Insolvency Guardian Media Centre
But employees in the UK do have rights and routes to recover the money they are owed.
If a company becomes insolvent, an appointed insolvency practitioner takes control.
They are responsible for managing the company’s remaining money and assets, and for paying creditors where possible.
Employees are classed as “preferential creditors,” meaning they are near the top of the list for repayment.
Anyone who has lost their job without being paid should first contact the insolvency practitioner to register as a creditor.
You can usually find their details in the formal notice of insolvency or on the government’s Insolvency Register.
The Redundancy Payments Service (RPS), run by the Insolvency…
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- Insolvency Service investigations into Basic Prime Limited discovered concerns that the company was involved in fraud
- The company, which claimed to be based in Croydon, had no genuine business presence, contact details not in operation, and a director who failed to provide information and documents that were requested
- Basic Prime Limited has been wound up in the public interest at the High Court
A company claiming to provide financial services which received around £175,000 from a client but failed to deliver promised services has been shut down.
Basic Prime Limited claimed to provide trade finance guarantees and credit enhancement services but was suspected by Insolvency Service investigators of operating an advance fee…
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Millions of UK consumers could save an average of £1,257 each year by consolidating unoptimised debt, according to new Experian research. As the UK braces for the Autumn Budget this week and with Christmas spending adding seasonal pressure to household budgets, new research reveals that wider adoption of debt consolidation technology could unlock £15.1 billion in household spending and generate £2.1 billion in extra savings annually through reduced interest costs.
Currently, 83% of UK borrowers (34 million people) carry revolving credit that isn’t optimised – meaning they’re paying more interest than necessary. Having multiple lines to manage and budget for increases stress, probability of missing…
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Managing too many EMIs? Here’s how debt consolidation schemes can simplify your repayment Moneycontrol
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Fidelity Japan Trust shareholders approve liquidation plan By Investing.com Investing.com India
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Value City Furniture will close its 9110 W. Broad St. store in Tuckernuck Plaza, western Henrico, in early January as part of American Signature’s Chapter 11 bankruptcy restructuring. The closure leaves the retailer with only one regional location at 1250 Huguenot Road in Midlothian, which remains unaffected.
© Value City Furniture | Facebook
The Henrico store is among roughly 30 Value City and American Signature outlets across multiple states slated for closure. Liquidation sales are already underway at the affected locations. Value City has operated in the nearly 63,000-square-foot Broad Street space for years, which…
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A furniture retailer in Lustenau, Vorarlberg, has declared bankruptcy, leaving creditors with a payout of just 0.9 percent on nearly €1.9 million in recognised claims. The company, employing around ten staff, counted approximately 50 creditors, including the Austrian tax office and Health Insurance Fund (ÖGK), which are owed around €600,000 collectively.
© Ginasanders | Dreamstime
The company in question is Sema Möbelhandel GmbH. This marks the third major furniture or kitchen retail insolvency in the region within two years, following the collapses of Markus Tschohl GmbH and Art of Kitchen (Machek company). The…
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König + Neurath AG, a century-old German office furniture manufacturer based in Karben, Hesse, has filed for self-administration insolvency at Frankfurt/Main District Court, affecting its 830 employees. The company will continue operations under trustees, aiming to restructure
© König + Neurath AG
The insolvency follows a severe industry-wide downturn since 2024, marked by postponed purchases and scarce new orders, which led to a liquidity crisis. König + Neurath produces office furniture and bespoke room solutions, operating a production facility in Karben and showrooms in Berlin, Munich, Amsterdam, London, Paris,…
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The law must clearly lay out the priority of distributions in bankruptcy to all stakeholders. The priority must be designed so as to incentivise all stakeholders to participate in the cycle of building enterprises with confidence.1
Introduction
In light of recent judicial decisions, namely, State Tax Officer v. Rainbow Papers Ltd.2 (Rainbow Papers case) and Paschimanchal Vidyut Vitran Nigam Ltd. v. Raman Ispat (P) Ltd.3 (PVVNL case), Government of India is looking to make changes to the Insolvency and Bankruptcy Code. According to a report dated 14-4-20254, the Centre intends to change the corporate insolvency framework to give better clarity, particularly on how to handle statutory dues and claim priorities, that has been altered…
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The National Company Law Tribunal (NCLT), Mumbai Bench, has approved a resolution plan for Sterling Healthcare Limited, sanctioning a total payout of over Rs. 12.80 crore to its creditors. The plan, submitted by Mrs. Kanak S. Kewalramani, was approved by 100% of the voting share of the Committeeof Creditors (CoC) following a competitive Swiss Challenge process.
The Corporate Insolvency Resolution Process (CIRP) against the pharmaceutical company, Sterling Healthcare Limited, was initiated in December 2023, with Mr. Dhiren Shah appointed as the Resolution Professional. After receiving two resolution plans, the CoC opted for a Swiss Challenge. Ultimately, the plan submitted by Mrs. Kanak S. Kewalramani, a qualified Company…
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Fidelity Japan Trust shareholders approve liquidation plan By Investing.com Investing.com South Africa
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M1 Sporttechnik’s 2026 shutdown underscores insolvencies in German industry Bike Europe