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News Tag: bankruptcy

December 7, 2012

Reform should increase availability of basic bank accounts

by Jan Harris
Reform should increase availability of basic bank accounts
Undischarged bankrupts should find in easier to open a basic bank account when changes are made to insolvency law. Barclays is the only bank still to offer basic bank accounts, which allow customers to pay in wages and any benefits but do not provide other services such as overdrafts. Basic bank accounts were offered by the Co-op until September, when they ...




September 17, 2012

Co-op stops offering bank accounts to bankrupt customers

by Jan Harris
Co-op stops offering bank accounts to bankrupt customers
Despite its commitment to ethical business practices the Co-op has stopped offering bank accounts to people who are undischarged bankrupts. Bankrupts are usually automatically discharged from bankruptcy after 12 months and are then freed from bankruptcy restrictions and from the debts owed. People who are undischarged bankrupts will have access only to Barclays’ Cash Card Account following the Co-op’s decision, which ...




August 3, 2012

Personal insolvencies fall despite the recession

by Jan Harris
Personal insolvencies fall despite the recession
The number of personal insolvencies in England and Wales fell to 27,390 in the second quarter of 2012, a year-on-year fall of 10.2 per cent and the lowest figure since 2008. The 2012 second quarter figures, released by the Insolvency Service today, are an improvement on those for the first quarter when the number of people declared bankrupt increased for the first ...




May 4, 2012

Fall in bankruptcies hides rise in personal debt

by Jan Harris
Fall in bankruptcies hides rise in personal debt
There was a fall in the number of people going bankrupt in the first quarter of 2012 but more people are experiencing debt problems and many are simply unable to afford the £700 bankruptcy fee. According to the latest figures from the Insolvency Service, 28,723 individuals in England and Wales became insolvent in the first quarter of this year, 4.7 ...




February 7, 2012

More women experiencing debt difficulties

by Jan Harris
More women experiencing debt difficulties
Women in Debt, which offers female-focused debt advice, has warned that the number of UK women facing serious debt has grown significantly over recent years. The organisation believes that more women will need advice on solving debt problems in the future because they are building up an unsustainable level of indebtedness. Women in Debt’s director, Georgina Earle, said: "Females have fought for ...




January 13, 2012

One person per minute declared bankrupt

by Jan Harris
One person per minute declared bankrupt
National money education charity Credit Action today revealed that one person is declared insolvent or bankrupt every 60 seconds during the working week. Based on statistics gathered in the third quarter of 2011, the charity estimates that 331 people are made insolvent or bankrupt every working day and 101 properties are repossessed every day. The current high level of unemployment is ...




November 21, 2011

Government looks into bank accounts for bankrupts

by Jan Harris
Government looks into bank accounts for bankrupts
Although people who have been made bankrupt are legally allowed to hold a bank account, in practice most banks refuse to allow an undischarged bankrupt to open one. This reluctance is because of the risk that a trustee could pursue the bank for loss of money following a bankruptcy. However, the lack of a back account can make life very difficult ...




August 19, 2010

General Motors plans $20bn flotation

by Kay Mitchell
”General
More than a year after declaring itself bankrupt, US carmaker General Motors (GM) is planning an initial public offering (IPO) - which is set to be the second largest share sale in US history. The company has filed an official application (called an S-1 document) with the Securities and Exchange Commission. According to analysts, the move will raise between $12 billion and $16 billion ...




August 18, 2010

American Apparel facing bankruptcy

by Kay Mitchell
American Apparel facing bankruptcy
It has been revealed that US fashion chain American Apparel is facing bankruptcy. The chain, which has faced much criticism for its provocative and controversial ads, has almost 300 stores worldwide and 14 in the UK. The company is ready to collapse under a mountain of debt of £77.2 million and has already warned that it is likely to breach the terms of its agreement ...




January 11, 2010

Bankruptcy looming for Japan Airlines

by Kay Mitchell
”Bankruptcy
Troubled Japan Airlines (JAL) is expected to enter bankruptcy proceedings within the next couple of days, according to reports. It is believed the state-owned Development Bank of Japan has already agreed to the bankruptcy. The airline, which is Asia’s largest carrier, is grappling with a mountain of debt and it is currently under the watchful eye of the state-backed turnaround body (the Enterprise Turnaround ...




