Customers left devastated by collapsed building companies say it should be harder for directors of failed businesses to simply walk away once a company goes into liquidation. A group of Hallbury Homes customers, who had made deposits, discovered when the business went into liquidation in February their domestic building insurance policies hadn’t been taken out…
The company insolvency statistics from January to March 2023 have been released, between 1 January and 31 March 2023 (Q1 2023), there were 5,747 (seasonally adjusted) registered company insolvencies. Industry experts give their views and thoughts below: Ian Hepworth, director of Croydon-based Funding Solutions UK: IThough insolvencies in the first quarter were down slightly on the fourth…
Former Manchester United defender Wes Brown lost millions of pounds in failed property deals and also racked up car debt, it has been revealed. The Mirror detailed earlier this week how Brown, who used to earn around 50,000-a-week during his Old Trafford days, had been the subject of a bankruptcy petition from HMRC. The order…
The warning comes as the latest quarterly insolvency statistics for January to March 2023 (Q1) reveal there were 5,747 company insolvencies in England and Wales. This is 18 per cent higher than in Q1 2022. Nicola Banham, insolvency director at Azets, which has offices in Chandlers Ford, Fareham, Romsey and Winchester, said as inflation remains…
First Republic Bank, one of the largest banks in the United States, has been declared insolvent by the California Department of Financial Protection and Innovation. The regulator determined that the bank was operating in an unsound manner, making it necessary for the regulator to take control of the bank immediately. The Federal Deposit Insurance Corporation…
Silicon Valley Bank (aka SVB) collapsed on March 10, followed by Signature Bank two days later. Fearing mass panic, the FDIC decided to make whole all deposits at both banks, even though they were insured only up to $250,000. On March 16, First Republic Bank was saved from bankruptcy when several large banks lent it…
The Insolvency Service Published 28 April 2023 Contents 1. Overview 2. Regulatory Development and Research 3: Regulatory and Disciplinary Statistics 4: Complaint Statistics Print this page Crown copyright 2023 This publication is licensed under the terms of the Open Government Licence v3.0 except where otherwise stated. To view this licence, visit nationalarchives.gov.uk/doc/open-government-licence/version/3 or write to…
PETALING JAYA: In extending a helping hand to spouses, relatives or friends in need of money, they willingly and trustingly sign up as guarantors. However, many of these guarantors later end up in a tight situation when the loans are not repaid, leading to some even being declared bankrupt or, worse, a few developing suicidal…
Pialligo Estate has been a high-profile ACT business casualty. Photo: Ian Bushnell. Currently, our local economy is going through the effects of what some call financial long-COVID on businesses. We are seeing too many businesses closing their doors and/or going into insolvency, liquidation or administration. There are plenty of bad and sad impacts from these…
Personal insolvency numbers have jumped by more than 50 per cent since the start of the year, as high interest rates and inflation finally start to have an impact on household budgets. The Australian Financial Security Authority reported that there were 921 new personal insolvencies in March up from 796 in February and 772 in January. AFSA…