CTD Tiles goes into administration and closes 56 of its outlets.

The company’s administrators stated that 268 employees were laid off as a result of the failure.

Despite the huge number of retail closures, rival Topps Group purchased 30 CTD Tiles locations and two distribution sites in a rescue plan.

Topps Tiles has purchased CTD Tiles’ brand and intellectual property for £9 million from administration.

The tile expert has purchased the supplier’s brands, which include CTD Tiles, CTD Trade, and CTD Architectural Tiles, as well as 30 retail outlets, chosen inventory, and all related intellectual property.

Topps stated that the retailer is “complementary” to its other businesses and that the acquired stores and assets provide it…

The latest research released by the Moneysmart website, which is run by the Australian Securities and Investments Commission, found 47 per cent of adults with debt, the equivalent of 5.8 million people, have struggled to pay the bills in the past 12 months.

The number of companies that became insolvent in July was 16% higher than during the same period last year, according to official data.

In England and Wales, 2,191 businesses went bust, according to the Insolvency Service, compared with 1,890 in July 2023.

The figures included 320 compulsory liquidations – when a company is forced to shut down, usually because it has debts it cannot pay – which is the highest monthly number since before the Covid-19 pandemic.

He said: “We expect insolvency levels to remain elevated for some time yet.

“While economic conditions are improving, there are many businesses that have had their resilience ground down since the onset of the pandemic and that are now carrying large amounts of debt,…

Transnet is saddled with 130 billion rand ($7.30 billion) in debt and has struggled to provide adequate freight rail and port services due to equipment shortages and maintenance backlogs after years of under-investment.

Last December, South Africa’s government said it had handed Transnet a 47 billion rand guarantee facility to help the company meet “immediate liquidity matters such as settling maturity debt”.

Derby-based dance company Déda has announced it is entering voluntary insolvency after “enduring significant financial pressures” since the onset of Covid, making it “impossible to continue” operations in its current format.

Founded in 1991, the Arts Council England-funded charity runs a dance and movement venue and is co-producer of the annual Derby Feste festival, which was cancelled this year due to financial challenges.

A statement posted on the company’s website noted that the pandemic had posed “extraordinary challenges” for cultural organisations worldwide and that, despite “best efforts” to recover, audience numbers had not rebounded quickly enough to offset its rising operational costs, placing an…

Two unsecured claims total $58,000, but there might be other claims against Pool Spec, so the Waterstone liquidators want those parties to lodge documents if they are owed money.

They don’t know yet if there will be enough realisable assets to pay Pool Spec’s creditors.

Wellsford’s Richard Spearpoint and Ellen Spearpoint own the business. Richie Spearpoint did not respond to attempts to contact him today about the failure.

Their company is relatively new, having only been incorporated in 2019.

It is the third pool manufacturer and supplier to be declared insolvent since April.

The Herald reported in May on 42 clients of a failed Auckland swimming pool manufacturer claiming $1.5 million from Container…