Birmingham city council declared itself effectively bankrupt in September last year, but only now are the facts about what really happened beginning to emerge. A series of monumental problems and errors, including the botched implementation of a new IT system, a likely overstated equal pay liability, and a disastrous financial package imposed on the council…
Company insolvency levels are higher than during the pandemic, according to the latest figures. The number of firms in England and Wales going out of business last month was up 16% year-on-year, as reported by Sky. There were 2,191 company insolvencies in July, according to the Insolvency Service, with the retail and hospitality sectors hit…
There was a significant increase in the number of firms that became insolvent in July when compare with the corresponding month last year, the latest figures show. According to the Insolvency Service, 2,191 businesses went bust in England and Wales last month, up 16% on the 1,890 recorded in July 2023. The figures included 320…
Latest figures from the Insolvency Service have shown that there were 2,191 business insolvencies in England & Wales in July 2024, 7.3% lower than in June 2024 (2,363) but 15.9% higher than the same month in the previous year (1,890 in July 2023). The insolvencies consisted of 320 compulsory liquidations, the highest monthly number since…
Insolvencies across the board have peaked at 1,711 in May 2024, up by 59.9 per cent from last year. This is according to new data from the Australian Securities and Investments Commission (ASIC), which show that insolvency rates have been steadily increasing post-COVID. First-time insolvencies also hit a new peak in May, up 383 from…
Atlasglobal, a prominent Turkish airline, declared bankruptcy in June 2021, officially confirmed by the Supreme Court. While this development marks the end of a significant chapter in Türkiye’s aviation industry, the process has been marked by numerous legal developments and appeals. Legal proceedings Initial bankruptcy declaration (June 2021): On June 17, 2021, the Bakirkoy 3rd…
Once valued at $1.2 billion, the “digital nomads” lifestyle brand will be delisted from the Nasdaq. LONDON – The Board of Directors of Selina Hospitality filed a statement with the Securities Exchange Commission on Monday stating the company no longer has any reasonable prospects of avoiding an insolvency. The company that has lost almost all…
Company insolvencies up 16% on July last year as cost hikes continue to bite The number of companies that became insolvent in July was 16% higher than during the same period last year, according to official data. In England and Wales, 2,191 businesses went bust, according to the Insolvency Service, compared with 1,890 in July…
In response to growing concerns about the company’s insolvency, Byju Raveendran, the Founder of the cash-strapped edtech company BYJU’S, informed employees in an email that their July salaries would be paid once he regains control of the business. In recent months, the struggling business has repeatedly delayed paying employees their wages. The business claims to…
Indian ed-tech giant Byju’s faces total shutdown if insolvency proceeds, CEO says Reuters Read the original article here