Wejo, a Manchester, England-based company that deals in connected vehicle data, has filed a notice of intention to enter administration to save it from liquidation, InsideRadio.com reported. The company, whose largest shareholder is General Motors Ventures, says it does not expect the move to impact its operations or business, according to BusinessLive. Wejo has been supplying connected car data to at least one U.S. broadcaster and has been working on signing others as clients.
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A Scottish Parliament committee has launched a public consultation to seek views on new Scottish bankruptcy laws, Scottish Legal News reported. The Bankruptcy and Diligence Bill will, among other provisions, create a “mental health moratorium”, meaning enforcement action against someone with serious mental health problems can be stopped. The bill will also make changes to the process for recovering money for creditors, including a requirement for creditors to provide a debtor with information about debt advice before enforcement.
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An investigation could be launched into an energy company which went bust owing more than £1m to livid customers, the Dorset Echo reported. Dorset, U.K.-based Daylight Energy officially went into liquidation in early May after racking up extensive debts and leaving hundreds of customers out of pocket. According to the report, compiled by insolvency practitioners Verulam Advisory, there are 397 customers who paid deposits totalling £1,014,427 - all of which is unsecured.
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Britain's Treasury chief said he would be prepared to see the U.K. economy slip back into recession if further interest rate hikes are necessary to bring down inflation, the Associated Press reported. With the Bank of England expected to keep raising rates following higher-than-anticipated inflation figures this week, Jeremy Hunt said it was necessary to prioritize measures to slow the pace of price increases. In an interview with Sky News that aired Friday, Hunt said the “only path to sustainable growth” is to bring inflation under control.
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British ministers are considering sweeping reforms to the 39 billion pounds ($49.22 billion) Pension Protection Fund that protects savers in company pension plans, the Financial Times reported, according to Reuters. Proposals brought before ministers could see the government-backed fund being given an extended remit to take on struggling corporate “defined benefit” retirement schemes, the newspaper said citing people briefed on the matter.
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Most British households, many feeling a cost-of-living squeeze, can expect cheaper energy bills from July after regulator Ofgem slashed its price cap to reflect a slump in wholesale costs, Reuters reported. Britain has the joint-highest rate of inflation among the Group of Seven nations along with Italy, and official data this week showed consumer prices rose 8.7% in annual terms in April, slowing from March, but still at elevated levels.
A council has been warned urgent action is needed to avoid bankruptcy over the spiraling cost of special educational needs and disabilities (SEND), BBC News reported. In the last financial year, Bristol City Council spent £94.6m on the sector, £16m more than was initially budgeted. Added to previous overspend, it now has a total deficit of £42.5m with three years to reduce the amount. The council is now working to lower costs despite rising demand in its SEND provision.
Bankrupt rocket company Virgin Orbit is shutting down after selling its facility leases and equipment to a trio of aerospace companies in an auction, the company confirmed on Tuesday, CNBC reported. “As Virgin Orbit embarks on this path, the management and employees would like to extend their heartfelt gratitude to all stakeholders,” the company said in a statement. Spun out of Virgin Galactic in 2017 by founder Sir Richard Branson, Virgin Orbit reached rarefied air by flying multiple missions.
Chemicals giant Venator will see a major reorganization of its finances as part of a bid to save the business, Gazette Live reported. The pigments producer, which employs hundreds of people on Teesside, including at its Wynyard headquarters, says it expects to continue paying wages and running normally despite having filed for chapter 11 bankruptcy in the U.S. News of the move follows a rough period for the firm and mounting losses, including net losses of $188m (£151.7) in 2022. Announcing the measures, Venator said it wanted to place itself on a better footing for growth.
Venator, the Huntsman spinoff that holds the family-owned business’s former titanium dioxide activities, has filed for protection from creditors under U.S. Chapter 11, Chemanager Online reported. The company, which is U.K.-registered but managed from the U.S. state of Texas, said it hopes to exit chapter 11 within approximately two months. CEO Simon Turner said Venator has reached agreement with the “overwhelming majority” of its lenders and noteholders on the terms of a comprehensive recapitalization plan that would equitize nearly all of its funded debt and strengthen its balance sheet.