London CNN — Britain’s second-biggest city effectively declared itself bankrupt on Tuesday, shutting down all nonessential spending after being issued with equal pay claims totaling up to £760 million ($954 million). Birmingham City Council, which provides services for more than one million people, filed a Section 114 notice on Tuesday, halting all spending except on…
Despite his “foolproof” sports-betting scheme haemorrhaging money, Michael Pryde recklessly invited his friends and family to gamble their money. In the end, he lost over $1 million of their money in the failed scheme as he tried to beat the odds and recoup his losses. Pryde ran the Simply The Bets scheme with a promise…
What’s behind this acceleration? The recession in corporate revenues is gaining traction amid lower pricing power and weaker global demand: As of Q2 2023, the revenue recession has been broad-based across all regions for the first time since mid-2020 (-1.9% y/y). This combined with continued high costs is squeezing profitability. As a result, liquidity positions…
The Government said AI firm Cervest could ‘transform lives’ — It was weeks from collapse Evening Standard Read the original article here
Katie Price has been declared bankrupt for a second time.The former glamour model – who was previously declared bankrupt in 2019 – owes more than £750,000 to HM Revenue and Customs (HMRC) and failed to respond to the organisation over the debt, a court was told on Monday (19.03.24).Insolvency and Companies Court Judge Sebastian Prentis…
A builder and kitchen renovations company servicing Melbourne’s leafy inner-eastern suburbs have added to the growing list of construction insolvencies hitting boutique companies servicing wealthy clients. Builder Warwick Constructions went into administration in late October, followed four days later by fellow Hawthorn East-based renovations business Ultimate Kitchens & Bathrooms, when director Jeff Richards appointed a…
The city of Birmingham has issued what is known as a section 114 notice. This signals that the council is unable to balance its budget, due to lack of financial resources. That the largest local authority in Europe and the second largest city in the UK should effectively declare itself bankrupt should come as no…
Katie Price has been declared bankrupt for a second time over an unpaid tax bill of £761,994.05. The former glamour model had not responded to HM Revenue & Customs (HMRC) over the debt, a court was told on Monday. The demand for payment was made by HMRC last October. Price – who was first declared…
Arbitration and Insolvency: Australian court determines when arbitration costs orders can be recoverable against a company in administration Herbert Smith Freehills Read the original article here
England’ second largest city Birmingham‘s city council on 5 September, declared itself bankrupt, putting a pause on all spending except essential ones. The Birmingham city council issued a 114 notice last Tuesday, thereby joining a string of local authorities, which include Woking, Croydon, and Thurrock, that have announced it did not have the resources to…