Newsflash: the number of companies falling into insolvency in England and Wales has jumped again. There were 2,315 registered company insolvencies in October, which is 18% higher than in October 2022 (when there were 1,954), a worrying sign for the UK economy as it enters the winter. Its also an 18% increase on a monthly…
During October 2023 there were 99 company insolvencies registered in Scotland – 21% higher year-on-year. This was comprised of 35 compulsory liquidations, 58 creditors’ voluntary liquidations (CVLs), four administrations and two company voluntary arrangements (CVAs). There were no receivership appointments. Historically, the volume of company insolvencies registered in Scotland has been driven by compulsory liquidations.…
According to UK government figures, the year 2023 will see the largest number of company bankruptcies since 2009. These figures also show a 25% increase to nearly 40,000 companies nearing financial collapse in the past three months. What’s driving the notable upswing in insolvencies? Figures from before the pandemic show a constant variation in insolvencies, with…
A bank in Sac City was declared insolvent and closed at the end of last week. According to a press release by the Iowa Division of Banking, Citizens Bank in Sac City was closed on Friday. Its the first bank closure in Iowa in 12 years. The bank was declared insolvent after bank examiners identified…
CORRIE and The Bill star Andrew Lancel has been declared bankrupt after failing to pay off a large tax bill. The star, who played Frank Foster in the popular soap, failed to keep on top of his tax affairs. Andrew Lancel played Frank Foster on Coronation StreetCredit: Handout The actor also featured in The BillCredit:…
The High Court has approved a Personal Insolvency Arrangement (PIA) allowing a Co Kildare man write off of over 16 million of unsecured debts owed to a financial fund. The PIA was approved by Mr Justice Alexander Owens on Monday in respect of 54-year-old Dermot King, with an address at Ardreigh House, Bishopscourt, Straffan in…
The number of businesses declared bankrupt decreased slightly in October compared to the previous month, but business bankruptcies are still rising on an annual basis, according to Statistics Netherlands (CBS). Some 292 companies, institutions and sole proprietorships were declared bankrupt last month, a third more than in October 2022, once the data was corrected to…
The Supreme Court on Thursday allowed banks to launch insolvency proceedings under the Insolvency and Bankruptcy Code or IBC against those who had furnished personal guarantees for loans taken by companies that have defaulted. This ruling, a blow to many promoters, is significant more so because it again signals a shift in favour of Indian…
Jindal (India), which is part of the BC Jindal Group, has emerged as the sole bidder for Kishore Biyani’s Future Enterprises Limited (FEL). According to a report in Economic Times, Kolkata-based steel tubes and pipes maker Jindal’s plan was the only one that was submitted to the creditors till last week. November 10 was the…
When independent supermarket startup Supie went bust last month, the companys 120 employees were told they wouldnt be paid for their last two weeks of work, or receive any of their owed annual leave pay. The subsequent appointment of voluntary administrators again highlighted New Zealands limited protection for employees when their employer becomes insolvent. Supies…