A builder who used company funds to pay for his high-performance car and stole almost £90,000 in plant machinery has been given a suspended sentence. Vasile Hrusca withdrew more than £67,000 from his own failing company in 2019 to pay off the remaining balance on a hire purchase agreement for an Audi RS6 which he…
Despite the drop year on year, the number of insolvencies was far higher than most of the last decade, and remains at levels last seen during the 2008 financial crisis. The figures also revealed that compulsory liquidations – where courts order firms to stop trading because they cannot pay their debts – jumped 14% to…
Fall in company collapses last year but experts warn of ongoing ‘headwinds’ MSN Read the original article here
Some 23,872 firms went out of business last year, the Insolvency Service said (Joe Giddens/PA) Company collapses in England and Wales fell last year, according to new official figures, but experts warned of more uncertainty for firms in the coming months. Some 23,872 companies went out of business in 2024, the Insolvency Service said, down…
Personal insolvencies jumped by 14% annually in 2024 across England and Wales MSN Read the original article here
The campaigning human rights lawyer Phil Shiner, who was struck off as a solicitor for pursuing fictitious Iraqi compensation claims against the Ministry of Defence, has been declared bankrupt. The Insolvency Service website states the 60-year-old, who ran the firm Public Interest Lawyers (PIL) in Birmingham, was made bankrupt on Tuesday. The declaration of insolvency…
The latest government statistics reveal a 5% reduction in registered company insolvencies across the UK, with a total of 23,872 cases in 2024 compared to the previous year. Data from The Insolvency Service also highlights a 6% month-on-month decline in company insolvencies for December and a 14% decrease compared to December 2023. However, experts caution…
This year was brutal for a number of well-known companies and their bottom lines. As inflation continued to rear its ugly head, consumers slashed their discretionary spending, tilting some companies to file for bankruptcy. Other brands fell victim to changing trends or even more malicious ailments, like cyberattacks. At least 19 companies have cut a…
In 2024, there were 23,872 company insolvencies, with a rise in company voluntary arrangements (CVAs) to 202, the highest figure since the first year of covid, as businesses looked for rescue options. The majority of collapses were down to compulsory liquidations at 18,840, although this figure was 8% down year on year. Company insolvencies might…
Jordan Allen fraudulently secured a £50,000 Covid Bounce Back Loan in 2020 – the most businesses were entitled to under the scheme – by overstating his turnover by more than £200,000 His plastering business should only have received around £5,000 if he had submitted an accurate application for the loan Allen, who was declared bankrupt…