This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
Already a member? Login here.
Staffordshire, U.K.-based hire and fleet management firm Prohire has taken initial steps to appoint an administrator, Motor Transport reported. The company filed an application in court this week notifying its intention to appoint insolvency experts. The application was lodged on 25 June. The last available set of accounts for the business showed that turnover had increased by £8.5m in the year ending 31 March 2024 to £52.9m. It attributed this mainly to annualisation of prior year and current year contract hire new business secured.
Read more
The head of a construction company has been disqualified as a director for 11 years after his four companies reclaimed almost £400,000 in VAT they were not entitled to, ConstructionNews.co.uk reported. Hassan Waqar, who is now based in Dubai, submitted falsified documents to HMRC and failed to provide supporting evidence for VAT repayment claims, the Insolvency Service said.
Read more
Global payments processors Visa and Mastercard's default multilateral interchange fees which are charged to retailers infringe competition law, a London tribunal ruled on Friday in the latest round of the long-running legal saga, Reuters reported. London's Competition Appeal Tribunal unanimously ruled that Visa and Mastercard's multilateral interchange fees breach European competition law, in a ruling in linked lawsuits brought by hundreds of merchants.
Read more
This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
Already a member? Login here.
The conflict in the Middle East increases the risk that businesses and households in the U.K. will expect the rate of inflation to remain high, and raise their prices and wage demands, a policymaker at the Bank of England said Tuesday, the Wall Street Journal reported. While U.S. President Trump announced a cease-fire on Monday evening, it is unclear whether the conflict between Israel, Iran and the U.S. will soon be resolved. While it continues, there is a risk that energy prices will surge again.
Read more
The number of companies going bust across the UK increased last month after firms swallowed increased costs, according to figures, PAMedia reported. Official data from the Insolvency Service showed there were 2,238 company insolvencies in England and Wales in May. This was 8% jump compared with April, and 15% higher than the same month last year. The increase was driven by 1,734 creditors’ voluntary liquidations, where company directors choose to shut a business down.
Read more
Ex-Premier League footballer Lee Clark, known for his time at Newcastle United, Sunderland, and Fulham, has been hit with bankruptcy due to a debt owed to One Stop Business, a finance company based in York, the Irish Mirror reported. The insolvency notice was officially recorded in the London Gazette, which means Clark's assets are now frozen under the authority of the Insolvency Service. His bank accounts, savings and other valuable assets could be used to pay his unsecured creditors if he does not address the debt.
This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
Already a member? Login here.
Somerset Council will have to declare effective bankruptcy in April 2026 unless the government can change how special needs education is funded, Glastonbury and Street reported. Demand for specialist education for children and young people with special educational needs and disabilities (SEND) has soared in recent years, with rising demand and climbing costs putting huge pressure on council budgets.