Sisters Karen Mortimer, 67, and Joanna Seawright, 54, became directors of 138 failing companies without verifying their financial positions, failing to investigate the location of more than £42m in assets, and leaving creditors £67m in debt. When the Insolvency Service launched an investigation, Mortimer and Seawright did not dispute their misconduct and agreed to be…
The number of construction companies in “critical” financial distress has soared in the past 12 months, according to an insolvency specialist. Begbies Traynor said that the number of construction sector firms in its worst financial category rose to 7,361 in the third quarter (Q3) of 2025, compared with 4,324 at the same point in 2024…
Aban Offshore Enters Corporate Insolvency Resolution Process, IRP Appointed scanx.trade Read the original article here
Latest figures from Begbies Traynor’s Red Flag Alert, which monitors the financial health of UK companies, show that the number of construction companies in ‘critical’ distress in the third quarter of 2025 reached 7,361. This is 70.2% higher than in the same period last year. The number of construction firms experiencing ‘significant’ distress – a…
Richa Industries Issues Letter of Intent for Company Sale Under Liquidation scanx.trade Read the original article here
Bridie Adams,West Midlandsand Sarah Julian,in Birmingham LDRS The academics and experts argue that mistakes in financial forecasts were among reasons Birmingham City Council declared itself effectively bankrupt in 2023, when it did not need to There should be a public inquiry into how Birmingham City Council declared itself effectively bankrupt in 2023 – a decision…
TGIF 31 October 2025 – COVID-19 safe harbour provisions: no shelter for the already insolvent Corrs Chambers Westgarth Read the original article here
However, the council said that when the section 114 notice was issued it faced an £87m budget shortfall and had not at that point secured government approval to cover equal pay liability through borrowing or asset sales. According to the council Carol Culley, executive director of finance, said that most chief finance officers would likely…
Digjam Limited Turns Profitable After Corporate Insolvency Resolution scanx.trade Read the original article here
Jeweller recently published a report tracing a web of connections between a group of companies intertwined by insolvency proceedings, revealing repeated links to specific individuals and an unusual focus on Australia’s jewellery industry. KEY POINTS • Connections & AssociationsDespite operating in diverse and disparate industries, many of the companies documented in this report share…