Councils technically cannot go bankrupt like a company or individual, but the authority’s chief financial officer can issue a section 114 notice, which stops all but essential spending.

The council is hoping to avoid that by taking urgent steps to take control of its expenditure.

Heather Kidd, the leader of the authority, said: “As a council, we must all move quickly to challenge every pound and stop all non-essential spend.

“If we do this, I’m confident that we can balance our budget by the end of this financial year.”

In April, the local authority revealed that 74% of its entire budget was spent on social care, driven by a rise in the number of children in care and a much older population than England as a whole.

The councillor…

The Edinburgh based company, founded in 2019 by the late Gary Loake, focused on developing natural plant-based wellness ingredients through biotechnology, a process which involved collecting plant samples, cleaning and cultivating stem cells and scaling production in bioreactors to extract beneficial compounds.

However, following an unfortunate series of events, Green Bioactives was unable to raise the minimum funds needed to attain pre-awarded grants after an investment fell through.

“It’s a brutal time for anyone trying to raise money, especially if you’re in the development phase,” Meaney said. “There just doesn’t seem to be money out there, particularly from venture capitalists.”

He added that several other companies…

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NEW DELHI: The Supreme Court on Thursday mulled setting up a committee to oversee the bidding process and appointment of a co-developer for the construction of stalled residential apartments, offices, retail space besides a luxury hotel by Supertech Realtors.

Supertech Realtors is a subsidiary of beleaguered realty major Supertech, which is facing insolvency proceedings along with some other group companies.

Supertech Realtors is developing the Supernova project at a cost of Rs 2,326.14 crore on a land measuring 70,002 square metre at Sector 94 in Noida.

The building under the project is believed to comprise 80 floors, being the…

MONTREAL — The Quebec government wants a judge to declare insolvent the North American branch of Swedish battery manufacturer Northvolt, as the province attempts to recoup some of its losses on a failed electric-vehicle battery project.

Documents filed in Quebec Superior Court on Tuesday say that Northvolt Batteries North America owes more than $260 million on a government loan that allowed the company to buy land near Montreal to build a $7-billion battery plant. 

The government wants the court to launch creditor protection proceedings so that it can recover nearly $200 million from frozen bank accounts belonging to Northvolt and repossess the property where the factory was supposed to be built. 

“It is clear that (Northvolt…

As online sportsbooks line up promotions for a new NFL season, Maryland experts and moms are sounding alarms about young men getting hooked on gambling.

Originally Published: September 4, 2025 at 8:30 AM EDT

Verizon flipped to the B-side of a recent run of contract wins with various US military divisions, upping a commitment to a debt relief programme for retired service personnel which has erased close to $9 million since launching in 2024.

The US operator partnered with ForgiveCo on the debt-relief programme and stated more than 6,000 veterans in the Great Lakes region had medical debt of $8.8 million wiped out so far.

Verizon committed a further $22 million to the programme until the close of 2026, offering retired personnel the chance to escape “the crushing weight of debt” as they move back into civilian life.

ForgiveCo president Erik Antico said…

The corporate insolvency resolution process (CIRP) of Hindusthan National Glass & Industries Ltd. (HNGIL) — India’s oldest and once-largest container glass manufacturer — has snowballed into a full-blown regulatory and legal storm.

A 39-page legal notice addressed to the Reserve Bank of India (RBI), the Securities and Exchange Board of India (SEBI), the Ministry of Finance, the Ministry of Corporate Affairs, the Insolvency and Bankruptcy Board of India (IBBI), and the Parliamentary Standing Committee on Finance has accused the resolution applicant, Independent Sugar Corporation Limited (INSCO), of pushing through a financing structure that is opaque, unlawful, and in direct violation of the country’s financial regulations and…