Stay informed with the latest in insolvency news and industry updates. We can keep you up to date with insolvency and finance information from around the world.
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EC Provincial Government
The Eastern Cape Provincial Government, in partnership with the Manufacturing, Engineering, and Related Services Sector Education and Training Authority (MerSETA), has launched a R70 million debt relief initiative to assist unemployed graduates burdened by historical student debt.
Bhisho spokesperson, Khuselwa Rantjie, says the initiative targets young people aged 18-35 who have completed undergraduate qualifications in MerSETA-related fields.
The matter of Salesio Kinyua Njagi and Nine Others v Invesco Assurance Company Limited [2021] (eKLR) dealt with the application of the law around the insolvency of insurance companies.
Public interest is of great concern to the insurance industry, necessitating its consideration when filing liquidation proceedings against such companies.
It is imperative to have clarity on the law that ought to govern the prosecution of insolvency of insurance companies, to ensure that the process safeguards the integrity of the insurance sector while simultaneously protecting the private interests of creditors.
The business of insurance, although primarily a matter of private contract, is characterised as one…
The start-up suffered from a fire at its manufacturing site a few weeks ago.
Liquidators have been appointed to the Galway-based battery systems manufacturing start-up Xerotech. The company, founded in 2015, employs 100 people.
Luke Charleton and Alan Large of EY-Parthenon’s Turnaround and Restructuring Strategy team have been appointed as joint liquidators to preside over the sale of the start-up’s business and other assets.
“The joint liquidators are commencing a process to seek out potential purchasers for the trade and other assets of Xerotech. The aim of this sales process will be to sell the trade and assets to secure the Xerotech business and to protect employment if possible,” the…
Stats released today by The Insolvency Service unveiled a 6% increase in company insolvencies in the year ending January 2025 compared to the month before, and 11% more than in January 2024, as the dust beings to settle following a disruptive Autumn Budget for British business.
According to Giuseppe Parla, Business Recovery Director at Menzies, December stats bucked the trend, and a January hike in corporate insolvencies may have laid the foundations for a tough year ahead:
“While December figures painted a picture of economic stability, January delivered a new wave of corporate insolvencies as British business continues to be hit hard. Despite a recession ‘near-miss’, many businesses are cutting their losses with prices…
The number of people going financially insolvent across England and Wales jumped by 12% in January compared with the same month a year earlier, according to Insolvency Service figures.
Some 9,706 people entered insolvency last month, which was 3% lower than in December 2024 but 12% higher than in January 2024.
Personal insolvencies are made up of bankruptcies, debt relief orders (DROs) and individual voluntary arrangements (IVAs).
The 3,847 DROs registered in January 2025 was 82% higher than the long-term (2014 to 2023) monthly average of 2,114, although below a record high of 4,336 seen in June 2024, the Insolvency Service said.
It said that a rise in DRO numbers since April 2024 coincided with the abolition of a £90 admin fee to…
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About the Status Resolution and Support Services program
The Status Resolution and Support Services (SRSS) program provides support services to people who are living in Australia while their protection visa applications are being decided.
The types of services include financial, medical and housing.
The Department of Home Affairs provides these services through various organisations. Financial help is given through Services Australia (Centrelink).
If you are applying for a protection visa and experiencing financial hardship, you will mostly likely be able to get SRSS payments.
The Department of Home Affairs will find that a person (or family) is in financial hardship when:
A first liquidator’s report into a Kiwi travel company’s breakdown reportedly shows it was issuing customers with fake plane tickets.
Auckland-based travel company Travel Globe has left creditors more than NZ$230,000 ($221,637) out of pocket, according to a liquidator’s report, including customers who were issued with fake plane tickets.
The company is owned and directed by former bankrupt Jujhar Singh and his wife Harvinder Kaur, who served as director and shareholder until late December, Stuffreported.
The company, which was incorporated in 2015, filed for liquidation owing three…
