Scottish business insolvencies saw a significant year-on-year decrease in December 2024, despite the overall annual figures remaining stable. The latest data reveals a complex picture of Scotland’s economic health as the country navigates through challenging times.

In December 2024, there were 82 company insolvencies registered in Scotland, marking a substantial 24% decrease compared to the same month in the previous year.

This decline is particularly noteworthy given the broader economic context and suggests a potential easing of financial pressures on Scottish businesses as the year came to a close.

Annual Stability

Despite the December drop, the total number of insolvencies in Scotland for the entire year of…

Allen claimed he was “optimistic” at the time that a business opportunity which failed to materialise would have seen his turnover increase to the level he submitted in his application.

But the Insolvency Service said it was an actual – rather than projected – turnover that should have been declared.

Allen, was also ordered to pay £3,600 in compensation and complete 200 hours of unpaid work, along with 10 days of rehabilitation activity.

David Snasdell, chief investigator at the Insolvency Service, said: “Jordan Allen made a blatantly false statement by exaggerating the turnover of his business.

“The most Allen was entitled to was around £5,000, not the £50,000 he fraudulently obtained.”

He said the plasterer had “made matters worse” by…

DUBAI: The international community must devise ways to help nations in the developing world out of the global debt crisis and safeguard societies from the long-term effects of economic stagnation.

This was the message from a panel of experts during a discussion at the World Economic Forum Annual Meeting in Davos on Tuesday. Amid global transformations and ongoing uncertainty, they called for shifts in domestic and global monetary policies to provide relief for countries with debt burdens, and for governments and lenders to take shared actions to help build strong and resilient economies.

An International Monetary Fund report published in October stated that global pubic debt was expected to exceed $100 trillion during 2024,…

Corporate insolvencies, including liquidations and receiverships, totalled 285. This represents a 2.4% decrease compared to the same period in the previous year and an 8.9% drop from the preceding quarter. However, R3 in Scotland’s chair, Richard Bathgate, notes a significant shift within these figures.

Mr Bathgate, who is also restructuring rartner at Johnston Carmichael, said: “While corporate insolvency levels in Scotland have fallen compared to last…

The National Company Law Tribunal’s (NCLT) Delhi bench has dismissed Bollywood actor Akshay Kumar’s plea to initiate insolvency proceedings against ed-tech company Cue Learn Pvt. Ltd. 

Kumar had filed a plea against the edtech under Section 9 of the Insolvency and Bankruptcy Code (IBC) over the non-payment of ₹4.83 crore as part of a 2021 endorsement agreement, terming the dues operational debt.

However, the tribunal, in its judgment delivered on 7 January, held that Kumar’s claims did not qualify as operational debt under the IBC. “We conclude that the application filed by the applicant/operational creditor (Akshay Kumar) under Section 9 of the Code for initiating CIRP (corporate insolvency resolution process) against the…

Business insolvencies rise 50% amid cost pressures, with projections reaching 16,000 this financial year.

Business failures in Australia have surged by 50% this financial year due to high operating expenses, cost of living pressures, and increased tax office debt collection efforts.

Expected insolvency appointments could reach 16,000, surpassing last year’s high of 11,053.

The Australian Securities & Investments Commission reports 7,483 appointments in just six months, a 47.1% rise from the previous year.

Small businesses face a challenging climate, with the current year’s insolvencies 84% higher than pre-Covid levels.

The troubled casino group Star Entertainment risks…

The National Company Law Tribunal (NCLT) has ordered the liquidation of Go First Airways following a petition filed by its Committee of Creditors (CoC). The decision, made by a Bench led by Judicial Member Mahendra Khandelwal and Technical Member Dr. Sanjeev Ranjan, marks the end of the budget airline’s operations. Go First had filed a voluntary plea under Section 10 of the Insolvency and Bankruptcy Code (IBC) in May 2023, requesting admission to the Corporate Insolvency Resolution Process (CIRP). Despite appointing a Resolution Professional (RP) to oversee operations, no revival options were identified.

The airline’s lessors challenged the insolvency proceedings, arguing their assets had been unfairly retained under the…