BBC Birmingham City Council signed off budget saving plans in March including a 21% rise in council tax over two years A beleaguered council lacks the capability to resolve its problems without outside help, according to the commissioners in charge of overseeing its recovery. Birmingham City Council effectively declared itself bankrupt in September last year…
Pleas for assistance with business insolvency matters have jumped 50%, the Australian Small Business and Family Enterprise Ombudsman (ASBFEO) says, showing the extent and severity of the cash flow crunch. The ombudsman received 6,254 requests for help over the 2023-2024 financial year, a 10% increase from the year prior, according to a summary of its…
A seaside attraction which owes £51 million to the council appears to be facing imminent closure as it files for insolvency. Brighton i360 Ltd, the company behind the iconic observation tower, has notified administrators, citing mounting operational costs, uncooperative weather during peak tourism seasons, and the pervasive cost-of-living crisis as the main culprits behind this…
The number of business insolvencies boomed in late 2023 and is poised to accelerate in 2024, official data shows, but industry professionals say the growing use of the small business restructuring scheme is a silver lining. Data released by the Australian Securities and Investments Commission (ASIC) on Tuesday shows 727 companies entered external administration or…
The Body Shop operates about 100 stores in Australia and is said to be the most profitable international arm of the stricken business. However since the UK parent entered bankruptcy last month, the Australian subsidiary – and others around the world – have become creditors and their access to funds has been cut off. The…
Chennai: A total of 40,943 cases have been filed with National Company Law Tribunal (NCLT) under the Insolvency and Bankruptcy Code, till 30 September, 2024. Of this, 1068 cases under Corporate Insolvency Resolution Process were resolved and have realised Rs 3.55 lakh crore. Of the total 40,943 cases filed with NCLT, 2336 cases were filed…
New York/London CNN — Tupperware, known the world over for its plastic food storage containers, has filed for bankruptcy after years of falling popularity and financial troubles. “Over the last several years, the company’s financial position has been severely impacted by the challenging macroeconomic environment,” Laurie Ann Goldman, president and CEO of Tupperware Brands Corporation,…
South Korean crypto platform Delio declared bankrupt, owing $1.75 billion MSN Read the original article here
Mapstone will contribute to the company’s operations in Dundee, Aberdeen and more. Credit: © Begbies Traynor Group plc. Professional services company Begbies Traynor has expanded its team with the appointment of Kevin Mapstone as a director at its Edinburgh office. With more than 25 years of experience in financial services, Mapstone specialises in insolvency and…
The Pierer Mobility Group has announced that KTM is entering into voluntary restructuring in order to avoid bankruptcy amid ongoing financial woes in the company. KTM’s financial problems have led to a number of drastic measures in recent months, with its board of directors slashed from six to two while several rounds of staff layoffs…