the financial services sector in…
The insolvency avalanche has regained momentum in Australias construction industry and still in its path are hundreds of companies precariously teetering on the brink of collapse. New data indicates insolvencies in the sector are trending to surpass 2000 for the 12 months to the end of Junethe highest in more than a decade. I’d say…