People and companies go bankrupt every so oftenbut in the U.K., cities are going bankrupt, too. Nottingham, home to 323,700 residents, well-known universities and fictional character Robin Hood, effectively declared itself bankrupt on Wednesday as its council is set to to overspend by 23 million ($29 million) in the 2023-24 financial year. This means a…
Property developer Michael OFlynn has won his legal battle against the personal insolvency agreement of former business partner John ODriscoll. A ruling by the Supreme Court on Thursday could mean that the personal insolvency agreement of Mr OFlynns former business partner will have to go back before a court. Advertisement The court heard that the…
Property developer Michael OFlynn has won his legal battle against the personal insolvency agreement (PIA) of former business partner John ODriscoll. A ruling by the Supreme Court on Thursday could mean that the personal insolvency agreement of Mr OFlynns former business partner will have to go back before a court. The court heard that the…
The real estate giant Signa is in crisis: Europe is shaking The Signa dossier, one of Germanys real estate giants, is now the subject of legal proceedings, raising significant concerns in Frankfurts financial landscape. The German subsidiary, Signa Real Estate Management Germany, has officially filed for bankruptcy at the Berlin Charlottenburg District Court, suggesting that…
Contents Real estate magnate Ren Benkos Signa Group is faltering. Their crisis is unlikely to remain an isolated case, says a real estate expert. They are or are being built in a prime location. And they could one day generate a lot of profits. At least in theory. We are talking about large-scale construction projects…
Member Article Christmas Trading Concerns After Sharp Month-On-Month Increase In Corporate Insolvencies Its impossible to say whether the Christmas trading period will provide a badly needed boost for struggling North East firms or whether itll be the final blow for their finances. Thats the view of the North East chair of insolvency and restructuring trade…
PA Media By Gavin Bevis & Olimpia Zagnat BBC News, East Midlands Nottingham City Council has declared itself effectively bankrupt, meaning it will stop all spending other than services it must provide by law. A recent report said the Labour-run council was set for a 23m overspend in the 2023-24 financial year. It has been…
Nottingham City Council has become the latest local authority to effectively declare bankruptcy as it is unable to fulfil its legal obligation to balance its budget. The state of the council’s spreadsheets has been blamed partly on mistakes of its own making – namely the collapse of an energy firm it launched back in 2020,…
Twelve months after REDcycle’s dramatic collapse, Australians are no closer to a national soft plastics recycling program, leading to calls for the federal government to crack down on the nation’s major supermarkets. Key points: REDcycle stopped collecting soft plastics last November and was declared insolvent in February 44 stockpiles of soft plastics have been reduced…
VIENNA/FRANKFURT, Nov 29 (Reuters) – Property and retail giant Signa declared insolvency on Wednesday after last-ditch attempts to secure fresh funding failed, making it the biggest casualty so far of Europe’s property crash. Controlled by Austrian magnate Rene Benko, the group is an owner of New York’s Chrysler Building as well as several high-profile projects…