The number of registered company insolvencies in Q3 2023 fell 2% to 6,208 on the previous quarter, but were still up 10% on last year There were 6,208 company insolvencies, made up of 4,965 creditors voluntary liquidations (CVLs), 735 compulsory liquidations, 466 administrations, 41 company voluntary arrangements (CVAs) and one receivership appointment. The number of…
DetailsThe number of people taking out a debt relief order (DRO) across England and Wales surged to a record high in the third quarter of this year. Some 8,438 DROs were taken out between July and September, marking a 49% jump compared with the same quarter in 2022, according to figures from the Insolvency Service.…
DetailsCompany insolvencies across England and Wales were up 10% in the last quarter compared to the same period last year, according to official figures as a separate report warns of a leap in financial distress. The Insolvency Service reported 6,208 registered company insolvencies between July and September. That was 2% down on the previous three…
DetailsGetty Images By Simon Jack Business editor The number of companies going bust this year is on track to be the highest since the depths of the financial crisis in 2009. Insolvencies rose 10% from a year ago in the three months to the end of September, the latest official figures for England and Wales…
DetailsA fall in the number of start-up businesses in the East Midlands, as well as a rise in insolvency activity, indicates a significant economic challenge for local entrepreneurs entering the final quarter of 2023. This is according to the Midlands branch of national insolvency and restructuring trade body R3 and is based on an analysis…
DetailsWASHINGTON (AP) The Biden administration is moving toward a narrower student loan relief plan that would target specific groups of borrowers those with soaring interest, for example rather than a sweeping plan like the one the Supreme Court rejected in June. The Education Department on Monday released a draft of new federal rules paving the way for…
DetailsCorporate Insolvency Resolution Process (CIRP for short) against a corporate debtor may be initiated by a financial creditor under Section 7 of the Corporate Insolvency and Bankruptcy Code, 2016 (Code for Short) or by an operational creditor under Section 9 of the Code. Section 10 of the Code allows a corporate applicant to file an…
DetailsA residential building company has collapsed into liquidation just a few months after landing in court over nearly $1 million in unpaid debts. News.com.au can reveal that the Victorian Supreme Court ordered Melbourne-based Como Homes Pty Ltd to wind up on Tuesday. Honourable Associate Justice Gobbo ordered that Como Homes Pty Ltd be wound up…
DetailsKey takeaways Consumers with hefty debt loads or lower credit scores are targets for debt relief and credit card scams. If someone reaches out to you regarding your debt or requests upfront payment to find relief, it’s likely a scam. You can protect yourself from scams by educating yourself on laws telemarketers must adhere to…
DetailsFTX Founder Testifies , About Alameda Research , Concerns Prior to Collapse. ABC reports that Sam Bankman-Fried testified that he expressed concerns Alameda Research could become insolvent four months before FTX declared bankruptcy. . ABC reports that Sam Bankman-Fried testified that he expressed concerns Alameda Research could become insolvent four months before FTX declared bankruptcy.…
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