Statistics released by the Insolvency Service show that even before the financial effects of Covid-19 hit peoples incomes, Scarborough recorded the highest level of personal insolvencies of any local authority across England and Wales. There were 453 cases of bankruptcy in the borough in 2019 – a rate of 50.8 per 100,000. That number was…
Even if you are a multi-billionaire, you are at a risk going bankrupt and losing it all. Today, we are looking at billionaires who built a fortune but, a series of bad decisions and other factors landed them in a pool of debt that they failed to repay. 1. Pramod Mittal, brother of Lakshmi Mittal,…
U.S. corporate bankruptcies reached their worst levels in 10 years in 2020 as the coronavirus pandemic upended global industries and struggling companies faced their breaking points. A total of 630 companies declared bankruptcy in 2020, according to an analysis by S&P Global Market Intelligence. This surpassed the number of filings in every year since 2010.…
Member Article The latest annual personal insolvency statistics for 2019, recently released by the Insolvency Service, show that even before the financial effects of COVID-19 hit peoples incomes, Yorkshire and the Humber once again saw above-average rates, and Scarborough recorded the highest level of personal insolvencies of any local authority across England and Wales. Insolvency…
When Duan Jun, a father from the city of Dongguan in southern China’s Guangdong Province, paid full-year tuition for his child in advance, he never thought that the online education institution would go bankrupt. Xuebajun, a video-tutoring platform that follows a one-on-one format, was recently reported to be in dire financial situation and was on…
Published 5 January 2021 Fees for personal insolvency applications will continue to be waived until at least the end of 2023, Justice Minister Helen McEntee has announced. The waiver of all fees payable to the Insolvency Service of Ireland and to the courts was first introduced in 2014 and previously extended in 2017. It will…
NEW figures have revealed insolvency rates in the coastal town of Scarborough are the highest in the country. The shock statistics show rates in the North East, Yorkshire and the Humber and the North West are the worst in England and Wales. The insolvency trade body R3 says the statistics are a stark reminder of…
Whilst Australian businesses currently enjoy the financial comfort blankets provided by both the Governments COVID financial measures and an ATO approach to tax debts that is both forgiving and non-aggressive, it is inevitable that the financial tap will be turned off and the ATOs debt teams will Whilst Australian businesses currently enjoy the financial comfort…
For many, 2020 has been the year to forget. The Coronavirus pandemic (COVID-19) has halted global economi… For many, 2020 has been the year to forget. The Coronavirus pandemic (COVID-19) has halted global economies and initiated recessions across continents and countries, including Australia. In an attempt to alleviate the financial impact of COVID-19, the Australian…
What I am presenting here is a plea, or proposing a new year resolution for bankers, fund managers, and politicians to take a new approach to mortgage arrears in Ireland. Back in October 2012, I broke from standard Civil Service practice in calling publicly for solutions that involve a much more dramatic write-off of debt…