Business insolvency rates will remain 30 per cent above pre-pandemic levels next year after with another 27,650 firms set to go bust in 2025, research suggests.
Official data last week that showed another 2,000 UK firms went under last month as a sharp rise in labour costs, stubbornly high inflation and weak consumer confidence have contributed to monthly company insolvency rates at 30-year highs since 2023.
Forecasts published by Allianz Trade on…
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Around 28,000 British businesses face going bust this year This is Money
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Commenting on the rise in company failures, Blair Milne, a partner in the Glasgow office of accountancy firm Azets, pinpointed a change in approach from HMRC following the “softly slowly” approach it took in the aftermath of the coronavirus pandemic. Its rise in enforcement has come as companies have faced rising costs on a variety of fronts, from increases in employer national insurance contributions and the national living and minimum wage, which took effect in April, to a general rise in the cost of doing business.
Mr Milne, who has worked in insolvency and corporate recovery for 30 years, told The Herald: “One of the factors that is driving an uptick in insolvency appointments is an increase in creditor action, whether…
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NCLT Admits Insolvency Case Against Blu-Smart Mobility Cartoq
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The Trump administration on Friday announced a major policy shift, saying it will cancel student debt for millions of borrowers under federal loan forgiveness plans — reopening a pathway that the government had previously blocked.
This shift comes as part of an agreement with the American Federation of Teachers (AFT), under which the White House will start processing student loan forgiveness for eligible borrowers, New York Post reported.
Borrowers enrolled in two specific income-driven repayment plans, Income-Contingent Repayment and Pay as You Earn, can receive student loan forgiveness under the new policy.
These programmes calculate monthly payments based on a borrower’s salary, and typically…
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A ‘Mornings with Maria’ panel reacts to a new report warning that Gen Z faces critically low credit scores and growing concerns about employability.
In a significant win for student loan borrowers, the Trump administration has agreed to a court-supervised plan that will speed up debt cancellation under income-driven repayment programs and protect borrowers from unexpected tax bills next year.
The administration and the American Federation of Teachers (AFT) reached the agreement Friday in the AFT v. U.S. Department of Education case, resolving months of legal tension over the government’s obligation to cancel student debt for borrowers who have made decades of payments under federal law.
The AFT said in a statement that the deal…
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