As the Reserve Bank board braces for another interest rate decision tomorrow and over-borrowed interest rate worriers pray for no change, the news is growing that10 interest rate rises are starting to bite, big time. One industry expert called it an insolvency Armageddon with cash-troubled business wind-ups reaching 828 in March, after starting the year…
The post-pandemic economic recovery initially exceeded expectations. Now many Canadian businesses are struggling with rising interest rates, heightened residual debt loads, ongoing supply disruptions, a labour shortage, and threats of an economic downturn. Consumers and business debtors are both faltering. Pressures are increasing on small and medium-sized enterprises (SMEs) as Canada Emergency Business Account (CEBA)…
It was the winter that never came: Europe rode out the energy crisis thanks to good weather, and the EU has so far avoided a recession that was thought a nailed-on certainty a year ago. You can read the full report by Larry Elliott, the Guardians economics editor, here: Holger Schmieding, chief economist at Berenberg,…
Courgettes former owner and chef James Mussillon. Photo: Supplied. Award-winning Canberra restaurant Courgette has gone into voluntary administration as of Wednesday (26 April), according to Australian Securities and Investments Commission records, although the business is continuing to trade as usual and is encouraging customers to keep their reservations. This comes just weeks after its former…
S cotlands businesses are still suffering from a Covid hangover with new figures showing the number of firms becoming insolvent has reached an 11-year high. Corporate insolvences rose to 1,132 in 2022-23, with this up by almost a third (32.6%) on the previous year, new figures from the Accountant in Bankruptcy showed. The 2022-23 total is nearly…
Global law firm Clyde & Co has today announced the hire of Rob Lowe as a corporate partner in its global Corporate & Advisory practice based in London. The move continues a period of expansion for the practice on a global scale creating an international network of cross-border Corporate legal expertise. Rob has extensive experience…
Subscribe Be the first with the news that moves the market Fintech IOUpays (IOU) parent company, IOUpay Limited, enters voluntary administration due to outstanding debts and suspected fraud The companys CFO is under investigation for allegedly misappropriating up to $7 million in company funds Non-bank lender, Finran, offered to bail out IOU, but later withdrew…
Deloitte is forecasting around 600 insolvencies this year, up from around 500 in 2022 This reflected a 22pc increase from the same period last year but was slightly below the number recorded in the final quarter of the year, when 154 insolvencies were reported. Deloitte financial advisory partner David Van Dessel said recent levels of…
A total of 146 corporate insolvencies were recorded in Ireland in the first three months of the year, according to the latest insolvency statistics published by Deloitte. his reflected a 22pc increase from the same period last year but was slightly below the number recorded in the final quarter of the year, when 154 insolvencies…
Another Victorian building company has gone bust, weeks after the collapse of one of Australias largest home builders, Porter Davis, and construction firm Lloyd Group. Award-winning builder Mahercorp announced it went into voluntary administration on Friday, affecting more than 700 homes, as the industry continues to struggle amid the cost of living crisis. In a…