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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.
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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.
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August 2024 saw 102 company insolvencies registered in Scotland, 9% lower than the number in August 2023, Scottish Financial News reported. The total number of company insolvencies was comprised of 56 CVLs, 42 compulsory liquidations, two administrations and two receivership appointments. There were no CVAs. The total insolvency rate in Scotland in the 12 months to August 2024 was 53.2 per 10,000 companies on the effective register. This was down by 1.7 from the preceding 12 months ending August 2023.
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ISG, a U.K.-headquartered construction giant with a presence across Ireland, wider Europe and the Middle East is facing collapse, with the firm preparing to place much of its business into insolvency, the Irish Examiner reported. The firm employs more than 2,000 people and is one of the largest construction companies in the UK. It’s collapse would be the biggest casualty in the sector since Carillion went into liquidation in 2018. Six of the firm’s subsidiaries filed notices of intention to appoint administrators on Thursday.
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Households face increased bills unless councils are given greater powers, the leader of Cotswold District Council has warned, BBC.com reported. Councillor Joe Harris added that many councils only have weeks between learning how much money they will receive before publishing their spending plans. “You wouldn’t run a business like that - we need long-term funding certainty so we can plan two or three years ahead,” Mr Harris added. The government has promised to “get councils back on their feet” by introducing multi-year funding settlements.
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The Bank of England kept interest rates at 5.0% on Thursday, saying it would be careful about future cuts, and also held off from running down its bond holdings at a faster pace, avoiding extra budget strains for finance minister Rachel Reeves, Reuters reported. The Monetary Policy Committee voted 8-1 to keep rates on hold. Only external member Swati Dhingra voted for a further quarter-point rate cut after the BoE last month delivered its first reduction to borrowing costs since 2020.
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