The Insolvency Service revealed that corporate and personal insolvencies rose by 2.9 per cent and 4.1 per cent respectively in February compared to January.

Kelly Jordan, North East chair of R3, the UK’s insolvency and restructuring trade body, said: “The monthly increase in corporate insolvencies is driven by a rise in compulsory liquidations, which are at their highest level in more than five years.”

She explained that compulsory liquidations are often initiated by HM Revenue and Customs or local authorities as a last resort.

The increase indicates a toughening stance towards debts owed by companies to the public sector.

Ms Jordan said: “A number of economic and political issues are continuing to drive…

Flau’jae Johnson is no stranger to pressure. As a standout junior guard for LSU’s women’s basketball team, she has learned how to manage the intensity of big games, the demands of academics, and the responsibility of being a high-profile athlete in the era of Name, Image, and Likeness (NIL) deals. Now, she’s adding another role to her résumé—helping relieve consumer debt for thousands of African American families in Louisiana. “I’ve been working with Experian for quite some time now,” Johnson said during an appearance on the Black Press of America’s Let It Be Known News. “We did a lot of things just for helping students learn about financial literacy. So, when this opportunity came about, I was ecstatic. I…

Television personality Ant Middleton has been banned as a director after his company failed to pay more than £1m in tax. 

The former SAS: Who Dares Wins chief instructor was the director of Sway and Starting Limited along with his wife, Emilie Middleton. The company, which was described as offering media representation services, was set up to manage income from his television and media work. 

But both the directors failed to ensure the company paid more than £300,000 in VAT and over £800,000 in corporation tax between 2019 and 2022. 

This was despite more than £4.5m being paid into the company’s accounts from 2020 to 2022. 

The pair had also taken out almost £3m from the company in the form of a director’s loan account by…

Electric two-wheeler maker Ola Electric on Tuesday said it has settled all outstanding dues between its wholly owned subsidiary and creditor Rosmerta Group.

In a stock exchange filing, the company noted that Rosmerta has filed to withdraw the insolvency petition it had filed against Ola Electric Technologies.

Rosmerta had filed the plea on March 15 before the Bengaluru bench of the National Company Law Tribunal (NCLT), alleging payment defaults. The claims included non-payment for services rendered and sought to initiate a corporate insolvency resolution process (CIRP) against Ola Electric Technologies.

“There are no further claims or disputes…

NEW YORK – Business bankruptcies are surging around the world, in some countries reaching volumes not seen since the aftermath of the 2008 financial crisis. It is likely just the start of a wave of corporate defaults.

A decade of cheap money instilled a false sense of invincibility in business executives and private equity managers who forgot that bust normally follows boom. Now, a combination of weakening demand, surging inflation, over-indebted balance sheets and much higher borrowing costs will prove too much for weaker borrowers.

United States bankruptcies in the first six months of 2023 were the highest since 2010 among the companies covered by S&P Global Market Intelligence. In England and Wales, corporate insolvencies are near a…

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Electric two-wheeler maker Ola Electric on Tuesday said it has settled all outstanding dues between its wholly owned subsidiary and creditor Rosmerta Group.

In a stock exchange filing, the company noted that Rosmerta has filed to withdraw the insolvency petition it had filed against Ola Electric Technologies.

Rosmerta had filed the plea on March 15 before the Bengaluru bench of the National Company Law Tribunal (NCLT), alleging payment defaults. The claims included non-payment for services rendered…

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Ola Electric shares is set to attract investor attention following a significant development with its creditor Rosmerta Group. The company has completely settled its outstanding dues, leading to the withdrawal of an insolvency petition.

In an early morning exchange filing, Ola Electric Technologies announced that it has “amicably settled all outstanding dues” with Rosmerta Group. As a result, Rosmerta has filed a memo to withdraw the insolvency petitions previously submitted to the National Company Law Tribunal (NCLT) in Bengaluru.

“Ola Electric has amicably settled all outstanding dues between its wholly owned subsidiary, Ola Electric Technologies Private Limited, and the Rosmerta Group. The matter now stands fully resolved,” the firm…