Supercar hire firm shut down: customers left out of pocket while money spent from company account at Harrods and Gucci

Bankruptcy

Classic Parade Ltd took upfront payments from customers for hiring supercars before cancelling bookings at short notice and not paying refunds Customers included people booking vehicles for significant personal occasions, while more than £1.4 million passed through company bank accounts without explanation The director failed to engage with investigators, meet any Companies House filing obligations,…

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Bankruptcy

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Torsion Construction files for administration

Bankruptcy

Leeds-based Torsion Construction has filed a notice of intention to appoint administrators after suffering liquidity pressures and project-related commercial problems. The filing, issued on 20 July, gives the contractor temporary legal protection from creditor action while its directors consider funding and restructuring options. Torsion Group said difficult construction market conditions, delayed capital events, regulatory changes…

MCA Introduces iPIE: A Revolutionary Unified Digital Platform for Insolvency, ETCFO

Bankruptcy

The Ministry of Corporate Affairs (MCA) has invited comments from stakeholders on a proposed Integrated Platform for Insolvency Ecosystem (iPIE), a unified digital platform aimed at bringing together the multiple institutions, stakeholders and technology systems operating under the Insolvency and Bankruptcy Code (IBC). The ministry on Monday sought suggestions from insolvency professionals, creditors, industry bodies,…

Scottish company insolvencies remain stable in June

Bankruptcy

The number of Scottish companies falling into insolvency remained broadly unchanged year-on-year in June, according to the latest official figures from Companies House. A total of 104 company insolvencies were registered in Scotland during the month, a similar level to June 2025. The total comprised 61 creditors’ voluntary liquidations (CVLs), 41 compulsory liquidations and two…