Finland has experienced an unprecedented number of business bankruptcies in the 48th week of 2023, with 85 companies being declared insolvent. This figure is the highest weekly total since Finland’s Asiakastieto Oy began its weekly bankruptcy tracking in 2019.
According to Jaakko Nors, a product owner at Asiakastieto who specializes in bankruptcy data, by the end of this year, over 2,700 companies are projected to have filed for bankruptcy.
Nors noted that surpassing 2,000 bankruptcies in a single year has been a rare occurrence this millennium, making 2023 an exceptionally challenging year for Finnish businesses.
The construction sector is prominently featured on the list of the year’s largest…
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50 homes in limbo, more than $8m debts as two builders collapse Gold Coast Bulletin
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Deeds Brewing has announced that it is entering liquidation, having been unable to find a buyer or investor since entering into voluntary administration last month.
The brewery published a statement on Facebook about the decision to enter liquidation, thanking its fans and supporters over the years.
“Our hearts are broken. Since launching Deeds Brewing in 2012, our mission has always been about passion and people. We’ll deeply miss our dedicated staff, who have become like family to us, and our incredible fans who’ve stood by us through thick and thin throughout the years. We want to thank you for all the love and support you have shown us. In these tough times for businesses and individuals alike, we extend our best…
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LATEST: Liquidators appointed for Tasmania-based businesses The Mercury
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Written by Sam Johnson (Partner), Emily Barrett (Partner), Caitlin McTaggart (Senior Associate), Madison Copland (Law Graduate)
JWS represented Daniel Walley and Philip Carter of PricewaterhouseCoopers in their capacity as voluntary administrators (Administrators) of IOUpay Limited (Administrators Appointed) (Company) in an unusual application to the Supreme Court of New South Wales. In the application, the directors of the Company sought orders to end the administration of the Company by authorising the directors to execute a refinancing agreement to restore the Company to solvency. In her Honour’s judgment, Justice…
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At a time when the solar power industry should be booming, solar installers across Australia say they are being “cheated” out of millions after trusting a third party to chase their government energy rebates.
The small businesses used middleman service Emerging Energy Solutions and its affiliates to organise their green energy rebates from the federal government.
But the companies have kept the government money for themselves.
Carolyn Lee, Director of The Energy Experts in Kiama, used the Greenbot app.
She says they are owed…
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Australian small businesses are still reeling from the knock-on effects of COVID-19 amid higher cost-of-living pressures thanks to elevated inflation and interest rates.
From July 1, 2022 to June 30 this year, small to medium-sized corporate insolvencies dominated external administrators’ reports, according to the Australian Securities and Investments Commission on Wednesday.
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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.
David Hudson, restructuring advisory partner at FRP, said the rise reflected “months of high interest rates, weak demand and rising costs continuing to feed through”.
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…
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Caroline is a Legal Director in the Restructuring and Insolvency Department. She has over 15 years’ experience of dealing with all aspects of contentious and non-contentious personal and corporate insolvency work.
Caroline passed the CPI professional insolvency exam in June 2008. She was one of only 6 lawyers to pass the CPI that year.
Throughout her career, Caroline has undertaken a wide range of personal and corporate contentious and non-contentious insolvency work. She acts for insolvency practitioners in respect of claims under the Insolvency Act 1986, general advisory work and transactional work for liquidators and administrators such as pre-packs and asset sale agreements. She also acts for a range of secured and unsecured…
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Dr. Stephen van der Mye
Honorary Adjunct Professor, Faculty of Law, Bond University
The Australian Securities and Investments Commission (ASIC) has reported a significant rise in corporate insolvencies. Data from July 2023 to March 2024 shows a 36.2% increase, with 7,742 companies entering external administration. This surge is most pronounced in the construction and accommodation/food services industries, which together account for over 40% of these insolvencies. ASIC projects that by June 30, 2024, the number of companies entering external administration will exceed 10,000—a level not seen since 2012-2013.
The repercussions of these insolvencies are…
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The number of corporate bankruptcies in Japan increased by 35.2% in 2023 to 8,690, and total liabilities rose to ¥2.4 trillion.
According to a report issued by Tokyo Shōkō Research, the number of corporate bankruptcies in Japan involving a total liability of ¥10 million or more increased year on year by 35.2% in 2023 to 8,690, marking the first time in four years for the total to exceed 8,000 companies. Total liabilities for the bankruptcies increased 3.1% to ¥2.40 trillion.
By industry, the largest number of bankruptcies was in the…
