The U.K. Insolvency Service says that creditors of Pazhar Zvezdy Ltd, previously known as ASA UK Development Limited, may not be aware that the company is now in compulsory liquidation, the Construction Index reported. Pazhar Zvezdy Ltd traded as a residential and commercial construction company. Following complaints it was investigated by the Insolvency Service. It was finally wound up in the public interest in the High Court on 7th September 2021 and the official receiver, Catherine Hudson, was appointed as the liquidator.

A U.K. energy supplier to tens of thousands of small businesses is on the brink of becoming the 14th provider to collapse in the last three months, further underlining the scale of the crisis gripping the sector, Sky News reported. CNG Energy's retail arm - which only supplies commercial customers - is close to falling into the Supplier of Last Resort (SOLR) system operated by Ofgem, the industry regulator.

Britain’s top finance official laid out a vision for the country’s post-pandemic economy on Wednesday as he announced plans to spend on education, the National Health Service and job skills. But his plans risk being overshadowed by the recent rise in inflation and supply chain disruptions that are weighing on the pandemic recovery, the New York Times reported. “Today’s budget does not draw a line under Covid; we have challenging months ahead,” Rishi Sunak, the chancellor of the Exchequer, told lawmakers in Parliament on Wednesday.

Offshore driller Seadrill Ltd on Tuesday obtained court approval for its reorganization plan, clearing the way for it to emerge from bankruptcy, Reuters reported. Offshore driller Seadrill Ltd yesterday obtained court approval for its reorganization plan, clearing the way for it to emerge from bankruptcy. U.S. Bankruptcy Judge David Jones in Houston signed off on the plan during a virtual hearing. Under the plan, creditors will exchange $4.9 billion in debt for equity in the company. Seadrill will also raise $350 million in new financing.

U.K. Chancellor of the Exchequer Rishi Sunak unleashed 75 billion pounds ($103 billion) of giveaways in a budget that defied predictions for fiscal restraint, pinning the path of future spending to predictions for a rapid economic growth, Bloomberg News reported. Sunak slashed taxes for pubs and restaurants, cut duties on alcohol and handed more income to some of the nation’s poorest families in a statement to Parliament on Wednesday. He also earmarked billions of pounds more for infrastructure, education and worker skills, boosting the budget for every government department.

France announced Wednesday that it will bar British fishing boats from some French ports starting next week if no deal is reached with the U.K. in a dispute over fishing licenses — and suggested it may restrict energy supplies to the Channel Islands as well, the Associated Press reported. Since the U.K. left the economic orbit of the European Union at the start of the year, relations between London and Paris have become increasingly frayed. France vehemently protested the decision last month by the U.K.

The British government said on Tuesday that it would introduce legislation enabling a form of financing for nuclear power stations that it hopes will attract investors willing to put up billions of pounds to build new facilities, the New York Times reported. The government’s move, which would require consumers to help pay for these plants as they are being built, is expected to provide a green light for a long-delayed new nuclear station northeast of London, estimated to cost £20 billion ($27.5 billion).

Britain has experienced a series of shortages these past few months, from a lack of fuel at gas stations to not enough workers picking the fall harvest, but Treasury chief Rishi Sunak is unlikely to dwell on them when he delivers his annual budget statement on Wednesday, the Associated Press reported. The Chancellor of the Exchequer, as he is formally known, will instead likely use one of the most high-profile, choreographed events in the country’s political calendar to paint a relatively rosy picture of the state of the British economy following the devastating shock of the pandemic.

British Brexit minister David Frost said on Monday that the European Union's proposals to solve the problem of trade involving Northern Ireland did not go far enough and significant gaps remained between the two sides, Reuters reported. The two sides are in negotiations to find a common solution to issues with the part of a Brexit deal that governs trade between Britain, British province Northern Ireland, and EU member Ireland. Earlier this month, the European Union presented proposals to fix those issues. "The problem with them is that they don't go far enough.

Three directors have been banned following investigations which found that nearly £100,000 worth of Bounce Back loans had been inappropriately applied for, or misused., according to a press release from the U.K. Insolvency Service. The Bounce Back Loan (BBL) scheme ran to March 2021 and provided loans of up £50,000 to help businesses survive the impact of COVID-19. N&S Solutions Ltd was a cleaning services company incorporated in June 2018. Since October 2018 Rafael Henrique Scher, 38, had been the only director.