Stay informed with the latest in insolvency news and industry updates. We can keep you up to date with insolvency and finance information from around the world.
A winding up petition was lodged against Speciality Steel UK Limited over unpaid debt
A South Yorkshire steel company has avoided insolvency for the moment after a potential buyer was found, the High Court has heard.
Speciality Steel UK (SSUK), part of the Liberty Steel Group founded by Sanjeev Gupta, employs 1,450 people and has plants in Rotherham and Sheffield.
Lawyers representing SSUK said at a hearing on Wednesday that “urgent meetings” had been taking place with a “third party purchaser”.
Insolvency and Companies Court judge Sebastian Prentis adjourned a winding up petition for eight weeks until 16 July to allow time for the sale of the company to go through.
PA Media
Sanjeev Gupta founded the Liberty Group, of which…
Increasing costs and uncertainty are continuing to drive corporate insolvencies, the Wales Chair of insolvency and restructuring trade body R3 has said.
Corporate insolvencies in England and Wales increased by 2.9% in April 2025 to a total of 2,053 compared to March 2025’s total of 1,996, and decreased by 5.1% compared to April 2024’s total of 2,163. Corporate insolvencies increased by 13.2% from April 2023’s total of 1,813.
Personal insolvencies in England and Wales increased by 7.9% in April 2025 to a total of 10,012 compared to March 2025’s total of 9,282, and increased by 4.4% compared to April 2024’s total of 9,586.
Personal insolvencies increased by 8.2% compared to April 2023’s total of 9,252.
A travel agency group is calling for EU law to be changed after a Belgian airline was liquidated last month, leaving “thousands unlikely to receive refunds”, and putting the financial burden on travel intermediaries.
Air Belgium, a cargo airline that used to run passenger flights, has been taken over by a shipping company after the company fell into financial hardship and was liquidated.
The airline announced on 30 April that a business court has approved CMA CGM group, which has deals in sea, land and air logistics, to take over the airline’s cargo operations.
As a result, the airline was placed into liquidation by the same court that approved the takeover.
CMA CGM will continue to focus Air Belgium’s activities on air freight,…
As we’ve seen across various other social media websites in the past, users need to be aware of ongoing scam trends, and the latest on Facebook and Instagram is targeting people looking for debt relief.
A Glastonbury glamping company has “ceased trading” in an email to customers. Yurtel, a luxury glamping accommodation and hospitality, has informed customers it has “ceased normal trading operations” as of May 8 this year.
In the email to customers, Yurtel Limited said: “Yurtel provided luxury glamping accommodation and hospitality facilities to festival goers.
“It ceased normal trading operations on 8 May 2025 due to insolvency and will commence formal liquidation shortly. It cannot fulfil its future obligations to customers.”
This Chicagoan is losing hope for student debt relief under Trump
Chicagoans with student debt are feeling whiplash and extreme confusion under President Donald Trump, who has called previous efforts to ease the burden of student debt “illegal” — and is closing pathways to affordable repayment and cancellation. WBEZ’s Lisa Kurian Philip has the story of a longtime resident of Little Village who is…
A travel agency group is calling for EU law to be changed after a Belgian airline was liquidated last month, leaving “thousands unlikely to receive refunds”, and putting the financial burden on travel intermediaries.
Air Belgium, a cargo airline that used to run passenger flights, has been taken over by a shipping company after the company fell into financial hardship and was liquidated.
The airline announced on 30 April that a business court has approved CMA CGM group, which has deals in sea, land and air logistics, to take over the airline’s cargo operations.
Crowe Ireland has noted a significant number of distressed companies seeking advice as to whether the Small Company Administrative Rescue Process (Scarp) could be used to reduce their liabilities and resize their balance sheet, so the restructured operation can become a going concern again.
“We adopt an approach where we will quickly establish from consultation with Revenue whether it will participate in the Scarp, which writes down a significant portion of the Revenue liabilities, or whether Revenue wishes to opt out,” Declan Hanly, director of corporate restructuring at the firm, explains.
“We find that if Revenue indicates that it will not be part of the process, company directors and shareholders quickly decide that…
