Personal Insolvencies Jumped by 14% in 2024 Across England and Wales

The number of people going financially insolvent in England and Wales last year was 14% higher than in 2023, driven by debt relief orders, DROs, jumping to a record high, according to the Insolvency Service, Alliance News reported. Some 117,947 personal insolvencies were registered in 2024, 14% higher than the 103,434 recorded in 2023. Within the total, there were 43,249 DROs – the highest annual number on record and 36% higher than in 2023.
United Kingdom
Read more

Element Insurtech Faces Insolvency, Impacting 400,000 Customers

Element, once hailed as a promising player in the German insurtech sector, has declared insolvency following restrictions imposed by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin), the Pinnacle Gazette reported. The decision to halt the sale of new policies proved financially debilitating, leading the company to file for bankruptcy. This situation casts doubt on the future of innovative insurance offerings within the industry.
Germany
Read more

U.K. Councils Fear Bankruptcy over Wave of Sex Discrimination Claims

Dozens of councils face a wave of new sex discrimination claims that town hall bosses fear will push them into bankruptcy, The Times reported. Payouts worth up to £500 million are being demanded by the GMB trade union, after a deal was struck last month with Birmingham city council, Europe’s largest local authority. The case is viewed as a “template” for action against other councils, given workers in jobs predominantly held by women were found to have been paid less than those in male-dominated ones.
United Kingdom
Read more

U.K. Jobs Market Weakens as BOE Prepares to Ease Rates

The U.K.’s unemployment rate rose in the three months through November, a fresh sign the economy is faltering that increases the likelihood the Bank of England will lower its key interest rate early next month, the Wall Street Journal reported. Unemployment stood at 4.4% of the workforce between September and November, rising from 4.3% in the previous three-month period, the Office for National Statistics said on Tuesday. That takes joblessness to its joint-highest level since 2021.
United Kingdom
Read more

Non-Bank Irish Lenders Provided €20 Billion in Credit in 2023

Non-bank lenders provided €20bn in credit to Irish households and small businesses in 2023, according to new analysis by the Banking & Payments Federation Ireland (BPFI), the Irish Examiner reported. Based on data from the Central Bank, the BPFI said non-bank lenders account for about 15% of outstanding credit. Encompassing a large and diverse group of financial enterprises, non-bank lenders do not offer deposit accounts, but provide a wide range of credit facilities for consumers and SMEs.
Ireland
Read more

Adult Care Costs 'Could Bankrupt Council'

A councillor has said the U.K. government needs to urgently help their authority with adult care costs, to avoid bankruptcy, BBC.com reported. Despite welcoming the government's plan for reform, Somerset councillor Sarah Wakefield, lead member for Adults Services, Housing and Homelessness, said she is concerned funding will take too long to arrive. The Liberal Democrat-led Somerset Council spends 70-80% of its whole budget on social care and education.
United Kingdom
Read more