Jones Day has strengthened its restructuring practice in Germany with the hire of a partner from Ashurst. Alexander Ballmann specialises in insolvency and restructuring proceedings, as well as distressed M&A transactions, and will join the US-based firms business restructuring and reorganization practice in Munich. Alexander has deep roots here in Munich, and is generally regarded…
DetailsLONDON, Nov 14 (Reuters) – Business insolvencies in England and Wales rose 18% in annual terms during October, official data showed on Tuesday, in a further sign of the tough economic environment facing many firms. The Insolvency Service, a government agency, reported 2,315 company insolvencies last month, up from 1,954 a year previously and higher…
DetailsAccording to UK government figures, the year 2023 will see the largest number of company bankruptcies since 2009. These figures also show a 25% increase to nearly 40,000 companies nearing financial collapse in the past three months. What’s driving the notable upswing in insolvencies? Figures from before the pandemic show a constant variation in insolvencies, with…
DetailsDuring October 2023 there were 99 company insolvencies registered in Scotland – 21% higher year-on-year. This was comprised of 35 compulsory liquidations, 58 creditors’ voluntary liquidations (CVLs), four administrations and two company voluntary arrangements (CVAs). There were no receivership appointments. Historically, the volume of company insolvencies registered in Scotland has been driven by compulsory liquidations.…
DetailsNewsflash: the number of companies falling into insolvency in England and Wales has jumped again. There were 2,315 registered company insolvencies in October, which is 18% higher than in October 2022 (when there were 1,954), a worrying sign for the UK economy as it enters the winter. Its also an 18% increase on a monthly…
DetailsAn Australian renovation company has collapsed into liquidation leaving customers and tradespeople millions of dollars in the red. Melbourne-based kitchen and bathroom renovation company, Ultimate Kitchens & Bathrooms was handed over to liquidator Stephen John Michell on October 31. Consumer Affairs Director Nicole Rich on November 1 issued a warning to consumers after receiving customer…
DetailsNov 14, 2023 12.24pm Wealth manager E&P has reached a $16 million settlement deal for class action proceedings over alleged conflicted and misleading advice brought by Shine Lawyers on behalf of former clients of its Dixon Advisory business. There is no admission of fault attached to the settlement. Alan Dixon, then managing director and CEO…
DetailsSri Lankas government defaulted in April 2022. How is economy doing today?The situation is dire. Sri Lankas GDP contracted by 7.8% last year and is contracting this year as well. Some 500,000 formal-sector jobs have been lost. Another 1 million informal jobs were lost in the construction sector. Cost of living has risen by over…
DetailsJones Day has strengthened its restructuring practice in Germany with the hire of a partner from Ashurst. Alexander Ballmann specialises in insolvency and restructuring proceedings, as well as distressed M&A transactions, and will join the US-based firms business restructuring and reorganization practice in Munich. Alexander has deep roots here in Munich, and is generally regarded…
DetailsA storied Greater Toronto Area furniture brand founded by a former city mayor and popularized with television and radio ads proclaiming “nooobody” could beat its prices is aiming to restructure its business. In a filing made under the Bankruptcy and Insolvency Act last week, Bad Boy Furniture Warehouse Ltd. said a slew of economic conditions…
Details