Huge debts at Titanic shipbuilder Harland & Wolff revealed October 31, 2024 Titanic shipbuilder Harland & Wolff owed more than £160m when it collapsed into administration last month, it has been revealed. Teneo was appointed to oversee the process at the 162-year-old holding company in September while its subsidiary firms, including its prized Belfast shipyard, will continue to trade under the control of the directors. Now a [...]
Insolvencies at fashion manufacturers jump on cocktail of cost pressures October 29, 2024 Insolvencies at UK fashion manufacturers have risen by nearly a quarter in the past year as a combination of supply and demand pressures has driven firms under while customers switch to pre-loved clothing. According to Forvis Mazars, the international tax and advisory firm, over 100 companies went bust in the year to July 2024, up [...]
Summer of sport helps provide respite but insolvency trend continues September 20, 2024 A summer of sport and warmer weather helped provide some respite to the retail and hospitality industries in England and Wales helped the number of insolvencies dip last month compared to July, according to new figures. Around 10,000 individuals entered insolvency in August 2024, five per cent lower than July’s total but 16 per cent [...]
Not everyone is suffering: Insolvency expert Manolete booms as more companies go bust September 3, 2024 The poor state of the economy hasn’t been bad for everyone, as insolvency litigation financing firm Manolete Partners has returned to profit thanks to the withdrawal of government support for failing businesses during the pandemic. The AIM-listed company reported an operating profit of £2.5m for the financial year to 31 March, up from a loss [...]
‘Death by a thousand cuts’: UK insolvencies soar 17 per cent and exceed pandemic levels March 15, 2024 The government agency said this was higher than levels seen during the pandemic "while the government support measures were in place", with things like the furlough scheme. It is also higher than pre-pandemic figures.