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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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The U.K.’s annual rate of inflation was unchanged in August, despite prices of services increasing at a faster rate, reinforcing expectations that the Bank of England will leave its key interest rate unchanged Thursday, the Wall Street Journal reported. Consumer prices were 2.2% higher in August than the same month last year, a level of inflation that matched July’s rate, the Office for National Statistics said Wednesday. Economists polled by The Wall Street Journal also expected inflation to remain at 2.2%.
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Harland & Wolff, the British holding company for the shipyard that built the Titanic and other 20th-century ocean liners, said on Monday that it was going into administration, similar to U.S. bankruptcy proceedings, after months of intense financial turmoil, the New York Times reported. The company said in a regulatory filing that it was insolvent and that the advisory firm Teneo would be appointed as the administrator. While Harland & Wolff will go into administration, the company’s four shipyards will continue operating, it said.
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The U.K. government has introduced a new bill to Parliament that proposes new legal protections for digital assets such as cryptocurrency, non-fungible tokens (NFTs), and carbon credits, TechCrunch.com reported. The bill comes as the crypto sector contends with a range of regulatory headwinds: In the U.S., the Securities and Exchange Commission (SEC) has ruled that certain crypto assets are securities, and earlier this year, the SEC approved the first U.S.-listed exchange traded fund (ETF) to track Bitcoin.
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