WeWork Inc. never figured out how to make money. Adam Neumann sure did. The office-leasing business declared bankruptcy this week, two years after finally going public minus its infamous co-founder. It has $19 billion of liabilities and $15 billion of assets. Longtime investors, including Softbank Group Corp. and the Vision Fund, will add to the…
UK firms have struggled this year with the Bank of England’s high interest rates and weak consumer spending The number of firms going bust in England and Wales has jumped yet again as the higher-for-longer interest rate environment continues to put pressure on businesses and consumers. Monthly data from the Insolvency Service showed there were…
LONDON, Nov 14 (Reuters) – Business insolvencies in England and Wales rose 18% in annual terms during October, official data showed on Tuesday, in a further sign of the tough economic environment facing many firms. The Insolvency Service, a government agency, reported 2,315 company insolvencies last month, up from 1,954 a year previously and higher…
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…