A British “shadow bank” that collapsed amid fraud allegations had a £1.3bn hole in funds owed to lenders, its creditors have claimed, The Telegraph reported. On Tuesday, creditors claimed in a court filing that Market Financial Solutions (MFS), which borrowed billions to lend out to customers, had a much larger shortfall than originally expected. MFS was placed into administration last month amid what a judge called “very serious” allegations of fraud. The company is accused of double pledging assets to back loans.

The Union Cabinet on Tuesday gave its approval to amendments in the Insolvency and Bankruptcy Code (IBC) as well as the Companies Act, 2013, according to the Economic Times of India. Detailed information about the changes has not been released yet. The amendments, cleared by the Cabinet, fall under the purview of the Ministry of Corporate Affairs, which oversees the implementation of both laws.

The British industrial group Langley Holdings had announced that Manroland Sheetfed's financial situation was "unsustainable" and that several options were being considered for the future of the business, PrintIndustry.news reported. The owner of the sheetfed offset press manufacturer has now taken the next step. Manroland Sheetfed, based in Offenbach am Main, Germany, has filed for insolvency under the "Schutzschirmverfahren" regime.

BrewDog had “no money left” by the time it was rescued in a cut-price deal, the company’s new US owner has said, The Telegraph reported. The British brewer would have been unable to pay employees if it had not been bought by Tilray Brands last week, according to Irwin Simon, the cannabis firm’s chief executive. He said that “a tonne of money” would need to be ploughed into BrewDog “just to get it started again”. He added: “Day one, there was no money left.

Millions of households are facing higher water bills after five of Britain’s biggest suppliers were allowed to raise charges to help fund debt costs, The Telegraph reported. The Competition and Markets Authority (CMA) said it had decided to allow Anglian Water, Northumbrian Water, South East Water, Southern Water and Wessex Water to increase customers’ bills by an extra 2.2pc on average. This is on top of previous bill increases allowed by Ofwat.

More than two thirds of Irish companies operating in the UK plan to increase their workforce over the next 12 months, according to a survey by Enterprise Ireland, the Irish Times reported. The agency said that the finding revealed that its client companies are no longer just trading partners “but are deeply embedded, permanent contributors to the UK economy”. Enterprise Ireland companies which include Version 1, Fexco, Sisk Group, CWSI employ about 150,000 people in the UK while the market accounted for €10.5 billion in exports in 2024.

The Bank of England is investigating the collapse of a £2bn British “shadow bank” as fears about the sector rip through stock markets, The Telegraph reported. Officials at the Prudential Regulation Authority (PRA) have requested information from lenders including Barclays that backed Market Financial Solutions (MFS), a private credit provider that was placed into administration amid allegations of fraud last week.

Once again, some of Wall Street’s most sophisticated players missed the warning signs, according to a Wall Street Journal analysis. When Market Financial Solutions went to raise money from private-credit funds in 2021, it was a little-known British mortgage company specializing in short-term loans for quick property purchases. The firm’s fundraising materials provided sparse details on its chief executive, Paresh Raja, and offered financial information that diverged widely from its public financial reporting, according to documents reviewed by the Wall Street Journal.

A couple have been barred from being company directors for "tricking" investors out of more than £2m by fabricating an NHS contract, BBC.com reported. Tanveer Khan, 55, was described as the "mastermind" behind the forgery of a fake order by NHS Wales for hundreds of beds worth £9.8m, falsifying evidence of previous deliveries, the Insolvency Service said. Khan, and his wife Tasneem, 51, founded Matz Medical Limited in 2013, running it together until it collapsed in October 2022, leaving creditors £40m out of pocket.

The leader of West Dunbartonshire Council has claimed the local authority could face bankruptcy within several years, as a council tax rise of 7.8% was confirmed for the region, BBC.com reported. Martin Rooney urged political parties and independent elected members to work together to solve a £9.2m deficit facing the local authority. Rooney said that the only options available for the council to raise money were increasing council tax, increasing sales fees and taxes, using reserves, management adjustment and savings.