The number of companies that became insolvent in July was 16% higher than during the same period last year, according to official data, the Independent reported. In England and Wales, 2,191 businesses went bust, according to the Insolvency Service, compared with 1,890 in July 2023. The figures included 320 compulsory liquidations – when a company is forced to shut down, usually because it has debts it cannot pay – which is the highest monthly number since before the Covid-19 pandemic.

German authorities have seized almost 25 million euros ($28 million) in cash in a nationwide operation targeting cryptocurrency ATMs, the country's financial regulator BaFin said in a statement on Tuesday, Reuters reported. Authorities seized 13 machines that had been operating without the necessary permits, posing a risk of money-laundering, according to the regulator. The ATMs had been used to trade bitcoin and other cryptocurrencies and were located in 35 different locations, the statement said.

Twenty-five years after a group of friends decided to get into the whisky business during an apres-ski hot tub party, Sweden’s Mackmyra Distillery has filed for bankruptcy, WhiskyCast.com reported. The petition was filed yesterday in Gävle District Court, with a trustee to be appointed soon. In a statement on the Mackmyra web site, chairman Petter Ski said that the decision to shut down the distillery was not an easy one. “It is with great sadness that we must state that it is unfortunately not possible to continue the company’s operations," Ski said.

Creches face going "insolvent" if the Irish government fails to provide sufficient funding to providers, it has been warned, the Irish Examiner reported. Federation of Early Childhood Providers (FECP) chairwoman Elaine Dunne said that many more creches and playschools would depart from the core funding model if changes are not made. Currently, childcare providers who accept core funding cannot increase existing prices beyond a strict limit of €33.30 per week. They have argued they cannot continue to operate without additional funds.

Sweden’s Riksbank lowered borrowing costs for a second time since May and sketched out more easing than previously expected as inflation has fallen below its target and the largest Nordic economy is sputtering, Bloomberg News reported. The central bank, which cut its benchmark rate to 3.5% from 3.75% in a decision announced on Tuesday, said it could consider as many as three more reductions this year. Its previous guidance had implied a maximum of two cuts after today.

U.K. house hunters stepped up their search after the Bank of England’s first reduction in interest rates in over four years and Labour’s election win created “buyer buzz,” Rightmove Plc said, Bloomberg News reported. The online property portal said the number of buyers contacting estate agents to view houses for sale jumped 19% from a year ago since the BOE decision on Aug. 1, an acceleration from the 11% increase across the month of July. The number of sellers coming to market also rose by 5% compared to a year earlier.

In a picturesque wine town about 100 kilometers (62 miles) from Frankfurt lies a hidden bunker that for decades was one of Germany’s best-kept secrets. Built in 1962, the cavernous structure housed alternative deutsche marks, should West Germany’s Cold War foes flood the market with counterfeit banknotes in a bid to trigger hyperinflation. In the end, the back-up currency wasn’t needed and was destroyed in 1988. Concern among Germans over the security of their money persists, however.

The Thai hotel industry is reeling from the collapse of two major European tour operators, I Travel and FTI Touristik GmbH, which has left 179 hotels out of pocket to the tune of 173 million baht, Thienprasit Chaiyapatranun, president of the Thai Hotels Association (THA) said on Friday, NationThailand.com reported. The association said that the fallout has predominantly impacted establishments in Chiang Mai and Chiang Rai, with losses estimated at 3 million baht for individual hotels.

The leader of Nottingham City Council has warned another ‘bankruptcy’ notice could be issued if the authority does not make cuts to its libraries and other services, WestBridgfordWire.com reported. In November last year the Labour-run council issued a Section 114 notice, effectively declaring bankruptcy, because it could not set a balanced budget. Government-appointed commissioners arrived in February, and the authority was granted Exceptional Financial Support, allowing it to use asset sales to fund day-to-day operational costs.

Weltbild, once one of Germany’s largest bookselling operations, is closing down on 31st August. The remaining 14 brick-and-mortar stores and Weltbild’s online shop will be affected, with 440 employees being laid off, The Bookseller reported. Owner WBD2C Group, itself a subsidiary of Düsseldorf-based private equity investor Droege Group, called in insolvency administrator Christian Plail in early June. However, while Plail talked to several possible suitors, none were prepared to buy the loss-making company.