Nottingham City Council has become the latest local authority to effectively declare bankruptcy as it is unable to fulfil its legal obligation to balance its budget. The state of the council’s spreadsheets has been blamed partly on mistakes of its own making – namely the collapse of an energy firm it launched back in 2020,…
US electric vehicle (EV) manufacturer Fisker has filed for Chapter 11 bankruptcy, less than two years after it launched its Ocean SUV as a rival to the best-selling Tesla Model Y. “Fisker has made incredible progress since our founding, bringing the Ocean SUV to market twice as fast as expected in the auto industry and…
CreditorWatch has revealed that business insolvencies reached a record high of 1,378 last month, a 38 per cent increase in the rate of insolvencies over the 12 months to May 2024. The credit reporting agency found that the total number of insolvencies has increased 34 per cent year on year and is currently 41 per…
Nottingham city council has issued a section 114 notice, in effect declaring itself bankrupt, as experts warn an increasing number of councils are “reaching breaking point”. In an announcement on Wednesday, the local authority said it had a significant gap in its budget and the council’s chief financial officer had decided it was not able…
Redbox’s parent has reportedly filed for bankruptcy protection after defaulting on loans and missing payroll. Chicken Soup for the Soul Entertainment, which acquired the DVD rental kiosk company in 2022, told employees of its bankruptcy plans late Friday, The Verge reported Saturday (June 29), citing an internal email. The company says it has filed for…
Aussie online retailer Booktopia insists it was at all times trading in line with insolvency laws, as administrators continue to pore over its books. Administrators said the company could be as much as $60m in debt on Monday, the first day creditors have met since the bookseller collapsed less than two weeks ago. The ABC…
Signa, Austria’s real-estate giant, announced on Wednesday that it plans to file for insolvency, following its German subsidiary, which also took the step recently. The holding company will apply for the opening of reorganization proceedings with self-administration at the Vienna Commercial Court on Thursday, it said. “Despite considerable efforts in recent weeks, the necessary liquidity for an…
The court in Maastricht has declared the commercial general practitioner chain Co-Med bankrupt. The bankruptcy specifically affects Co-Med’s Zorg BV, from which it manages its family doctor practices. The holding company has not been declared bankrupt, NOS reports. On Sunday, the chain announced it was going to file for bankruptcy this week. Last week, the…
In short: More retailers are going out of business as consumers shut their wallets in response to elevated interest rates and the higher cost of living. Data from ASIC shows insolvencies in the retail sector have more than doubled in the past two years. What’s next? The National Retail Association is pushing for support for small and medium-sized…
People and companies go bankrupt every so often—but in the U.K., cities are going bankrupt, too. Nottingham, home to 323,700 residents, well-known universities and fictional character Robin Hood, effectively declared itself bankrupt on Wednesday as its council is set to to overspend by £23 million ($29 million) in the 2023-24 financial year. This means a…