Insolvency Guardian Media Centre
Overview
The English High Court has ordered1 two directors (the Directors) of four companies in the British Home Stores group (BHS) to make payments exceeding £18 million in connection with BHS’ trading prior to commencing insolvency proceedings.
Each director has been ordered to pay £6.5 million for continuing to trade past the point at which the Court concluded the Directors knew or ought to have known that insolvency was inevitable and there was no reasonable prospect of avoiding liquidation. This order represented the largest ever award made by an English court for wrongful trading, although it has been reported that an even larger award has been made against former owner and director, Dominic Chappell….
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Latest data from the insolvency showed that the construction industry experienced the highest number of insolvencies in the 12 months to December 2024 at 4,032, making up 17% of all industry cases.
Kelly Boorman, National Head of Construction at RSM UK, said “The latest rise in construction insolvencies shows the extent of the debt burden and distress in the supply chain. We’ve seen the volume of M&A transactions jump sharply in the industry, reflecting the challenges of an aging workforce and a lack of investment in technology to fill the labour gap. Much of this M&A activity is to consolidate existing workforces, but businesses also need support to raise working capital and attract skilled labour to ensure…
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Tesla CEO Elon Musk recently criticised the current state of US spending, remarking that an average citizen in the country ‘should be mad as hell’ over the expenditure of the tax money. In an interview with Fox News on Tuesday, Musk pointed out that when former President Donald Trump took office, he inherited a $2 trillion trade deficit. Musk also warned that “America will go bankrupt” unless the deficit is addressed. He criticized U.S. foreign aid spending, adding, “The average taxpaying American has every right to be upset because their tax dollars are being poorly spent.”
“Well, the — the overall goal is to try to get a trillion dollars out of the deficit. And if we if the deficit is not…
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Another EV maker goes bust, as Nikola files for bankruptcy MarketWatch
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Nikola goes bankrupt, to sell assets in latest EV market turmoil Reuters
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Philly Shipyard ASA Announces Dividend and Liquidation TipRanks
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The Welsh government has extended the Help to Stay scheme for a further 12 months, in a bid to support homeowners struggling to pay their mortgage.
The Welsh govenrment’s Help to Stay scheme has been extended by 12 months (picture: Taylor Floyd Mews/Unsplash)
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The scheme, which offers low-cost loans to eligible homeowners, will now run until March 2026, the Welsh housing secretary said in a statement.
Initially launched in November 2023, the scheme provides qualifying homeowners with…
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Appeals courts blocks Biden student-debt relief plan The Hill
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The former bosses of a building company which went into liquidation have been banned from being directors.
Dorset Council Trading Standards has taken action against Samuel Conway, the former director of Nova Building and Developments, under part 8 of the Enterprise Act 2002.
The authority’s trading standards team said it received numerous complaints regarding the trading activities of the company during 2022/2023, leaving several consumers with significant issues with their builds, unfinished work and, in some cases, facing substantial financial losses.
After a lengthy and complex investigation in partnership with other agencies, both Samuel Conway and Gemma Conway, the company’s directors, have been banned from…