Stay informed with the latest in insolvency news and industry updates. We can keep you up to date with insolvency and finance information from around the world.
Q4 2023: Company Insolvency StatisticsThe quarterly company insolvency statistics have been released, covering Q4 2023 (October to December). Since this
MaaS Global, the pioneering mobility-as-a-service organization set up by Sampo Hietanen, has filed for bankruptcy with the Finnish Legal Register Center.
The news comes following an announcement earlier this month that it was to discontinue its flagship Whim app.
Hietanen is well known across the industry as the father of the MaaS concept, which advocates for transportation services to be interlinked and easy to access via dedicated platforms on a subscription or seamless ticketing model, which radically reduces the need for private car ownership.
MaaS Global’s Whim app successfully bundled various transportation services including public transport, taxis, city bikes, electric scooters, shared cars, and rental cars. But,…
2 min read Last Updated : Aug 20 2024 | 7:08 PM IST
With plans for an initial public offering (IPO), Sajjan Jindal-promoted JSW Cement has a roadmap to double its cement capacity and also pursue acquisitions, according to its IPO documents.
On Friday, JSW Cement filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi). According to the company’s DRHP, JSW Cement plans to increase grinding capacity to 40.85 million tonnes per annum (MTPA) from the current 20.60 MTPA and installed clinker capacity to 13.04 MTPA from the current 6.44 MTPA.
In his earlier interactions with the press last year, Parth Jindal, managing director of the company, had noted larger expansion plans of 60 MTPA…
She was once a regular face on TV — a highly-successful glamour model who had a net worth of around £40million at the peak of her career.
But opportunities for Katie Price have dwindled over the years and by 2023 it was reported that her net worth had fallen to less than £1million.
In the latest devastating blow, the former model has been declared bankrupt for the second time over an unpaid tax bill of £761,994.05.
The 46-year-old was arrested at Heathrow Airport on August 8 for failing to appear at court after returning from undergoing a £10,000 facelift in Turkey. She was subsequently released on bail.
Just yesterday it was revealed Katie’s earnings from TikTok would be suspended as part of efforts to pay off money owed…
The quarterly company insolvency statistics have been released, covering Q4 2023 (October to December).
Since this dates the final quarter of the year, an annual summary can be noted:
2023 saw the highest annual number of company insolvencies since 1993. The total of 25,158 registered company insolvencies is broken down into:20,577 Creditors Voluntary Liquidations (increased by 9% from 2022)
2,827 Compulsory Liquidations (increased by 44% from 2022)
1,567 Administrations (increased by 27% from 2022)
185 Company Voluntary Arrangements (increased by 67% from 2022)
2 Receiverships
One for every 186 active companies fell into insolvent liquidation in 2023, making the liquidation rate 53.7 per 10,000…
Gold hits record high, meaning gold bars worth over a million dollars
Newsflash: the gold price has hit a new alltime high.
Spot gold has risen over its previous record high, set last Friday, to trade at $2,513.79 per ounce this morning.
This extends its recent gains, as gold has been lifted by expectations of cuts to US interest rates starting in September.
Falling interest rates support the gold price, as they make alternative assets such as bonds and cash reserves – which pay interest – less attractive.
Matt Britzman, senior equity analyst at Hargreaves Lansdown, says:
The recent demand boom can be put down to growing expectations that the US Fed is set to cut interest rates in the coming months. Add in central bank buying, demand…
New Delhi: The Supreme Court on Tuesday declined a plea by Byju’s to prevent the resolution professional of the bankrupt edtech company from constituting the committee of creditors till the top court further decides on the case.
Though the apex court denied the interim relief sought by Byju’s and the Board of Control for Cricket in India (BCCI), it has agreed to hear the case in detail on 22 August.
On 14 August, the Supreme Court revived the insolvency case against Byju’s, suspending the National Company Law Appellate Tribunal’s (NCLAT) order that had quashed insolvency proceedings against the company.
The court also directed the BCCI, an operational creditor, to deposit the settlement amount of ₹158 crore in a separate escrow…
Company insolvencies in Scotland rose in July 2024, reaching 117 cases, a 21% increase compared to the same month in 2023, however, the overall insolvency rate for the past 12 months has slightly decreased.
In July 2024, there were 117 company insolvencies registered in Scotland, 21% higher than the number in July 2023. The total number of company insolvencies was comprised of 76 CVLs, 33 compulsory liquidations and eight administrations.
The total insolvency rate in Scotland in the 12 months to July 2024 was 53.8 per 10,000 companies on the effective register. This was down by 1.0 from the preceding 12 months ending July 2023.
A building-control firm has gone under after its application to be listed by the new regulator failed, leaving projects in the lurch.
PWC Building Control Services issued a statement saying it had gone into voluntary liquidation after the Building Safety Regulator (BSR) rejected its application to the new building-control register, leaving it unable to carry out its functions.
The Northamptonshire-based firm said it would send initial notice cancellations for all of its projects to clients and local authorities before 28 August.
A statement on its website reads: “The work that PWC was undertaking has ceased immediately, therefore please contact your local authority building control department.
