Persistent inflation and high raw materials prices have pushed construction sector insolvencies up 16.5% higher than last year, prompting firms to seek ways to stall their payments. In the 12 months to June 2023, 4,280 construction companies in the UK went out of business 16.5% more than the previous year, according to the governments Insolvency…
(Image credit: Baikal Electronics) T-Platforms, the parent company of Russian chipmaker Baikal Electronics, has declared bankruptcy and is auctioning off its assets, including intellectual property related to Baikal processors, one of a few designers of CPUs and system-on-chips from Russia, reports CNews. According to Kommersant, the total value of these assets is estimated at $5 million.…
Boutique restructuring consultancy Cathro & Partners has appointed Mark Cook as a director. Founded in 2021 by industry expert Simon Cathro, Cathro & Partners specialises in restructuring, turnaround, personal and corporate insolvency, safe harbour, secured enforcement services, government advisory services and pre-lending services. The addition of Mark Cook bolsters the firms senior team, with Cook bringing…
RIGA – Turkish-capital company Liepaja Steel has abandoned the plan to relaunch a metallurgical enterprise in Liepaja and will take the steel melting furnace it bought three years ago to Turkey, Latvian Television (LTV) reported on Monday. According to the LTV report, the company makes no secret of its disappointment over a failure to reach…
The company said it has not been able to agree on the start of industrial activity with the Liepaja City Council and the Special Economic Zone (SEZ) administration. Meanwhile the municipal authorities in Liepaja will keep to their plan to create an eco-friendly industrial park on the sprawling territory of the former “Liepajas metalurgs” plant, which was…
President William Ruto on Monday ordered all persons currently at Mumias Sugar Company to vacate and withdraw all court cases pertaining to it. We are ordering all to vacate the premises, that company belongs to the people. We shall make new plans for it and not entertain any court cases, they must withdraw them all.…
German operations of Kautex Maschinenbau GmbH, an extrusion blow mold machinery maker, is insolvent due to what the company calls “a multitude of exogenous factors.” While the Bonn, Germany, production site is looking for new investors, the company’s location in Shunde, China, is not impacted by the company’s move, the company said. Kautex, in revealing…
Floridians experiencing spiked insurance premiums and limited options to deal with them have received some government assistance that may alleviate some of their financial woes and give some respite to Governor Ron DeSantis. Due to legislative reforms aiming to combat increasing homeowner costs and market instability, the Indiana-based Orion180 recently had its two carriers approved…
As the next chart shows, insolvencies are much higher in July 2023 than earlier this year in most of the country. They are especially bad in New South Wales. Nationwide, 2022 was the bad year for insolvency. But in 2023, NSW is bleeding out. When you break down the NSW data you find two things.…
Deborah Law Deborah Law, partner in the dispute resolution team at Stronachs, has been awarded the certificate of proficiency in insolvency (CPI). She was one of eight candidates from England, Scotland and Wales to earn a merit and she was ranked first of the Scottish candidates. The Insolvency Practitioners Association CPI is a highly regarded…