US firm Recharge Industries on Wednesday said it was making a cash bid for Britishvolt, a UK firm behind a planned gigafactory for electric vehicle batteries that declared bankruptcy last week. The start-up, championed by former prime minister Boris Johnson to help drive a greener economy, had been developing the multi-billion-pound project in Blyth, northeast…
Text size US firm Recharge Industries on Wednesday said it was making a cash bid for Britishvolt, a UK firm behind a planned gigafactory for electric vehicle batteries that declared bankruptcy last week. The start-up, championed by former prime minister Boris Johnson to help drive a greener economy, had been developing the multi-billion-pound project in…
Eleanor Temple, chair of the insolvency and restructuring trade body R3 in Yorkshire Corporate insolvencies fell 3.25% in December 2022 to a total of 1,964 compared to Novembers total of 2,029. They were 31.9% higher than in December 2021 (1,489) and 75.5% higher than December 2019 (1,119). Personal insolvencies decreased by 20.4% to 8,339 in…
Louisiana lawmakers are headed back to the capitol months ahead of schedule. On Monday they will gavel in a seven-day special session with one agenda item to set aside $45 million for cash incentives to lure insurance companies back to the state. Insurance Commissioner Jim Donelon says its an essential step in addressing the states…
Corporate insolvencies – liquidations and receiverships – in Scotland for during the third quarter of last year increased by 13.3% year-on-year. The latest Accountancy in Bankruptcy (AiB) register data also showed that personal insolvency numbers – bankruptcies and protected trust deeds – in Scotland decreased by 4.9% year-on-year. The quarterly and yearly rise in corporate…
Another two more construction companies in Western Australia have gone under due to labour shortages and increasing construction costs. WA Housing Group, founded in 2019 and focused on custom builds and remodelling, was forced into liquidation on December 7, while Individual Developments WA (IDWA), which had prior agreements with the Department of Housing and Communities,…
The High Court has approved personal insolvency arrangements (PIAs) allowing a separated couple who have worked in the pub and food industry to write off more than 2.8 million of debts. Mr Justice Alexander Owens on Monday approved the arrangements for Bernadette Canning, of Monknewtown, Slane, Co Meath, and Graham Canning, of Ledwidge Hall, Slane,…
Debt-ridden Jaypee Infratech, which is facing insolvency proceedings, on Tuesday said that all the consortium lenders — excluding ICICI Bank — have assigned their debt to National Asset Reconstruction Company Ltd (NARCL). Jaypee Infratech Ltd (JIL) is currently undergoing Corporate Insolvency Resolution Process (CIRP) under the provisions of the Insolvency & Bankruptcy Code (IBC) following…
Image source, Getty Images By Simon Jack Business editor There are growing fears that 2023 could see a wave of company collapses as the cost of living crisis continues. The number of firms on the brink of going bust jumped by more than a third at the end of last year, said insolvency firm Begbies…
But the liquidators said further investigation would be required to see whether an insolvent trading claim existed and they had insufficient funding to proceed further. Regardless, the cost of running an insolvent trading case would exceed the actual claim made by the ATO as the sole creditor, the liquidator report said. The report noted, however,…