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.
Although some people win big, gambling is more likely to make you sink deeper into debt.
Many South African consumers have turned to gambling to fix their finances, but unfortunately, experts say this is definitely not the answer. All income groups are suffering financially and battling with debt, and cannot be blamed for thinking they will try just once to win a little money.
As consumers grapple with the pressure of rising living costs, high unemployment and economic uncertainty, more people are turning to gambling in the hopes of a quick financial fix. However, Niresh Gopichand, risk director at Atlas Finance, warns that gambling is a dangerous illusion that often worsens financial distress rather than solving…
Claire’s has collapsed into administration in the UK and Ireland with 2,150 jobs put at risk.
The appointment of Will Wright and Chris Pole from Interpath as joint administrators to Claire’s Accessories UK, Claire’s European Services and Claire’s European Distribution follows the announcement that Claire’s Holdings had commenced voluntary Chapter 11 proceedings in the US. The company has been struggling against declining sales and strong competition.
With its UK headquarters in Birmingham, Claire’s currently operates a total of 306 stores across the UK and Ireland.
The administrators will continue to trade the companies in administration…
Insolvency specialists were appointed to wind up the Dun Cow Bar and Grill in Telford on August 11, after the restaurant filed for voluntary liquidation following a creditors meeting at the beginning of August.
However the business is set to continue trading with all jobs saved after it was sold to another firm, the company’s joint liquidators have confirmed.
The business, based on Trench Road in Telford, has traded as the Dun Cow Bar & Grill since October 2020.
The Dun Cow bar and grill, Trench
“Like many businesses in the corporate hospitality sector, this business has been hit by a number of economic challenges, impacting its working capital,” said Luke Brough, Director at Opus Restructuring & Insolvency, the former company’s joint…
On 8 August a Court of Session commercial judge refused to make a first order in a petition to wind up a company, declining to authorise its intimation and service. Instead the judge granted the respondents’ motion to dismiss the petition.
The company had lodged a caveat and appeared by counsel, as did two of its directors, who had not lodged caveats. The company had been placed into voluntary liquidation. The petitioner objected that only the liquidator could appear for the company. Lord Lake held that the validity of the voluntary liquidation was contested, and said that “I therefore consider that counsel was validly instructed on behalf of the company … So far as the…
Pakistan plans to utilise hedging instruments to manage exchange rate volatility risks, while also working to develop domestic futures and interest rate swap markets, according to the “Medium Term Debt Management Strategy (MTDS) for FY 2026-28” released by the Debt Management Office, Finance Division.
“The government is committed to actively managing foreign exchange (FX) risk. There are plans to use hedging instruments to mitigate exchange rate volatility risks,” read the Medium Term Debt Management Strategy FY2026-28.
The MTDS projects that nominal GDP will rise from Rs114.7 trillion in FY 2025 to Rs162.5 trillion by FY 2028, driven by growth in the agriculture and manufacturing sectors. It also anticipates an average primary…
The National Insurance Commission (NAICOM) has given insurers and reinsurance companies a 12-month period to comply with the new minimum capital requirement (MCR).
The MCR was introduced by the Nigerian Insurance Industry Reform Act (NIIRA), 2025.
In a circular released in Abuja on Friday, it was said that any company that failed to meet the prescribed MCR within the stipulated period would be liquidated, merged, or any other regulatory resolution deemed appropriate by the commission would be considered.
The circular was signed by Usman Jankara, the Deputy Commissioner, Technical of NAICOM.
NIIRA 2025, recently assented to by President Bola Tinubu, introduced a higher MCR of N10 billion, N15 billion, N25 billion and N35 billion for life,…
MasterChef star Reynold Poernomo has received some tough news this week with his high-end dessert bar in Melbourne going bust.
The business behind KOI Dessert Bar in Melbourne, known for its luxurious, highly creative, and visually stunning treats, has entered voluntary administration.
The family run business, which also has two establishments in Sydney, became known to the public when Poernomo placed fourth on the 2015 series of the beloved Channel 10 show.
It’s the latest in a series of blows for the popular chef, who’s business Monkey’s Corner in Sydney entered liquidation in May, according to Herald Sun.
The business, which was opened back in 2017, reportedly owed almost $500,000 to creditors at the time of its closure, including…
