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.
A number of local councils in England, including Birmingham, Nottingham and Croydon, have effectively declared themselves “bankrupt” in recent years, and many more are at risk. A decade of cuts to local authority budgets and increasing demands on services such as social care are forcing councils to make difficult financial decisions. But it’s not just inner-city councils in low-income areas whose threadbare services are overwhelmed.
Last year we published a report on the rising, yet often hidden, problem of rural homelessness. Our findings show how cuts to local funding and services are affecting people and driving a rise in homelessness in the countryside.
We surveyed 157 housing professionals in local authorities across…
Efforts to save long-time Penrith business Cubitt’s Granny Flats and Home Extensions have failed.
After 30 years, the family owned business has been formally placed into liquidation by creditors.
As previously reported by the Weekender, the business was placed into voluntary administration in February.
There is some bright news for clients impacted by the collapse of the company, with administrators RSM Australia advising more than 30 creditors who attended a meeting last Friday that NSW-based construction firm Acrow Homes Pty Ltd had purchased Cubitt’s business names, intellectual property, project records, and exclusive rights to its customer list.
A FORMER Rugby World Cup winner and ex-England captain has been declared bankrupt – and his company has gone into liquidation.
Phil Vickery, who was part of the country’s triumphant Rugby World Cup winning team, has racked up “hundreds of thousands of pounds” in debt, a source claimed.
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Rugby star Phil Vickery, centre, has been declared bankruptCredit: Reuters
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Vickery is said to have raked up ‘hundreds of thousands of pounds’ in debtCredit: Getty
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The now-48-year-old was part of the winning Rugby World Cup team of 2003Credit: Getty Images – Getty
Documents show the 48-year-old former tighthead prop owed his consultancy company nearly £100,000 before it went into liquidation in December last year.
Winding-up orders were made against Crown Agents Limited and Greenshields Cowie & Co. Limited on 1 August 2024.
The court appointed the Official Receiver, Gareth Jonathan Allen, as liquidator of:
On 5 August 2024, Benjamin Wiles and Robert Goodhew of Kroll Advisory Ltd, The Shard, 32 London Bridge Street, London, SE1 9SG replaced the Official Receiver as liquidator of Crown Agents Ltd. The joint liquidators will wind-down Crown Agents Limited in accordance with their statutory duties.
The Official Receiver will wind-down Greenshields Cowie & Co Limited in accordance with his statutory duties. The Official Receiver will also inquire into the cause of the companies’ failure and conduct of the current and former directors of both…
The 44-year-old, who made more than 300 Premier League appearances during a career which spanned over two decades, lost millions after hanging up his boots.
HMRC filed a bankruptcy petition against Brown last February and the petition was rubber-stamped at the High Court two months later.
The former England international has now had his say on where things went wrong, admitting he did not have the “right people” around him at a young age.
“When you are making a lot of money, you need the right people,” Brown told the Ben Heath Podcast.
One of Western Australia’s biggest residential building companies has collapsed, with Collier Homes falling into liquidation after more than 60 years.
The Australian Securities and Investment Commission confirmed the company would shut down, with Robert Conry Brauer and Linda Methven Smith, from McGrath Nicol, appointed as liquidators.
Collier Homes was created in 1959 by Raymond McCarthy.
He lived on Collier St in the affluent riverside suburb of Applecross.
In 1969, the business was sold to a national land developer, then in 1981 it was purchased by its senior executive, Ron Smith.
In 1996, Adelaide-based national home builder Home Australia acquired the business.
The brand assets were sold in November 2016 to the present owner, Dario…
As 2024 starts, the good news is that there haven’t been any notable
requests by a low-income country for comprehensive debt relief since
Ghana’s, more than a year ago. Despite this, vulnerabilities remain, with
high debt servicing costs a growing challenge for low-income countries.
Financing pressures due to relatively high interest payments and the pace
at which low-income countries need to repay debt are straining budgets.
That prevents these countries from spending more on essential services or
the critical investment needed to attract business, create jobs, improve
prosperity, and build climate resilience.
One important metric is the share of revenues the government collects from
its …
Rubio’s is hoping its third act will set it on a path toward profitability. Last week, the chain declared bankruptcy for the second time in four years. It first went bankrupt in 2020 due to the financial impact of the COVID-19 pandemic.
On Dec. 30, 2020, Rubio’s emerged from its first bankruptcy with less outstanding debt and an improved store footprint, wrote Nicholas Rubin, Rubio’s chief restructuring officer, in a document filed with the U.S. Bankruptcy Court for the District of Delaware. But ongoing macroeconomic headwinds pushed the chain back into a financial crisis and its balance sheet needs further restructuring to satisfy its debt obligations.
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Religious leaders meet in Kigali last week (CNA/Caritas Africa)
Church leaders in Africa have called for large-scale debt cancellation to relieve the continent’s crushing debt burden. Source: The Tablet.
According to the African Development Bank, Africa’s total external debt stood at $US1.15 trillion in 2022 and rose to $1.52 trillion in 2023.
The Church leaders met on July 19 in the Rwandan capital Kigali, issuing a statement to the G20, G7, United Nations, IMF and World Bank that warned that Africa will spend $90 billion servicing public debt in 2024 alone, undermining its development.
The Kigali meeting was meant to prepare for the Church’s 2025 Jubilee Year, but the worsening debt burden led the Church leaders to emphasise…
Former Montreal Canadiens player Steve Bégin announced Thursday that he must declare bankruptcy.
The 46-year-old ex-hockey player confirmed the news in a Facebook post.
“The civil engineering company in which I had been proposed to invest large sums of money since 2013, has gone bankrupt, which has had a negative impact on my financial situation and consequently also caused a bankruptcy. I could have tried to avoid the subject, but opted to talk openly about it, as I believe there are lessons to be learned,” he wrote.
“I find this experience very trying, disappointing and above all hurtful for me and those close to me, but as always, I’ll keep pushing forward to achieve great projects despite this ordeal,” he…
