Insolvency Guardian Media Centre
Political issues at both national and global level have impacted heavily on local businesses as the prospect of higher employment costs and the threat of trade tariffs across England and Wales pushed up corporate insolvencies by almost a tenth in March.
This is according to the Midlands branch of the UK’s insolvency and restructuring trade body R3 and comes on the back of latest figures from the Insolvency Service which show that corporate insolvencies increased by 9.1% last month [March] to a total of 1,992 compared to March 2024’s figure of 1,826.
R3 Midlands chair Stephen Rome, a partner at local law firm Penningtons Manches Cooper, said: “Longstanding challenging trading conditions and the increased willingness of public and…
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Patchwork Foods in Ruthin was founded in 1982 by Margaret Carter in her kitchen, and went on to become famous for pates and other specialities.
An award-winning business for much of its four decades of trading, Margaret, son Rufus and business partner Jen Whitham helped it achieve a £2 million annual turnover.
The trio left the business as directors in May 2024, with Newtown businessman Scott Davies, of Davies Enterprise Holdings Limited, taking a controlling share.
Mr Davies, who also runs Hilltop Honey in Newtown, said the decision to close the company was made as he could no longer personally fund the company.
He added that the company showed “no future of getting to break even or generating a positive…
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Facebook App: Open links in External Browser
There is a specific issue with the Facebook in-app browser intermittently making requests to websites without cookies that had previously been set. This appears to be a defect in the browser which should be addressed soon. The simplest approach to avoid this problem is to continue to use the Facebook app but not use the in-app browser.
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The company’s resolution professional, Bhuvan Madan, has received expressions of interest from companies including Adani Enterprises, Dalmia Cement (Bharat) Ltd, Vedanta Ltd and Rashmi Metaliks Ltd. Apart…
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Several strategic buyers as well as investors are actively scouting for cement manufacturing companies which are currently undergoing the corporate insolvency resolution process under the Insolvency & Bankruptcy Code.
One of the most sought-after assets in the sector is the cement business of debt-laden Jaiprakash Associates Ltd (JAL). The company has four plants in North and Central India and has a capacity of about 6 million tonnes per annum. Its plants are at Rewa in Madhya Pradesh and Chunar, Churk and Sadwa in Uttar Pradesh.
The company’s resolution professional, Bhuvan Madan, has received expressions of interest from companies including Adani…
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AMSC CFO Morten Bakke steps down ahead of liquidation TradeWinds
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New research from Victoria University’s Mitchell Institute reveals around 16,000 Australians in every electorate has a HECS-HELP debt – with so many impacted by Labor’s commitment to cutting an average of $5,000 of debt, could this policy encourage swings in marginal seats?
The findings are part of the Mitchell Institute’s election brief series that summarises the biggest issues in the education sector in the lead up to the 2025 election.
The Tertiary Education: Election 2025 Brief shows how cost-of-living, housing and migration issues are set to dominate the tertiary education landscape in the upcoming election.
The Coalition has said it will oppose the ‘unfair’ student debt cut and instead take an ‘Australian…
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Liam James Hennessey, 28, has been disqualified from being a director of a company for the next 11 years.
Mr Hennessey, of Manchester Road, Haslingden, applied for Nero Plant Limited to receive a £50,000 Bounce Back Loan during the Covid-19 pandemic.
Under the BBL scheme, businesses could apply for a loan of between £2,000 and £50,000 subject to a maximum of 25 per cent of its turnover.
Nero Plant Limited, which is based in Brunswick Street, Oldham, received these funds on May 28, 2020.
Two days earlier Mr Hennessey applied for a BBL, declaring that the turnover figure for 2019 was £240,000.
Bank statements from the company’s one known account showed receipts for the entirety of 2019 totalling £4,656.
…
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The European Commission’s latest proposals to take forward the Capital Markets Union (CMU) action plan contain a long-awaited deliverable from the plan — an attempt to harmonise insolvency practices across the Union — as well as continuing efforts to make it easier to raise capital on EU public markets. Other proposals were not in the original action plan but address issues in the clearing sector that have arisen as a result of recent market volatility and the continued dominance of UK clearing houses in EU clearing.
EMIR 3.0
The proposals contain a few different strands amending EMIR and other regulations to address the current issues in EU clearing.
Continued dominance of UK central counterparties (CCPs) in EU…
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The Supreme Court on Tuesday (April 29) upheld the delivery of a demand notice under Section 8 of the Insolvency and Bankruptcy Code, 2016 (“IBC”) to the corporate debtor’s Key Managerial Personnel (KMP), stating that the delivery of the notice to the KMP substantially complies with the requirement of Section 8 of IBC.
Setting aside the National Company Law Appellate Tribunal (NCLAT) ruling, the bench of Justices JB Pardiwala and R Mahadevan allowed the Operational Creditor’s appeal, stating that delivery of the demand notice to the corporate debtor’s KMP constitutes deemed service of the notice.
The judgment authored by Justice Mahadevan observed that, since the Respondent-Corporate Debtor failed to demonstrate any prejudice…
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Veteran jockey Frankie Dettori says he feels “embarrassed” after he filed for bankruptcy having been unable to reach agreement with His Majesty’s Revenue and Customs over a long-running case of tax avoidance.
The 54-year-old Italian, a mainstay of the British and European flat-racing scene for 37 years, has ridden more than 3,300 winners during his career.
Dettori’s financial situation became public knowledge in December last year when his plea for anonymity lodged in November was rejected by a High Court judge.
The case was brought against Dettori after he had employed professional specialist tax advisers to oversee his and his family’s financial affairs.
Dettori, who was awarded an MBE in 2001, terminated relations with those advisers…