The Iowa Superintendent of Banking has closed a Sac City bank — the first bank closing in Iowa since 2011. Citizens Bank in Sac City opened in 1929. According to a news release issued Friday night by the Iowa Banking Division, the bank was declared insolvent after bank examiners “identified significant loan losses that previously…
More companies went bust in past year than during financial crisis More companies in England and Wales went bust in the last year than at the height of the financial crisis, the latest insolvency figures show. There were 25,551 insolvencies in the 12 months from August 2023 to July 2024, new data from the Insolvency…
Lehman Brothers filed for bankruptcy on September 15, 2008. Hundreds of employees, mostly dressed in business suits, left the bank’s offices one by one with boxes in their hands. It was a somber reminder that nothing is forever—even in the richness of the financial and investment world. At the time of its collapse, Lehman was…
The number of companies that became insolvent in July was 16% higher than during the same period last year, according to official data. In England and Wales, 2,191 businesses went bust, according to the Insolvency Service, compared with 1,890 in July 2023. The figures included 320 compulsory liquidations – when a company is forced to…
Despite a gradual increase in the claims under the Insolvency and Bankruptcy Code (IBC), operational creditors (OCs) continue to receive a minimal share of the proceeds of resolution as well as liquidation. As per the latest IBBI newsletter, OCs received merely 0.88% of the total amount claimed during the liquidation of a stressed asset. The…
Finland has experienced an unprecedented number of business bankruptcies in the 48th week of 2023, with 85 companies being declared insolvent. This figure is the highest weekly total since Finland’s Asiakastieto Oy began its weekly bankruptcy tracking in 2019. According to Jaakko Nors, a product owner at Asiakastieto who specializes in bankruptcy data, by…
A report by Economic Confidential, a subsidiary of PR Nigeria, has declared seven states, including Lagos, Ogun, Rivers, Kaduna, Kwara, Oyo and Edo as the most viable states in Nigeria for 2022. The Assistant Editor of Economic Confidential, Zekeri Idakwo, disclosed this at a press briefing and presentation of the 2022 Annual States Viability Index…
FTI Group, Europe’s third-largest travel provider, declared bankruptcy today following unsuccessful negotiations with the federal government, impacting 11,000 employees and tens of thousands of travelers currently on holiday or with future bookings. Employees were informed of the bankruptcy during a morning video conference, though booking systems had already failed, ostensibly due to technical issues. The…
The bankruptcy court in Kolkata has approved the Simplex Projects revival plan submitted by its promoter Sudarsshhan Das Mundhra. Before the National Company Law Tribunal (NCLT) nod, the company’s lenders approved the plan with 99.51% voting in favour of Mundhra’s resolution plan. The plan involves a proposal to pay Rs 235.28 crore against the total…
Byju Raveendran, Founder of the cash-strapped edtech firm BYJU’S, in an email, told employees that their July salaries would be paid once he regains control of the company amid growing concerns of insolvency. “Your salary for July 2024 has not been credited yet…The apex court has issued a temporary stay on the NCLAT’s decision, which…