Lex Greensill faces 15-year ban on running companies as UK Insolvency Service launches court action against the Greensill Capital founder

London | Britain’s insolvency service has launched a court action to ban fallen Australian financier Lex Greensill from running or controlling any company for 15 years – the toughest possible penalty. The UK Insolvency Service has been investigating the spectacular collapse three years ago of Mr Greensill’s eponymous supply-chain finance company, after insurers pulled the…

WeWork files for bankruptcy

Office-sharing company WeWork filed for Chapter 11 bankruptcy protection in New Jersey federal court Monday, saying that it had entered into agreements with the vast majority of its secured note holders and that it intended to trim “non-operational” leases. The bankruptcy filing is limited to WeWork’s locations in the U.S. and Canada, the company said…

SMEs struggling to remain afloat amid rising insolvencies

The post-pandemic market has been challenging for small and medium-sized enterprises (SMEs) across Australia. While we like to think we are over the pandemic, the truth remains that the lingering effect of COVID-19 is continuing to unsettle the economic landscape, with an alarming rise in reported insolvencies. While the most common reason for business failure…

A third major Burger King franchisee declares bankruptcy

Premier Kings is the third Burger King franchisee to declare bankruptcy this year. | Photo: Shutterstock. Premier Kings, a 172-unit Burger King franchisee whose owner died in 2022, declared bankruptcy protection, saying that operating losses even after the company closed restaurants forced the issue. It’s the third time this year that a major Burger King…