Croydon Council has declared bankruptcy for the third time in two years. Photo by Dan Kitwood/Getty Images. This article was originally published on 19 December. It has been republished following the news today (5 September 2023) that Birmingham council has issued a Section 114 notice, which effectively freezes spending. Today, Labour-led Birmingham Council declared bankruptcy,…
PA Media By Sophie Madden BBC West Midlands reporter Birmingham City Council has declared itself effectively bankrupt. The local authority – the largest in Europe – has issued a Section 114 notice preventing all but essential spending to protect core services. The pressures have been linked to a 760m bill to settle equal pay claims.…
Birmingham city council, the largest local authority in the country, has in effect declared itself bankrupt after issuing a section 114 notice signalling it cannot balance its budget without help. In a statement published on Tuesday, the leader and deputy leader of the Labour-run council, John Cotton and Sharon Thompson, said the notice was a…
Begbies Traynor Group has acquired Jones Giles & Clay, one of the leading business recovery and insolvency practices in Wales. The deal announced on the London Stock Market this morning (5 September) sees Begbies Traynor welcome four experienced team members to its Cardiff-based team, including directors Sue Clay and Vaughan Jones, who were the principals…
AHMEDABAD: Rasna got a breather from the Gujarat high court on Monday after it stayed the interim resolution professional (IRP) from taking over the company’s management till the appellate tribunal hears its appeal against the insolvency proceedings ordered by the National Company Law Tribunal (NCLT).After the NCLT ordered initiation of the corporate insolvency resolution process…
These houses in Adelaide’s south may look abandoned, but in fact the group of 20 homes has never been lived in. Key points: South Australia has a mandatory building indemnity insurance scheme It is designed to protect home owners when issues arise with building work But some South Australian home buyers are falling through the cracks The…
High interest rates following the pandemic when many organisations took out loans to survive mean an average of 7,000 businesses per quarter are expected to become insolvent next year. The second quarter of 2023 saw over 6,700 businesses declare insolvency in Britain, more than double that of a typical quarter during the pandemic, according to…
The bargain retail chain Big Bazar can no longer defer payments to its creditors. As a result, there is a high probability that the bargain chain will be declared bankrupt on Tuesday morning, Big Bazar’s attorney, Oscar van Oorschot, told ANP on Monday afternoon. Moments earlier, the District Court of Noord-Nederland in Leeuwarden denied the…
The court declared Holland Norway Lines bankrupt on Monday. The ferry service to Kristiansand, Norway, has been shut down, bankruptcy administrator Hans Silvius confirmed to RTV Noord. Last week, the ferry company reported that it had run into financial problems after leaving the Eemshaven, filing for a deferment of payment on Wednesday. Until April, the…
Kashaya Williams: Bankrupt celebrity wedding planner flaunts her jet-set lifestyle and Louis Vuitton luggage – despite owing hundreds of thousands in will row after trying to snatch her granddad’s house Fury erupts at bankrupt wedding planner’s luxury lifestyle Kashaya Williams seen lazing in the sun in tropical paradise Leaked video reveals Louis Vuitton luggage and…