Corporate insolvencies rose by 1.9% year-on-year in December 2023, and rose by 78.9% when compared to pre-pandemic levels in 2019, according to figures published today by the Insolvency Service. Corporate insolvencies decreased by 18.9% in December 2023 to a total of 2,002 compared to November’s total of 2,470, and increased by 1.9% compared to December…
Westpac NZ has updated its bankruptcy policy to improve access to basic banking services for Kiwis going through tough times. The Westpac NZ Access to Banking in Aotearoa Report, released last year, found New Zealanders who had been made bankrupt often had their bank accounts closed and subsequently struggled to open a new account. The…
China, once synonymous with rapid economic growth, is grappling with a profound real estate crisis that emerged with Evergrande’s insolvency declaration two years ago. This event triggered a series of defaults and business losses, sending shockwaves through the nation’s economy. The aftershocks of Evergrande’s collapse have reverberated across the Chinese economic landscape. Several multibillion-dollar companies…
Westpac is going to relax its policy on access to banking services for people declared bankrupt. Photo: AFP Westpac is going to relax its policy on access to banking services for people declared bankrupt. A 2022 survey undertaken by the Insolvency and Trustee Service found 49 percent of respondents faced bank account closures after being…
Austrian real estate and retail group Signa Holding filed for insolvency in late November, making it the largest victim of Europes property crash to date. The company, which owns half of New Yorks Chrysler Building, almost all of Germanys biggest department stores and part of Selfridges in London, filed for administration with debts of around…
EY-Parthenon teams were appointed as insolvency administrators in March 2021. From the start, a unique aspect to this engagement was the media attention. Given the size and impact of this bankruptcy, this was a hurdle both Abengoa and EY-Parthenon had to overcome and engage with regularly throughout the process. Loan requests Initially, the EY-Parthenon teams…
There are concerns the bankruptcy could cost Danish taxpayers some 27 million. ADVERTISEMENT The Danish company Nordic Waste has triggered a political scandal by filing for bankruptcy. The bankruptcy of the company – which deals with the reprocessing of contaminated soil – could cost taxpayers 27 million. After they post their bankruptcy filing, the Danish…
The British-based company which set out plans to become a global pioneer in electric vehicle manufacturing has taken a step closer to insolvency after lining up a new set of advisers to oversee contingency planning. Sky News has learnt that Arrival, which is listed on New York’s Nasdaq stock exchange, is in discussions with EY,…
From bankrupt to billionaire to bankrupt again, all in the space of seven years. Robert Bull, the bungalow tycoon nicknamed Bob the Builder, is being chased by creditors just nine months after being crowned as one of Britains richest men with an estimated fortune of 1.9bn. Now, his holiday park empire is being broken up…
Corporate insolvencies in England and Wales are now at their highest level since 2009. The rise in insolvencies follows the end to the Governments Covid-19 support schemes, the buildup of debt post-pandemic, unprecedented inflation and interest rate increases. More frequently than ever, questions are being raised as to what happens if a company is suffering…