A volatile cocktail of decade-high insolvency rates and booming investor appetite has driven short-seller Bronte Capital to begin betting against corporate debt, hoping to cash in if the companies behind the loans go bust. Bronte founder John Hempton has told his investors that the so-called junk rally – which this year drove global equities to…
The announcement makes Nottingham the second city to declare financial failure this year. 2 min read Last Updated : Nov 29 2023 | 10:23 PM IST Nottingham, a city in central England’s Midlands region, on Wednesday declared itself effectively bankrupt after its council failed to deliver a balanced budget for the year. Nottingham…
Signing up for free membership You can use the following content free of charge. Click to view Market & Tech Reports Global automobile production and sales statistics Market share and supply information for 300 automotive parts Model Launch Schedules Latest News from the Automotive Industry Read the original article here
Families at hundreds of schools across the country could be left out of pocket for annual student portraits and yearbooks after a national photography business went bust. Academy Photography Australia entered liquidation on May 10, with Anthony Phillips of Heard Phillips Lieberenz appointed as liquidator, according to ASIC. This week, Phillips sent a letter to…
Nottingham City Council has become the latest local authority to effectively declare bankruptcy as it is unable to fulfil its legal obligation to balance its budget. The state of the council’s spreadsheets has been blamed partly on mistakes of its own making – namely the collapse of an energy firm it launched back in 2020,…
US electric vehicle (EV) manufacturer Fisker has filed for Chapter 11 bankruptcy, less than two years after it launched its Ocean SUV as a rival to the best-selling Tesla Model Y. “Fisker has made incredible progress since our founding, bringing the Ocean SUV to market twice as fast as expected in the auto industry and…
CreditorWatch has revealed that business insolvencies reached a record high of 1,378 last month, a 38 per cent increase in the rate of insolvencies over the 12 months to May 2024. The credit reporting agency found that the total number of insolvencies has increased 34 per cent year on year and is currently 41 per…
Nottingham city council has issued a section 114 notice, in effect declaring itself bankrupt, as experts warn an increasing number of councils are “reaching breaking point”. In an announcement on Wednesday, the local authority said it had a significant gap in its budget and the council’s chief financial officer had decided it was not able…
Redbox’s parent has reportedly filed for bankruptcy protection after defaulting on loans and missing payroll. Chicken Soup for the Soul Entertainment, which acquired the DVD rental kiosk company in 2022, told employees of its bankruptcy plans late Friday, The Verge reported Saturday (June 29), citing an internal email. The company says it has filed for…
Aussie online retailer Booktopia insists it was at all times trading in line with insolvency laws, as administrators continue to pore over its books. Administrators said the company could be as much as $60m in debt on Monday, the first day creditors have met since the bookseller collapsed less than two weeks ago. The ABC…