The total company failures for 2023 exceed 25,000 for the first time in 15 years, signalling the toughest business climate since the economic crash in 2009. Before the first lockdown in 2020, there were 1,119 company insolvencies in December 2019, one year later the figure was slightly higher at 1,235. However, typically for December the…
By David Milliken LONDON (Reuters) – Company insolvencies in England and Wales look on track to hit a 30-year-high in the final three months of 2023 despite a sharp drop in December, official figures suggested on Tuesday. The government’s Insolvency Service said 2,002 companies were declared insolvent last month, 2% more than a year earlier…
Australian insolvency advisory firm Cathro & Partners has expanded its portfolio with a new service line focused on personal insolvency. Simon Cathro, Managing Partner at Cathro & Partners, said that the launch of the new offering comes in response to growing demand for personal insolvency work, at a time when the number of companies and…
Property developer Michael OFlynn has failed in a bid seeking to have the legal costs of his High Court battle over the personal insolvency agreement of his former business partner John ODriscoll paid by the personal insolvency practitioner (PIP) in the case. But the legal battle between the Cork developer against the personal insolvency arrangement…
Energy and natural resources company Ascent Resources updated the market on recent developments related to its joint venture partner Geoenergo on Monday. The AIM-traded firm said that, after petitions from Ascent Slovenia, the relevant court declined to approve Geoenergo’s application for self-declared insolvency. In response to Geoenergo’s initial application for insolvency, Ascent said it quickly…
Fish and shrimp processing equipment manufacturer Norbech has been sold after the company declared bankruptcy in December 2023. Norbech was founded in 1986 as Uni-Food Technic by Bjarne Normann Jensen. The companys products include bleeding tanks, de-heading machines, de-slimers, de-scalers, and more essential equipment for the fish and shrimp processing industry. The company transitioned from…
Alterna Capital Partners has joined the queue of lessors at India’s National Company Law Tribunal (NCLT) seeking to have SpiceJet (SG, Delhi International) declared insolvent. An Alterna special purpose vehicle (SPV) is attempting to enforce a March 2023 UK High Court judgement awarding it more than USD11 million. The matter of Alterna Aircraft V B…
Birmingham City Council had to issue a section 114 notice in August 2023 facing a bill for equal pay claims of up to 760m. Photo by Shutterstock Councils across the country find themselves in a turbulent financial position. Since 2021 five local authorities have declared themselves effectively bankrupt, with a raft of councils warning they…
Galeria Karstadt Kaufhof is seeking a new owner, whose real estate group has made several insolvency filings. ADVERTISEMENT Germany’s last remaining major department store chain has filed for insolvency protection, its third filing in less than four years, after its owner ran into difficulties. Galeria Karstadt Kaufhof, which currently runs 92 stores and employs more…
Katie is now fighting to retain her 2 million Sussex home, famously known as the ‘Mucky Mansion’ Katie Price has successfully avoided her sixth bankruptcy court hearing related to her 3.2 million debt repayment. The 42-year-old former glamour model was originally scheduled to appear at an insolvency court in London next month, but the case…