Annual figures from the Insolvency Service have shown that there were 23,872 registered business insolvencies in England and Wales in 2024 a fall of 5.1% from 2023’s figure of 25,163.

The business insolvencies comprised of 18,840 creditors’ voluntary liquidations (CVLs), 3,230 compulsory liquidations, 1,597 administrations, 202 company voluntary arrangements (CVAs) and three receivership appointments.

The slight decrease in the total number of insolvencies in 2024 was driven by an 8% decrease in the number of CVLs compared to 2023, which saw the highest ever annual total in the time series since records began in 1960. However, compulsory liquidations were at their highest levels since 2014 with the 2024 annual…

The tribunal noted that Kumar’s obligation to render services on the second day was conditional upon receiving the full payment, which he did not.

Furthermore, the NCLT observed that any claim arising from the alleged breach of contract would be considered liquidated damages and not operational debt under the IBC.

“However, there is no documentary evidence on record to indicate that these conditions were fulfilled. Consequently, the obligation to render services on the second day did not materialize as the necessary preconditions were not met. The lack of performance on the part of the OC to provide the required services negates the assertion of an operational debt,” it said

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Facebook App: Open links in External Browser

There is a specific issue with the Facebook in-app browser intermittently making requests to websites without cookies that had previously been set. This appears to be a defect in the browser which should be addressed soon. The simplest approach to avoid this problem is to continue to use the Facebook app but not use the in-app browser.

This can be done through the following steps:

1. Open the settings menu by clicking the hamburger menu in the top right

2. Choose “App Settings” from the menu

3. Turn on the option “Links Open Externally” (This will use…

The Star Entertainment Group, an Australian casino & hospitality company, has published its financial report for the second quarter of the fiscal year. As the operator’s struggles continue, it reported “limited” opportunities to raise funding in the absence of liquidity solutions.

Profits Went Down, EBITDA Loss Narrowed

In the three months ended December 31, Star Entertainment posted revenue of AUD 299 million ($187.5 million), down 15% quarter-on-quarter. In addition to that, the company reported an EBITDA loss of AUD 8 million ($5.02 million), representing a significant improvement from the AUD 18 million loss in Q1.

The company attributed the decline in revenue to several factors,…

Data breaches and ransomware attacks in the US are increasing companies’ risk of financial losses, in many cases dragging them into bankruptcy or putting them out of business altogether.

Data breaches cost companies across the world on average about $4.9 million, and nearly double that amount in the US, according to a 2024 study by IBM. Costs can differ based on a number of factors, including regulatory compliance requirements, sensitivity or complexity of the data involved, and subsequent litigation.

The International Monetary Fund warned last year that cyberattacks have more than doubled since the onset of the pandemic, increasing the risk of “extreme losses” for companies that could cause funding problems “and even jeopardize…

In recent months, Ken Tryell and his team began working on an exercise to determine what economic metric is best aligned with Irish corporate insolvencies.  Tyrell, a restructuring and insolvency specialist with the accountancy firm PwC, has maintained a running tracker of corporate insolvencies in recent years, producing quarterly reports on how many companies are going out of business and what sectors of the economy are struggling most. Tyrell’s team compared that data against a range of economic metrics, from GDP growth to consumer spending. However, the metric that best correlated with the rate of corporate failures was the unemployment…

Voluntary administrators have been appointed to Body Shop NZ — with stores remaining open as stock is cleared.

The Body Shop NZ has 16 stores across New Zealand with approximately 70 permanent employees and an online business. It sells skincare, make-up haircare and body products.

Customers were told of the closure in an email on Wednesday afternoon.

“We regret to inform you that after much consideration, our New Zealand business has entered voluntary administration and will be closing its doors. We want to express our sincere gratitude for your loyal support throughout the years,” the email read.

A storewide discount of 40% would be applied to the remaining stock, according to the email, with customers invited to take advantage of the…

Data breaches and ransomware attacks in the US are increasing companies’ risk of financial losses, in many cases dragging them into bankruptcy or putting them out of business altogether.

Data breaches cost companies across the world on average about $4.9 million, and nearly double that amount in the US, according to a 2024 study by IBM. Costs can differ based on a number of factors, including regulatory compliance requirements, sensitivity or complexity of the data involved, and subsequent litigation.

The International Monetary Fund warned last year that cyberattacks have more than doubled since the onset of the pandemic, increasing the risk of “extreme losses” for companies that could cause funding problems “and even jeopardize…

Company collapses in England and Wales fell last year, according to new official figures, but compulsory liquidations soared to a 10-year high and experts warned of more uncertainty for firms in the coming months.

Some 23,872 companies went out of business in 2024, the Insolvency Service said, down 5% on the previous year.

Despite the drop year on year, the number of insolvencies was far higher than most of the last decade, and remains at levels last seen during the 2008 financial crisis.

The figures also revealed that compulsory liquidations – where courts order firms to stop trading because they cannot pay their debts – jumped 14% to 3,230 in 2024 after a year-end surge.

The number of monthly compulsory liquidations soared by…

(TNND) — More Americans sought help with their mounting debt last year, according to one of the country’s largest nonprofit credit counseling agencies.

Money Management International saw a 35% increase in new clients seeking financial counseling, according to just-released 2024 figures.

And the growing need for financial counseling was driven by young adults.

MMI saw 48% annual growth in clients in their 20s.

Millennials accounted for 43% of all clients seeking counseling, making them the largest generational group. They were followed by Gen X at 30%.

MMI financial educator Thomas Nitzsche said they saw “a really significant jump” in new clients last year, regardless of age.

It’s not just that more people reached out for help, but…