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.
German automotive supplier slides into insolvency again / Local court orders reorganisation under self-administration— By Plasteurope.com staff — A sharp decline
In a crucial interpretation of the Insolvency and Bankruptcy Code, the Supreme Court of India has ruled that the moratorium imposed during insolvency proceedings does not restrict a corporate debtor from voluntarily handing over possession of leased property to the lessor—provided it is done with approval from the Committee of Creditors (CoC).
The ruling comes in response to a legal dispute where a resolution professional, with the CoC’s backing,…
Kulbarg Singh has been banned as a director after selling £1.5 million worth of assets for under £500,000 to another company which he also controlled
The sales in 2021 included seven historic cars – including three Rolls Royces
Singh’s disqualification means he cannot direct any company until 2031
A Staffordshire businessman who sold seven historic cars including two Jaguars and three Rolls-Royces for just £1 to another company he also controlled has been banned as a director.
Kulbarg Singh, 62, was the director of Aldridge Construction Engineering Ltd when he entered into an asset purchase agreement with Ace Earth Solutions Ltd in 2021.
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Last year about one in three Americans carried medical debt, and nearly one third of them took out loans — totaling 74 billion dollars. We hear about ‘Dollar For’ – a non profit that teaches people how to eliminate medical debt by accessing financial assistance hospitals are legally required to provide. We talk with founder Jared Walker, and Sally Kervin and Nayano Taylor-Neumann, two Marylanders who had their medical debt erased.
The tween jewellery and ear piercing retailer Claire’s has declared bankruptcy for the second time in seven years as it struggles amid a slowdown in consumer spending and the switch to online shopping.
The US accessories retailer, which has more than 2,700 stores in 17 countries including the UK and France, said in papers filed with the US bankruptcy court in Delaware that it had debts of between $1bn and $10bn.
Uncertainty about Donald Trump’s tariff policy has raised questions about Claire’s ability to deal with a nearly $500m loan which is due for repayment in December 2026.
Chris Cramer, the chief executive of Claire’s, said: “This decision is difficult, but a necessary one. Increased competition, consumer spending trends and…
The company runs two outlets in Shropshire, in Telford and Shrewsbury, among around 280 stores in the UK. In total, Claire’s runs 2,750 stores across 17 countries, employing around 5,000 people across its operation.
The US-based fashion accessories and jewellery business has filed for Chapter 11 bankruptcy in a court in Delaware, according to new filings.
It is the second time the group has declared bankruptcy, after first filing for the process in 2018 after it was unable to repay a loan.
Bosses at the Darwin Centre, where the chain’s Shrewsbury outlet is based, declined to comment this morning. The Telford Centre did not immediately respond to a request for comment.
Claire’s Accessories, Shrewsbury (Image: Darwin Centre)
German automotive supplier slides into insolvency again / Local court orders reorganisation under self-administration
— By Plasteurope.com staff —
A sharp decline in sales has pushed automotive supplier Weberit Plastics Technologies (Oberlahr, Germany; www.weberit.com) into financial distress, prompting the company to file for insolvency under self-administration. On 29 July 2025, the local court of Betzdorf ordered provisional self-administration and appointed Thomas Rittmeister, a lawyer of the law firm Reimer Rechtsanwälte (www.reimer-rae.de), as provisional administrator.
The Weberit management team led by Nicolas Maggiarosa is to be be supported by restructuring experts Jens Lieser and Alfred Kraus of Lieser Rechtsanwälte (
The government will help a council repay its multi-billion pound debt ahead of local government reorganisation, it has been announced.
The Ministry of Housing, Communities and Local Government said it had committed to providing “initial debt repayment support” to Woking Borough Council (WBC), but had not yet agreed on an amount.
A ministry spokesperson said: “It is not typical for a council’s debt to be addressed or written off centrally. However, the government accepts that there are exceptional circumstances in Woking due to significant unsupported debt which cannot be managed locally in its entirety.”
Dale Roberts, WBC’s deputy leader, previously welcomed the government’s commitment to future financial support.
But in May, the authority said the government had agreed to “aid the reduction” of its financial hole.
The BBC has asked the government how much money they intend to give the council.
Ministers, who are unhappy with the current two-tier system, want to scrap Surrey Council Council (SCC) and the county’s 11 borough and district councils, and set up new unitary authorities.
SCC had backed plans for the county to be split into two unitary authorities, which would see Woking grouped with Spelthorne, Surrey Heath, Runnymede, Guildford and Waverley.
However, WBC had supported plans for three unitary authorities, meaning it would be combined with Surrey Heath, Guildford…
Claire’s Accessories, which has 280 stores in the UK, is facing an uncertain future
11:50, 06 Aug 2025Updated 12:10, 06 Aug 2025
The chain faces an uncertain future(Image: UCG, UCG/Universal Images Group via Getty Images)
Claire’s Accessories is facing an uncertain future on UK high streets as its US parent company has filed for bankruptcy. The US-based fashion accessories and jewellery business, Claire’s, has lodged a Chapter 11 bankruptcy filing in a Delaware court, according to recent documents.
This marks the second time the group has declared bankruptcy, having first done so in 2018 when it was unable to repay a loan. After wiping around £1.4 billion off its balance sheet in a refinancing move, the group saw its finances improve but…
