England and Wales saw the most company insolvencies since 1993 last year, although the rate of businesses going bust was not as severe as during the 2008-09 financial crisis when adjusted for a rise in the total number of companies, official data showed. Britain’s Insolvency Service, a government agency, said 25,158 companies were declared insolvent…
DetailsMore businesses entered insolvency last year than at any point since 1993, as higher interest rates weigh on UK firms, official data shows. The Insolvency Service said 25,158 companies were declared insolvent last year, up from 22,123 in 2022. But the proportion of firms going bust was not as severe as during the 2008 global…
DetailsCompany insolvencies in England and Wales reached their highest level in 30 years in 2023, official figures have revealed. According to the Insolvency Service, the total number of company insolvencies last year was 25,158, which was the highest number since 1993 and 14% higher than in 2022. Construction was the most commonly affected sector, with…
DetailsThe number of people needing breathing space from their debts jumped by 25% in 2023 compared with the previous year. Across England and Wales, there were 88,390 registered breathing spaces in 2023, comprised of 86,928 standard and 1,462 mental health breathing space registrations, the Insolvency Service said. A standard breathing space is available to people…
DetailsKaDeWe Group, which operates some of Germany’s most famous department stores, has filed for voluntary insolvency. Rising rents and the collapse of its co-owner Signa Holding which recently filed for insolvency have been cited as key reasons for the move. The retail group owns the eponymous Berlin-based Kaufhaus Des Westens (KaDeWe), Oberpollinger in Munich and…
DetailsOverview The pandemic has created significant financial and operating challenges for all Australian businesses. While interim government fiscal support measures, and temporary changes to the insolvency regime such as the six month suspension of insolvent trading liability for directors, have helped to calm the storm and delay mass new insolvency filings, the fiscal cliff is…
DetailsSenator Weber and Representative Javadi are peddling a false narrative about a mill closure in Banks, on behalf of the timber industry. The facts: Hampton Lumber, headquartered in Portland, made a business decision to invest $150 million into expanding its mill in Willamina thanks to state and local tax breaks. At the same time, it…
DetailsStocks got a bump late in the day after the US Treasury announced it would borrow $55 billion less than projected last quarter. It now expects to borrow just $760 billion in privately held net marketable debt, assuming an end-of-March cash balance of $750 billion. Meanwhile, the Treasury also noted it would need to borrow…
DetailsThe number of people needing breathing space from their debts jumped by 25% in 2023 compared with the previous year. Across England and Wales, there were 88,390 registered breathing spaces in 2023, comprised of 86,928 standard and 1,462 mental health breathing space registrations, the Insolvency Service said. A standard breathing space is available to people…
DetailsBy Eliza Mcphee For Daily Mail Australia Published: 15:57 AEDT, 29 January 2024 | Updated: 19:34 AEDT, 29 January 2024 Sara Lee will remain afloat and in Australian hands in a major development after the much-loved frozen desserts brand plunged into administration three months … Read the full article at: https://www.dailymail.co.uk/news/article-13017783/sara-lee-saved-administration.html
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