Business insolvencies shot up by 40 per cent year-on-year in May, as macroeconomic pressures mount up. 2,552 businesses collapsed in May, according to the Office for National Statistics (ONS) data, which was higher than levels seen while Covid support measures were in place, and also higher than pre-pandemic numbers. Read more: Acquisition top cause of…
DetailsThe conviction last year of former world number-one tennis player Boris Becker, for hiding millions of pounds of assets and loans in an attempt to evade tax liabilities, was a much-needed shot in the arm for the insolvency industry. Coming at a time when several high-profile prosecutions had ended in well-publicized failure for the UK…
DetailsFTSE 100 follows US and Asia higher, up 28 points Tesco sees signs of easing inflationary pressures Mortgage rates continue to rise, heading towards 6% 12.40pm: Intel to invest 4.2bn in Polish plant Computer chip manufacturer Intel Corp announced plans on Friday to build a large factory in Poland to assemble and test microprocessors. Intel Chief…
DetailsNorthern Ireland sees second biggest increase in liquidations after Scotland, led by Mid and East Antrim Only one business declared voluntary liquidation in the council area back in 2019 and none in 2020 when Covid-19 support measures were in place. But business insolvencies in Mid and East Antrim rose to 16 in 2021 and then…
DetailsLONDON, June 16 (Reuters) – Company insolvencies in England and Wales last month jumped 40% year on year to the highest level since monthly records began in January 2019, government data showed on Friday. About 2,552 companies were declared insolvent in May – overwhelmingly through creditors’ voluntary liquidations, in which a company’s directors agree to…
DetailsEnsos CEO believes this move is essential for the companys long-term survivability. Credit: I99pema/commons.wikimedia.org. Finnish company Stora Enso is planning to implement company-wide restructuring actions to improve its profitability and competitiveness in the long term. The company intends to swap its focus on capital allocation in the strategic growth markets with an increased focus on…
DetailsDisgraced AFL great Barry Cable has been ordered by a court to pay more than $800,000 after he sexually abused an underage girl in Western Australia. The former North Melbourne star appeared before Perth District Court on Friday on civil allegations he assaulted a teenager during the 1960-70s. The woman, now aged in her 60s,…
DetailsChris Ferguson The number of insolvency-related activities in the North East fell in May, new research has found. However, the figures are still higher than pre-pandemic levels as economic challenges continue. The UK’s insolvency and restructuring trade body R3 analysed new data provided by CreditSafe, which unveiled that there were 76 insolvency related activities during…
DetailsThe conviction last year of former world number-one tennis player Boris Becker, for hiding millions of pounds of assets and loans in an attempt to evade tax liabilities, was a much-needed shot in the arm for the insolvency industry. Coming at a time when several high-profile prosecutions had ended in well-publicized failure for the UK…
DetailsNEW DELHI: The NCLT has approved the resolution plan by Ace Infracity Developers for the debt-ridden 3C Homes. The NCLT bench observed the resolution plan submitted by Ace Infracity Developers has been approved by the Committee of Creditors (CoC) with 100 per cent votes and it can not “interfere with the “commercial wisdom” of the…
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