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An update from ST Group Food Industries Holdings Limited ( (SG:DRX) ) is now available.

ST Group Food Industries Holdings Limited has announced the creditors’ voluntary liquidation of its indirect subsidiary, PPR Ryde, which operates a ‘PappaRich’ outlet in Australia. The decision follows a comprehensive review revealing that PPR Ryde is financially unsustainable due to persistent operating losses, high costs, and weak consumer demand. The liquidation is expected to have a positive long-term impact on the Group’s consolidated net…

Sisters Karen Mortimer, 67, and Joanna Seawright, 54, became directors of 138 failing companies without verifying their financial positions, failing to investigate the location of more than £42m in assets, and leaving creditors £67m in debt.

When the Insolvency Service launched an investigation, Mortimer and Seawright did not dispute their misconduct and agreed to be disqualified for seven years rather than taking the case to court.

Mortimer, who lives in Tenerife, and her sister Joanna Seawright, from Dumfries, Scotland, ran GPA KLM Ltd and Summers & May Ltd. These companies were part of the Atherton web, which was shut down in 2024 following an earlier Insolvency Service investigation.

Until they were disbanded, Atherton Corporate UK…

The number of construction companies in “critical” financial distress has soared in the past 12 months, according to an insolvency specialist.

Begbies Traynor said that the number of construction sector firms in its worst financial category rose to 7,361 in the third quarter (Q3) of 2025, compared with 4,324 at the same point in 2024 – a year-on-year rise of just over 70 per cent.

The number had already risen to 6,999 in the second quarter of the year.

The rating is based on the company’s Red Flag Alert system, which screens firms for sustained or marked deterioration in key financial ratios and indicators including those measuring working capital, contingent liabilities, retained profits and net worth.

Begbies Traynor said that the…

Once a beloved destination for dessert lovers, Singapore’s bakery cafe chain, Twelve Cupcakes, has entered a temporary state of liquidation. This unfortunate circumstance has led to the immediate closure of all its 20 establishments and the termination of approximately 80 employees.

The announcement, made on October 29, marks the end of a 14-year-long chapter in Singapore’s thriving food and beverage industry. The company expressed regret over the current predicament and offered a sincere apology. “We are deeply sorry for any inconvenience this may cause. We appreciate the unwavering support and partnership we have received over the years,” the brand conveyed in its statement.

Twelve Cupcakes’ employees, many of whom are…

Latest figures from Begbies Traynor’s Red Flag Alert, which monitors the financial health of UK companies, show that the number of construction companies in ‘critical’ distress in the third quarter of 2025 reached 7,361. This is 70.2% higher than in the same period last year.

The number of construction firms experiencing ‘significant’ distress – a lower grade of woe – was up 14.6% year-on-year to 103,551 in the third quarter (July-September) but only up by 1.2% on the second quarter’s figure.

Areas of the industry hit hardest by ‘significant’ distress in the past year were companies delivering:

• Specialised design activities – up 23.5% to 6,799
• Development of building projects – up 23.2% to…

SINGAPORE: The decision by bakery chain Twelve Cupcakes to cease operations was made without advance notice, the union said on Thursday (Oct 30), criticising the sudden move as “completely unacceptable and unfair” to workers. 

About 80 employees have been affected, including rank-and-file workers, executives and managers.

Twelve Cupcakes announced its closure on its website, saying it had been placed under provisional liquidation with effect from Wednesday. It operated outlets at locations including Changi City, Sentosa and Star Vista.

In a media statement, the Food, Drinks and Allied Workers Union (FDAWU) said it was only informed of the closure on Wednesday, on the same day as the company’s announcement to its workers.

“The union…

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