Company insolvencies in England and Wales reached their highest level in 30 years in 2023, official figures have revealed. According to the Insolvency Service, the total number of company insolvencies last year was 25,158, which was the highest number since 1993 and 14% higher than in 2022. Construction was the most commonly affected sector, with…
The number of people needing breathing space from their debts jumped by 25% in 2023 compared with the previous year. Across England and Wales, there were 88,390 registered breathing spaces in 2023, comprised of 86,928 standard and 1,462 mental health breathing space registrations, the Insolvency Service said. A standard breathing space is available to people…
KaDeWe Group, which operates some of Germany’s most famous department stores, has filed for voluntary insolvency. Rising rents and the collapse of its co-owner Signa Holding which recently filed for insolvency have been cited as key reasons for the move. The retail group owns the eponymous Berlin-based Kaufhaus Des Westens (KaDeWe), Oberpollinger in Munich and…
Overview The pandemic has created significant financial and operating challenges for all Australian businesses. While interim government fiscal support measures, and temporary changes to the insolvency regime such as the six month suspension of insolvent trading liability for directors, have helped to calm the storm and delay mass new insolvency filings, the fiscal cliff is…
The number of people needing breathing space from their debts jumped by 25% in 2023 compared with the previous year. Across England and Wales, there were 88,390 registered breathing spaces in 2023, comprised of 86,928 standard and 1,462 mental health breathing space registrations, the Insolvency Service said. A standard breathing space is available to people…
The quarterly company insolvency statistics have been released, covering Q4 2023 (October to December). Since this dates the final quarter of the year, an annual summary can be noted: 2023 saw the highest annual number of company insolvencies since 1993. The total of 25,158 registered company insolvencies is broken down into: 20,577 Creditors Voluntary Liquidations…
The collapse of Rene Benkos real estate empire is spreading to his luxury retail assets, with department store operator KaDeWe Group filing for insolvency in Berlin. KaDeWe, which runs the eponymous department store in Berlin as well as high-end outlets in Munich and Hamburg, was forced to apply for a self-administered insolvency to uncouple from…
Getty Images By Mariko Oi Business reporter Debt-laden Chinese property giant Evergrande has been ordered to liquidate by a court in Hong Kong. Judge Linda Chan said “enough is enough” after the troubled developer repeatedly failed to come up with a plan to restructure its debts. The firm has been the poster child of China’s…
HONG KONG — A Hong Kong court ordered China Evergrande, the worlds most heavily indebted real estate developer, to undergo liquidation following a failed effort to restructure $300 billion owed to banks and bondholders that fueled fears about Chinas rising debt burden. It would be a situation where the court says enough is enough, Judge…
Lenders to Byjus Alpha filed an insolvency petition after the Indian education startup missed payment on a $1.2 billion loan. The move, announced by creditors in an emailed statement on Thursday, is the latest step in the fight between the startup founded by Byju Raveendran, once valued at $22 billion, and its creditors. Lenders have…