January 3, 2010

Japanese Government to double credit line for JAL

by Kay Mitchell
”Japanese
Struggling Japan Airlines (JAL) has had its credit line doubled to 200 billion yen (£1.3 billion) after an agreement by the Japanese Government today, according to Kyodo news agency. The extra funding was agreed by Deputy Prime Minister Naoto Kan, Transport Minister Seiji Maehara and other ministers at a meeting this weekend. A statement said: "The government has decided ...




December 30, 2009

Japan Airlines shares hit fresh record low

by Kay Mitchell
Japan Airlines shares hit fresh record low
Shares in troubled Japan Airlines (JAL) plummeted to a fresh low today, losing 24% to 67 yen. The stock plummeted for a second consecutive day amid reports that the carrier is heading towards bankruptcy under a state restructuring plan. The airline, which is Asia’s largest carrier, has been struggling amid the global economic downturn which has led to a slump in demand. Many ...




December 29, 2009

Japan Airlines shares hit record low amid bankruptcy rumours

by Kay Mitchell
”Japan
Shares in troubled Japan Airlines (JAL) plummeted by 11% today to a record low of 85 yen amid reports that the carrier could be forced to file for bankruptcy. The stock has lost almost 60% of its value this year. The airline, which is Asia’s largest carrier, has been struggling amid the global economic downturn which has led to ...




October 20, 2009

Distressed sales surge in Midlands and the North

by Gill Montia
”Distressed
Property Portfolio Rescue (PPR) has published its latest UK distress index, showing a surge in the number of distressed home sellers in major cities in the Midlands and the North. In the three months to the end of September, the index rose by 60% in these regions, compared with the same period of 2008. According to the residential landlord, enquiries from ...




September 1, 2009

Airline industry suffers amid severe losses

by Kay Mitchell
”Airline
The International Air Transport Association (Iata) said major airlines continue to suffer amid higher fuel prices. According to the industry group, in the first six months of the year, airlines are likely to have lost £3.7 billion. Furthermore, the body said airlines made losses between April and June - the spring season when they would traditionally make 50% of their yearly profits. Many airlines ...




July 29, 2009

“Impartial” advice best solution for economic blues

by David Masters
Consumers looking to alleviate the financial blues should seek advice from a certified and impartial source, a debt solutions group warned this week. Derek Oakley, head insolvency practitioner at Debt Free Direct, said financial advice is best sought from advisers who have "achieved the Debt Standard". There can be "dramatic variations in the quality" of help given by debt management companies, Oakley ...




July 2, 2009

US car makers see fall in sales

by Kay Mitchell
”US
“The Big Three” US carmakers reported a slump in sales in June compared to the same month last year. General Motors (GM) said sales fell 33.6%, while Chrysler sales declined by 42%. However, Ford, which is the only one of the three not to have gone bankrupt, said sales were down 10.9% compared with a year earlier - a much smaller ...




May 31, 2009

General Motors expected to file for Chapter 11

by Kay Mitchell
”General
Many reports over the weekend have speculated that General Motors (GM) is expected to file for Chapter 11 bankruptcy tomorrow. The century-old car maker, which was once the biggest company in the world, reaches its deadline tomorrow of restructuring the business in order to achieve a multi-billion dollar loan from the Government to avoid bankruptcy protection. So far, the company ...




May 3, 2009

Insolvencies at a record high

by Peter Charalambous
”Insolvencies
Individual insolvencies are at a record high with an average of 330 people going bust everyday, with the latest insolvency data for the first three months of 2009 showing a 19 percent year-on-year rise inclusive of Individual Voluntary Arrangements (IVAs) and bankruptcies. KPMG has stated that 51 per cent of people entering into IVAs are homeowners, which is a 34 percent increase from ...




April 8, 2009

UK jobs under threat as GM prepares for bankruptcy

by Kay Mitchell
”UK
According to a report in the Daily Mail, the world’s largest carmaker General Motors (GM) is preparing for bankruptcy. While the company is hoping to win concessions from its creditors, the threat of going bust puts 5,000 jobs at risk at Vauxhall in Ellesmere Port, Cheshire and Luton as well as 60,000 supply jobs. GM wants its creditors to ...