Category Archives: Bankruptcy

International Restructuring Newswire | Q3 2024 | Trading in the zone of insolvency: English High Court orders directors to pay highest ever penalty | Global law firm

Overview The English High Court has ordered1 two directors (the Directors) of four companies in the British Home Stores group (BHS) to make payments exceeding £18 million in connection with BHS’ trading prior to commencing insolvency proceedings.  Each director has been ordered to pay £6.5 million for continuing to trade past the point at which the…

Construction industry continues to see rise in insolvencies

Latest data from the insolvency showed that the construction industry experienced the highest number of insolvencies in the 12 months to December 2024 at 4,032, making up 17% of all industry cases. Kelly Boorman, National Head of Construction at RSM UK, said “The latest rise in construction insolvencies shows the extent of the debt burden…

Elon Musk Warns ‘America Will Go Bankrupt’

Tesla CEO Elon Musk recently criticised the current state of US spending, remarking that an average citizen in the country ‘should be mad as hell’ over the expenditure of the tax money. In an interview with Fox News on Tuesday, Musk pointed out that when former President Donald Trump took office, he inherited a $2…

Boss of Sussex company banned from being director for 4 years after firm made more than 900,000 'nuisance cold calls' – SussexWorld

Boss of Sussex company banned from being director for 4 years after firm made more than 900,000 ‘nuisance cold calls’  SussexWorld Read the original article here

Surging construction insolvencies bankrupt housing targets

In the 2023-24 financial year, a record 3,000 construction firms in Australia were declared bankrupt (insolvent). New data from ASIC suggests that construction insolvencies have worsened in 2024-25. In the first seven months of this financial year, 1,999 construction firms were declared insolvent. This was 26% higher than the same period in 2023-24 (1,583) and…

Boss of Sussex company banned from being director for 4 years after firm made more than 900,000 'nuisance cold calls' – Eastbourne Herald

Boss of Sussex company banned from being director for 4 years after firm made more than 900,000 ‘nuisance cold calls’  Eastbourne Herald Read the original article here

Monthly Insolvency Statistics: January 2025

After seasonal adjustment, 1,971 companies became insolvent in January 2025, up 6% from December 2024 and 11% from January 2024. After three years, the average absolute change between consecutive months has been 12%. After declining in the early 2000s, company insolvencies soared during the 2008-09 crisis. Government support measures during the COVID-19 epidemic in 2020…