The level of corporate distress is rising as businesses face “persistent economic challenges” before a sharp increase in labour costs. The number of company insolvencies rose 11 per cent year-on-year to 1,971 across England and Wales last month, according to data from the Insolvency Service. It was the highest level registered in January for more…
With the Supreme Court setting aside AGI Greenpac’s resolution plan for Hindustan National Glass (HNG) last month, the other bidder, INSCO (Independent Sugar Corporation), a Madhvani Group company based in Africa has written to the Committee of Creditors of the bankrupt firm to fast track their bid in the Insolvency Resolution Process. In it’s letter…
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The matter of Salesio Kinyua Njagi and Nine Others v Invesco Assurance Company Limited [2021] (eKLR) dealt with the application of the law around the insolvency of insurance companies. Public interest is of great concern to the insurance industry, necessitating its consideration when filing liquidation proceedings against such companies. It is imperative to have clarity on…
The start-up suffered from a fire at its manufacturing site a few weeks ago. Liquidators have been appointed to the Galway-based battery systems manufacturing start-up Xerotech. The company, founded in 2015, employs 100 people. Luke Charleton and Alan Large of EY-Parthenon’s Turnaround and Restructuring Strategy team have been appointed as joint liquidators to preside over…
Haydale places “loss-making” US arm into corporate insolvency process Insider Media Read the original article here
Stats released today by The Insolvency Service unveiled a 6% increase in company insolvencies in the year ending January 2025 compared to the month before, and 11% more than in January 2024, as the dust beings to settle following a disruptive Autumn Budget for British business. According to Giuseppe Parla, Business Recovery Director at Menzies, December stats bucked…
A Chinese government linked property company with unpaid claims from Queenstown contractors has gone into liquidation, leaving the future of over 100 Fernhill residential units in doubt. Triple Connection Ltd was put into liquidation on February 13 after landscaping company Top Garden failed to get a response to a statutory demand linked to an unpaid…
Haydale places “loss-making” US arm into corporate insolvency process Insider Media Read the original article here
Feb. 17, 2025 A bankruptcy judge last week approved Joann Inc.’s plan to begin closing 500 of its 800 stores, including one in Brookings. The 500 stores were deemed as “underperforming” by the crafts and fabric retailer and its advisers, according to court filings. The goal of the Ohio-based company, which filed for Chapter 11…