Debenhams administration could provide blueprint for ‘freezing’ companies during coronavirus crisis April 6, 2020 Debenhams today gave notice to appoint administrators for what it said would be a “light touch” administration with the management remaining on board. This approach accords with ideas being floated by City insolvency lawyers who have proposed using the administration regime to mothball companies during the crisis and reviving them when economic conditions improve. Luke [...]
Freshfields suspends partner profit distribution and freezes pay April 6, 2020 Magic Circle law firm Freshfields Bruckhaus Deringer has suspended partner profit share for the fourth quarter and frozen pay across the firm to help weather the economic crisis triggered by coronavirus. The firm has also deferred decisions on staff bonuses until later in the year. A Freshfields spokesperson said: “We are focused on supporting our [...]
PwC UK freezes pay as partners told they will shoulder financial burden of crisis April 5, 2020 PwC UK froze promotions, pay rises and bonuses for staff last week and told partners they will shoulder the financial burden of the economic crisis triggered by the coronavirus lockdown. The Big Four firm has delayed its staff appraisal programme that normally kicks off after 31 March, meaning bonuses, pay rises and promotions will not [...]
Second wave of nudge letters seeking offshore funds lands from HMRC April 2, 2020 In last month’s Budget, chancellor Rishi Sunak declared that the Treasury would raise an additional £4.7bn over five years by further combating tax evasion and avoidance. Thousands of letters were sent at the end of February by HMRC, asking individuals suspected of not disclosing offshore assets to review their affairs. This is sent along with [...]
Morrisons wins legal case over data breach liability April 1, 2020 The UK’s highest court has ruled that Morrisons is not legally liable for the actions of a disgruntled former employee who leaked the data of more than 100,000 workers. Supreme Court judge Lord Reed ruled this morning that the supermarket was not vicariously liable for the conduct of Andrew Skelton, who was jailed in 2015 [...]
How are criminals getting our information? April 1, 2020 | Sponsored In these difficult times, we should be vigilant against criminals using the publicity around Coronavirus as a chance to target people with fraudulent emails, phone calls, text messages or social media posts. Most of us think we’re too smart to get caught out by fraud and scams but, the truth is, criminals are increasingly using sophisticated [...]
Online scams and home working April 1, 2020 | Sponsored Suddenly, we’re all in the same boat – focused on little apart from protecting ourselves, our loved ones, friends, incomes and businesses.Tony Neate, CEO of cybersecurity advice provider Get Safe Online, has advice for employers and individuals facing home working for the first time. For most of us, in whatever sector we work or run [...]
Advanced analytics in the fight against financial crime April 1, 2020 | Sponsored Financial crime isn’t isolating. Criminals — money launderers, terrorists, fraudsters — evolve apace or ahead of the institutions and individuals they exploit. Global headlines, encompassing Panama to Moscow and due South, beg the question: “How can we keep up?” How data experts can help combat financial crime Nick Hourigan, Senior Managing Director and Head of [...]
Criminals are using COVID-19 to scam the public – don’t become a victim April 1, 2020 | Sponsored Law enforcement, government and private sectors partners are working together to encourage members of the public to be more vigilant against fraud, particularly about sharing their financial and personal information, as criminals seek to capitalise on the Covid-19 pandemic. Criminals are experts at impersonating people, organisations and the police. They spend hours researching you for [...]
Grant Thornton asks employees to take 40 per cent pay cut March 31, 2020 Grant Thornton has asked its UK employees to volunteer a 40 per cent reduction in their pay to avoid redundancies. The challenger audit firm has asked its 4500 employees in the UK to take a cut to avoid the need for an alternative package that would involve unpaid leave and layoffs, according to Sky News. [...]