AMR Seeks Bankruptcy Court OK of TWU Labor Deals

AMR Corporation, the parent to American Airlines, has settled a deal with a bankruptcy judge and the Transport Workers Union, which will save the company over $172 million annually while keeping workers satisfied with pay raises. Other parts of the employee contracts with AMR will be modified in order to strike a balance between savings and fairness. Source: here

More people in Sussex are going bankrupt

The number of bankruptcies taking place in Sussex is on the rise.  26 of every 10,000 people have declared bankruptcy in this area, compared to only 6 of every 10,000 people, 10 years ago.  Areas like Hasting and Crawley has seen as much as 39.5 of every 10,000 apply for bankruptcy.  While insolvency in the U.K. can wipe a debt …

Bust Blackpool – new report

Individual bankruptcies are the highest among Blackpool residents, with 57 out of every 10,000 applying for bankruptcy.  A correlation between cheap airfare for flights abroad, and the changing culture of leisure time are partially to blame.  Spending a day in beach towns such as Blackpool is less popular than before, and business owners are reluctant to open up shop in …

Businesses Do Deals To Avoid Bankruptcy

Since March, British insolvencies have remained quite stable; between .08 and .09 a year.  Although this statistic looks pleasing by itself, factoring in the increasing company voluntary arrangements has shown that businesses are still struggling.  Well known companies have been renegotiating their debts, partly due to the rising costs in rent. Source: here

Businesses resort to company voluntary agreements to stave off insolvency

To avoid bankruptcy – many businesses are entering into a CVA or company voluntary agreement, which allows them avoid insolvency by negotiating their debts with creditors and third party practitioners. Among these are healthcare providers such as Southern Cross and hotels chains such as Travelodge. Rising rent cost has been partially to blame for this year’s increase in CVAs.   …

Bankruptcy Laws in England and Wales

Bankruptcy laws differ in England and Wales when compared to Scotland and Northern Ireland.  A minimum debt of 750 pounds is required to go bankrupt, which is not all that hard considering the average debt.  A debt advisor can offer their opinion on how to handle a bankruptcy, which may be public information when listed in the insolvency register. Source: …

Businesses Do Deals To Avoid Bankruptcy

British company voluntary agreements have risen by 10%, from 669 last year to 769 this year.  Included in these CVA are businesses such as JJB Sports, and Blacks Leisure.  Many of these CVAs are a result of high or rising rent costs – and landlords are feeling the pain of these agreements by being left with the raw deal. Source: …

Treasury considers bid to boost employment with tax-free ‘mini-jobs’

TheUKtreasure has considered a German model of mini-jobs to boost employment rates throughout the area.  This model entails tax-free wages below a monthly quota and a set rate to pay for governmental and social insurance.  While this scheme has worked great forGermany,UKcritics are quick to note that it comes with its limitations as temporary work will not necessarily lead to …

The story of a bankrupt without a bank account

For many, the thought of living without a bank account is almost unimaginable.  For one Northern Ireland man it is an everyday reality.  Due to his bankruptcy, banks and creditors are refusing, at their discretion, to let him open an account in his name – forcing him to use check cashing services that cost him an extra 120 pounds a …

UK unemployment falls due to temporary Olympics jobs boost

  While the Olympic Games in London provided a nice break to the joblessness experienced by UK citizens – that effect may be short-lived.  According to the ONS, unemployment dropped by as much as 8%, yet it is expected to rise in the coming months.  Even the Bank of England has noticed this trend and hasn’t banked on it being …