Why do councils go bust and what happens when they do?

LDRS GMB union members have protested in Birmingham about the evaluation of their roles Nottingham, Birmingham and Woking councils all went bust in 2023. They followed and Thurrock and Croydon (for the third time) in 2022 – with half of councils warning of effective bankruptcy within five years without reform. Councils technically can’t go bankrupt…

Property developers must go bankrupt if needed

Chinese regulators are pushing banks to speed up approvals of new loans to cash-starved private property developers, people with knowledge of the matter said, a bid to revive homebuyer sentiment that risks denting lenders’ asset quality. Bloomberg | Bloomberg | Getty Images BEIJING — China’s struggling real estate developers won’t be getting a major bailout,…