PA Media By Sophie Madden BBC West Midlands reporter Birmingham City Council has declared itself effectively bankrupt. The local authority – the largest in Europe – has issued a Section 114 notice preventing all but essential spending to protect core services. The pressures have been linked to a 760m bill to settle equal pay claims.…
DetailsCroydon Council has declared bankruptcy for the third time in two years. Photo by Dan Kitwood/Getty Images. This article was originally published on 19 December. It has been republished following the news today (5 September 2023) that Birmingham council has issued a Section 114 notice, which effectively freezes spending. Today, Labour-led Birmingham Council declared bankruptcy,…
DetailsBirmingham city council, the largest local authority in the country, has in effect declared itself bankrupt after issuing a section 114 notice signalling it cannot balance its budget without help. In a statement published on Tuesday, the leader and deputy leader of the Labour-run council, John Cotton and Sharon Thompson, said the notice was a…
DetailsBy Xie Yu and Shuyan Wang HONG KONG/BEIJING (Reuters) -Country Garden made interest payments on U.S. dollar bonds hours ahead of a grace period deadline, a person close to the firm said, pulling from the brink of default for the second time in four days and bringing relief to a crisis-hit property sector. China’s largest…
DetailsHONG KONG/BEIJING, Sept 5 (Reuters) – Country Garden made interest payments on U.S. dollar bonds hours ahead of a grace period deadline, a person close to the firm said, pulling from the brink of default for the second time in four days and bringing relief to a crisis-hit property sector. China’s largest private property developer…
DetailsBegbies Traynor Group has acquired Jones Giles & Clay, one of the leading business recovery and insolvency practices in Wales. The deal announced on the London Stock Market this morning (5 September) sees Begbies Traynor welcome four experienced team members to its Cardiff-based team, including directors Sue Clay and Vaughan Jones, who were the principals…
DetailsEuropean consultancy Eight Advisory has strengthened its Restructuring & Turnaround practice in the Netherlands with seasoned expert Boudewijn Wellink. France-headquartered Eight Advisory provides services across the lines of business: mergers & acquisitions and financial transactions, business and economic transformation, and restructuring. The firms Amsterdam office which launched early 2021 focuses mainly on restructuring and financial engineering…
DetailsBetter Business Bureau warns of misleading debt relief companies | WFLA Skip to content Read the full article at: https://www.wfla.com/8-on-your-side/better-call-behnken/better-business-bureau-warns-of-misleading-debt-relief-companies/
DetailsThe Parks townhouses in Red Hill was one of the projects affected by PBS Building going into voluntary administration. Photo: Ian Bushnell. Collapsed building company PBS Building could be forced to liquate four of its five companies as part of recommendations from its administrators. Earlier this year, RSM Australia Partners were appointed voluntary administrators of…
DetailsAHMEDABAD: Rasna got a breather from the Gujarat high court on Monday after it stayed the interim resolution professional (IRP) from taking over the company’s management till the appellate tribunal hears its appeal against the insolvency proceedings ordered by the National Company Law Tribunal (NCLT).After the NCLT ordered initiation of the corporate insolvency resolution process…
Details