Council goes bankrupt after finding £100,000,000 ‘black hole’ in budget – Metro.co.uk

Slough is facing a deficit of around 100million by next year (Picture: Getty Images/REX/Google Maps) After years of financial mismanagement and accounting errors, Slough Borough Council has effectively declared itself bankrupt and has begged the Government for help. Yesterday the local authority announced it had issued a section 114 notice, banning all non-urgent spending in…

Indonesia business warns risk of layoffs, bankruptcies from new COVID-19 curbs – Reuters

By Tabita Diela, Bernadette Christina 3 Min Read JAKARTA, July 1 (Reuters) – Indonesian business groups on Thursday urged authorities to ensure there is enough financial support for companies, warning that otherwise new restrictions to tackle a surge in COVID-19 cases could result in layoffs and bankruptcies. The emergency curbs, which come into effect between…

Liquidators’ Listings, Prices Spike on More Covid Bankruptcies – Bloomberg Law

Liquidators and auctioneers saw a booming business during the Covid-19 pandemic even as other companies faced financial distress. Many floundering businessesincluding Century 21 Department Stores and Christopher & Banks Inc. to Loves Furniture Inc.were forced to sell off their inventory, equipment and other assets, often in bankruptcy. The large volume of business owners assets that…

Buying Insolvent UK Companies Post COVID: Ten Top Tips For PE Investors – JD Supra

Many investors, including PE firms, are waiting with bated breath to see how the UK economy, currently dependent on COVID-19-related government support, will respond once that stimulus is withdrawn. An increase in UK company insolvencies is expected, creating opportunities for savvy investors to acquire businesses at bargain prices, while at the same time appearing to…