Listed Gateshead firm Zytronic is to wind down operations after considering several options including solvent liquidation or a sale following a strategic review.

A manufacturer of touch overlay sensors for interactive displays dating back to the 1940s, Zytronic employs more than 100 people. It appointed a new chair in 2023 in a bid to turn around its fortunes after sales failed to recover to pre-COVID levels.

The company’s technology – manufactured in three factories in Blaydon – is used in self-service, gaming and industrial applications.

“The board has concluded the sale process for its trading subsidiary, Zytronic Displays Limited, and its underlying assets. Despite engaging with multiple counterparties,…

Washington, DC [US]: Tesla CEO and DOGE Head, Elon Musk, criticised the current state of US spending, saying 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 telecast on Tuesday (local time), Musk said that US President Donald Trump inherited a USD 2 trillion trade deficit. He further warned that “America will go bankrupt” if it fails to bring the deficit under control. 

Criticising the USAID spending, he added, “I think the average taxpaying American should be mad as hell because their tax money is 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 brought…

Would-be electric air taxi developer Lilium Aerospace appears to have won a stay of execution and has postponed filing for insolvency on the promise that desperately needed investment will arrive next week.

The Munich-based company had warned staff on 13 February that it would be forced to apply for insolvency within 24h if it had not received funding from its backers.

But an email on behalf of interim managing director Severin Tatarczyk sent to all staff on 14 February, seen by FlightGlobal, says, “There will be no insolvency filing today as there are still possible ways forward”.

It is not clear what potential avenues Lilium Aerospace is exploring but options include securing a bridging loan.

“As soon as there is more…

The number of construction companies in England and Wales filing for insolvency in 2024 was 4,032, an 8% decrease from the 2023 total of 4,388.

The number of registered company insolvencies for the construction industry in December 2024 was 291, down 8% from November 2024 (319) and down 20% from December 2023.

Mark Supperstone, partner at financial services consultant, said: “The latest ONS insolvency figures for January 2025 show an overall rise in insolvencies across England and Wales. However, digging into the sector statistics, insolvencies in construction are down at 291 compared to 319 in the previous month (November 2024). This decrease is interesting in light of the recent S&P Global UK Construction PMI report which showed…

This story is part of a series about financial literacy for small businesses in the Ypsilanti area. It is made possible by University Bank.

Accruing debt is part of managing both personal and business finances. However, it is important to understand the best ways to manage debt and the pitfalls to avoid when seeking debt for your business.

Jennifer Moon, an Ypsilanti-based loan officer for CDC Small Business Finance, defines debt management as “the overall process of assessing how much money you’re making versus how much you’re spending and making sure you’re not spending more than you’re making.”

Moon separates debt into two categories: good debt and bad debt. 

“Good debt from a business perspective is debt that…

Washington, DC [US], February 19 (ANI): Tesla CEO and DOGE Head, Elon Musk, criticised the current state of US spending, saying that an average citizen in the country “should be made as hell” over the expenditure of the tax money.

In an interview with Fox News telecast on Tuesday (local time), Musk said that US President Donald Trump inherited a USD 2 trillion trade deficit. He further warned that “America will go bankrupt” if it fails to bring the deficit under control.

Criticising the USAID spending, he added, “I think the average taxpaying American should be mad as hell because their tax money is 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…

The South Australian government has forced the Whyalla steelworks into administration as it attempts to resolve the crisis at the embattled site.

Changes to the Whyalla Steel Works Act were rushed through both houses of state parliament on Wednesday morning, before being signed off by the SA Governor.

The steelworks, which is owned by GFG Alliance, has been in crisis after failing to pay tens of millions of dollars in royalty payments to the government, and millions in unpaid bills to creditors.

GFG, who took over in 2017 will no longer run the steelworks, and KordaMentha has been appointed as administrator.

“This is the right course of…

It took just minutes for surprise laws to be introduced to Parliament and pass both houses giving the state government the power to place the Whyalla Steelworks into administration.

This deft procedure was necessary to not alarm GFG Alliance owner and billionaire industrialist Sanjeev Gupta to the government’s long-awaited action on the struggling steel plant.

The law changes were “surgical”, Premier Peter Malinauskas said, and offers the workers of the steelworks and the broader Whyalla community “certainty”.

But it’s a move that’s likely without precedent and precedes the announcement of what the Premier has described as “one of the most comprehensive industry support packages that this nation has ever seen”.

This…

The global financial crisis has pushed many businesses into a state of instability. When companies are struggling with difficult choices, Deloitte Legal can assist with suggesting options to help recovery, such as restructuring outside of insolvency proceedings, a structured sale or provide assistance with judicial insolvency proceedings. We work with companies in distress as well as potential buyers, shareholders and directors, creditors and insolvency administrators.

Deloitte Legal insolvency practices bring years of experience in working with third parties such as bankers, lawyers, insolvency courts, credit insurers and public authorities. Deloitte Legal works together with colleagues who have specialised skills in…