The number of company insolvencies rose sharply at the start of the year, reaching a level not seen since the financial crisis, according to the latest figures from the Insolvency Service.

More than 1,900 businesses went under in January—10.7 per cent more than a year earlier—meaning nearly 500 firms a week were forced to fold.

Aside from 2009, when the economy reeled from the global credit crunch, last month’s total was the highest recorded for any January since official data collection began in 2000.

Tim Cooper, president of insolvency and restructuring trade body R3, highlighted that many of these cases were voluntary liquidations, suggesting owners were choosing to wind up solvent businesses. “Years of challenging…

The number of company insolvencies rose sharply at the start of the year, reaching a level not seen since the financial crisis, according to the latest figures from the Insolvency Service.

More than 1,900 businesses went under in January—10.7 per cent more than a year earlier—meaning nearly 500 firms a week were forced to fold.

Aside from 2009, when the economy reeled from the global credit crunch, last month’s total was the highest recorded for any January since official data collection began in 2000.

Tim Cooper, president of insolvency and restructuring trade body R3, highlighted that many of these cases were voluntary liquidations, suggesting owners were choosing to wind up solvent businesses. “Years of challenging…

ORLAND PARK, IL — A liquidation sale has started at the Orland Park location of Joann Fabric and Craft, as the company prepares to shutter it and hundreds more across the country.

The Orland Park Joann Fabric and Craft store, 15752 S. La Grange Rd., is one of 500 slated to soon close permanently.

“Your overwhelming demonstration of how much everybody loves JOANN has meant more to us than you know,” the company said on its website. “Although we regrettably will be closing some stores, we are grateful to continue our mission of inspiring creativity in our customers online and in stores across the country.”

The Cleveland, Ohio-based company cited rising costs and dwindling demand for its financial difficulties, as more sewists, quilters,…

Western Australia-based Interplay Family Therapy Pty Ltd provides play therapy training courses to customers, a creative counselling method to help children with psychological issues, especially those with trauma.

But at the beginning of last year, the company suddenly cancelled all its workshops.

A month after that, Interplay said it was going into liquidation and customers should ask the liquidators about refunds. Nobody was ever appointed, however.

The company is still registered and has recently posted on its social media, although its director claims it has ceased trading….

“Your overwhelming demonstration of how much everybody loves JOANN has meant more to us than you know. Although we regrettably will be closing some stores, we are grateful to continue our mission of inspiring creativity in our customers online and in stores across the country,” the company said on its website.

The Cleveland, Ohio-based company cited rising costs and dwindling demand for its financial difficulties, as more sewists, quilters, knitters and other craft enthusiasts are buying supplies online.

Massachusetts stores slated to close are located in Burlington, Saugus, Middleton, and Billerica, Natick, Westford, Methuen, East Walpole, and Hanover.

Joann has indicated on its store locator the locations where liquidation sales have…

The level of corporate distress is rising as businesses face “persistent economic challenges” before a sharp increase in labour costs.

The number of company insolvencies rose 11 per cent year-on-year to 1,971 across England and Wales last month, according to data from the Insolvency Service. It was the highest level registered in January for more than five years.

Tim Cooper, president of R3, the insolvency and restructuring trade body, said the increase showed that businesses were choosing to shut their doors owing to “years of challenging trading conditions” and before a rise in costs from the increase to employers’ national insurance contributions and to the national minimum wage.

Oliver Wright, senior managing director in the…

This will cost taxpayers hundreds of billions of dollars, the 8th US Circuit Court of Appeals says

Published : 18 Feb 2025, 10:58 PM

Updated : 18 Feb 2025, 10:58 PM

A US appeals court on Tuesday ruled that Democratic former President Joe Biden’s administration lacked authority to pursue a student debt relief plan designed to lower monthly payments for millions of borrowers and speed up loan…