NCLT has directed for the liquidation of debt-ridden Tulip Hotels, as the tribunal failed to receive any bidder during its insolvency resolution process within the prescribed timeline. On May 16, 2023, the NCLT had directed the initiation of a Corporate Insolvency Resolution Process (CIRP) against Tulip Hotels over a plea filed by Yes Bank, claiming…
Data breaches and ransomware attacks in the US are increasing companies’ risk of financial losses, in many cases dragging them into bankruptcy or putting them out of business altogether. Data breaches cost companies across the world on average about $4.9 million, and nearly double that amount in the US, according to a 2024 study by…
Data breaches and ransomware attacks in the US are increasing companies’ risk of financial losses, in many cases dragging them into bankruptcy or putting them out of business altogether. Data breaches cost companies across the world on average about $4.9 million, and nearly double that amount in the US, according to a 2024 study by…
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…