Following the hearing, Jeffrey Kabel, Liberty Steel chief transformation officer, said the court’s decision was a “positive development”.

The company would use the time to “finalise options, including a sale of the business” while continuing its debt restructuring plans, Mr Kabel said.

“We remain committed to finding the right solution that preserves EAF [electric arc furnace] steelmaking in the UK, a vital national asset serving strategic supply chains,” he said.

“We recognise that change is essential to set the business on a positive trajectory and provide certainty for our creditors, employees and stakeholders.”

Mr Kabel said the company would use the time afforded by the adjournment to engage in “intensive discussions” to achieve an…

London-based technology start-up Builder.ai, backed by investors including Microsoft, has entered insolvency proceedings amid significant financial challenges. This decision follows a recent restatement of its revenue, and the acknowledgment of issues related to past leadership. The company, known for its claim that its AI solutions simplify app and website creation, broke the news to…

Rothbiz reported on a winding-up order being due this week regarding Liberty Speciality Steel, which has operations in Rotherham and Stocksbridge..

The hearing has been adjourned to July 16, with discussions ongoing to keep the business going – including a potential sale of the business.

Jeffrey Kabel, LIBERTY Steel Chief Transformation Officer said: “Today’s adjournment is a positive development, allowing us the necessary time to finalise options including a sale of the business while we continue to pursue our debt restructuring efforts.

“We remain committed to finding the right solution that preserves EAF…

This total comprised 47 creditors’ voluntary liquidations (CVLs), 51 compulsory liquidations, and three administrations. There were no company voluntary arrangements (CVAs) or receivership appointments.

Looking at the broader picture, the company insolvency rate in Scotland for the 12 months ending April 2025 stood at 51.2 per 10,000 active…

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Founded in 2014 by Leilani Chandler in Noosa, Exoticathletica is best known for its size-inclusive, vibrant and bright activewear and quickly became a popular choice for women across the country.

However, the brand filed for voluntary administration on April 9, turning to insolvency firm SV Partners Terry van der Velde and Matthew Hudson to search for potential buyers while they comb through the financial debris.

Commonwealth Bank – the secured creditor for the business – is owed $6.7m, while the brand owes unsecured creditors more than $6.2m.

This includes $211,000 to manufacturers Active Apparel Group, $311,000 to Andorra Australia, $447,000 to…

Flutter announced the issuance of $2.8 billion in senior secured notes, maturing in 2031, to finance its acquisition of Snaitech Italia. The gambling giant acquired the Italian sports betting company last month for €2.3 billion.

The notes will be available on The International Stock Exchange (TISE) across multiple currencies, including USD, EUR, and GBP. They will be restricted to qualified institutional investors, however. The company stated that they are not part of a public offering and will not be registered under US securities law. 

JPMorgan, Bank of America, and Goldman Sachs have all expressed interest in participating in Flutter’s bond issuance. In addition to the notes, Flutter launched a third incremental debt…

[LONDON] Builder.ai, the British artificial intelligence startup backed by Microsoft and the Qatar Investment Authority, is filing for bankruptcy after the chief executive officer said a major creditor had seized most of its cash.

Viola Credit, which provided US$50 million in debt to the software firm last year, has seized US$37 million from Builder.ai’s accounts, leaving the company with US$5 million, Builder.ai chief executive officer Manpreet Ratia said in an interview on Tuesday (May 20), without giving a clear reason for the seizure. Viola didn’t immediately respond to a request for comment left after business hours. 

The company, which operates in five jurisdictions – the UK, the US, India, the United Arab Emirates and…

Jodie Wildridge, deputy chair of the UK’s insolvency and restructuring trade body R3 in Yorkshire and a barrister at Exchange Chambers in Leeds, said:

“April’s corporate insolvency figures were the highest we have seen since July 2024. Creditors’ Voluntary Liquidations remain the process companies most commonly enter into – and their consistently high numbers reflect the ongoing challenges, high costs and political and economic uncertainty businesses face – and the toll these are taking on their finances and their confidence in their ability to turn their situation around….

Aakash Educational Services Ltd, the coaching institute acquired by Byju’s in 2021, has asked audit firm EY to disclose all documents and communication in relation to transactions involving the company. 

In a statement on Wednesday, Aakash said it would proceed with legal action if EY did not provide the requisite information, and alleged that the audit firm had breached professional conduct in the ongoing insolvency resolution process involving Think and Learn Pvt. Ltd, which owns the troubled edtech firm Byju’s.

Aakash’s legal team accused EY of acting in a dual capacity, saying the firm was advising both Byju’s and Aakash despite being aware of the “hostile and litigated nature” of the relationship between the two parties.