A High Court judge will decide whether the companies should be liquidated following a hearing scheduled for February 4.

If liquidation occurs, liquidators’ reports should shed more light on the companies’ outstanding debts. In the meantime, Inland Revenue declined to comment.

In a statement, Mills said he had spent the past eight months negotiating with officials at the tax department to settle “historic” issues.

“We managed to raise more than 40% of the outstanding debt as part of our negotiations, but Inland Revenue declined to accept that,” Mills said.

“We continue to meet our current tax obligations while supporting many households through our family-owned business.”

Other hospitality…

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• Mark Cuban has teased a $Trump-like meme coin where all proceeds go to the Treasury.
• The tech billionaire pitched it on X as a way to gamble as well as “make a dent in the US debt.”
• The “Shark Tank” star said the president and first lady’s coins were harmful to the crypto industry.

Mark Cuban floated the idea of launching his own meme coin like $Trump — but would use the proceeds to help pay off the national debt.

“If meme coins are the way, maybe I’ll issue one,” Cuban posted on X this week, adding it would have the same terms and release schedule as President Trump’s coin but with one big difference.

“All the revenue from the sale of the coins go to the US Treasury,” he wrote. “If you want to gamble,…

Norway is leaning in further to a student debt forgiveness scheme aimed at encouraging graduates to live in less populated areas of the country.

From this month, employed graduates living in Norway’s least central zones can have NKr25,000 (£1,800) of their student debt erased per year, with the ability to continue until their debt is paid off in its entirety. Average total debt for students who graduated in 2023 was NKr427,000.

“If we are to develop the whole of Norway further, we need a value-creating business sector and good welfare services. We want to avoid districts being emptied of people and expertise, which is important for the country’s preparedness,” said Oddmund Hoel, the higher education minister.

Hoel said the…

Taking all forms of insolvency – including bankruptcy – into account, a total of 24,251 people were declared insolvent in the third quarter of the year in England and Wales.

This was a 6% increase on the previous three months, and 19.3% higher than the same quarter last year.

The Insolvency Service said this was driven by an increase in IVAs, which were 29% up year-on-year.

In the year to the end of September, one in 515 adults in England and Wales became insolvent.

Jane Tully, from the Money Advice Trust, the charity that runs National Debtline, said: “Given the economic uncertainty in the current climate, rising prices and the long-term trend of an increase in consumer credit, our concern remains for the minority of households that are…

Blue Cycle, a groundbreaking plastic recycling company based in Heerenveen, Netherlands, has declared bankruptcy. Established in late 2022, the company made headlines as the first in the nation to convert plastic waste into oil, offering an innovative solution to the growing plastic waste crisis. However, despite its technological success, Blue Cycle succumbed to mounting financial challenges, halting operations less than two years after its inception.

The plant began operations in 2023 under the leadership of founder Nico Vos, aiming to redefine recycling by transforming non-recyclable plastic waste into reusable oil. The facility showcased the viability of its cutting-edge process,…

The debt-to-capital ratio is a financial leverage ratio, similar to the debt-to-equity (D/E) ratio. It compares a company’s total debt to its total capital, which is composed of debt financing and equity. The ratio is used as a baseline for a company’s financial standing and is something investors use when determining the risk of a particular investment.

Why Companies…