Airline passengers face new ticket fee to cover cost of carrier collapses May 9, 2019 Airlines have hit out at proposals to charge passengers an extra 50p to pay for the cost of repatriating travellers who have been stranded following a carrier collapse. The government's insolvency review, which was set up by the Department for Transport (DfT) following the collapse of Monarch in 2017, has suggested the UK set up a "flight protection [...]
Debenhams versus Mike Ashley: Something has gone horribly wrong May 9, 2019 Magpies are among the world’s cleverest animals. Prone to cunning theft from other nests, they enjoy a surprising degree of protection. Foiled Debenhams suitor Mike Ashley won’t miss the irony that while his Newcastle United Football Club is nicknamed after these swooping robbers, a marauding band of debtholders have led a planned effort to steal [...]
MPs push for law change to give shareholders and business owners more power to sue May 8, 2019 Shareholders and small business owners could be able to take direct legal action against parties they blame for causing them losses when their companies fall into insolvency, after a group of MPs called for radical changes to the law. The All-Party Parliamentary Group (APPG) on fair business banking took to the Supreme Court yesterday in a [...]
Shares fall at shopping centre owner Intu as it warns on rental profit May 3, 2019 Shopping centre developer Intu's share price fell 6.7 per cent this morning as it warned 2019 losses may be worse than expected this morning as the troubled property firm battles with a challenging retail environment. Read more: Intu sells major stake in Derby shopping centre to cut debt The company, which welcomed former finance boss [...]
Legoland owner Merlin set to meet market expectations despite quiet winter May 3, 2019 Entertainment company Merlin has reported that it is set to meet analysts expectations in its financial results, despite the seasonally quiet period. Merlin, which owns Legoland and Madam Tussaud among other attractions, said that trading had been in line with the guidelines set out in February. Read more: Intu warns on profit after insolvency procedures pile [...]
Board to hold crunch meeting over Sir Philip Green’s Arcadia restructure tomorrow April 29, 2019 Bosses at Sir Philip Green’s Arcadia are reportedly set to discuss the fate of the troubled fashion firm at a crunch meeting tomorrow. Read more: Sir Philip Green appoints restructuring specialists to Arcadia's board The future of the fashion tycoon’s retail chain, which includes brands such as Topshop and Dorothy Perkins, is set to be [...]
Dark clouds gather as one-sixth of British businesses struggle financially April 29, 2019 Nearly a sixth of British businesses are in financial trouble, amid concerns the UK could suffer a wide-ranging economic slowdown in the coming months, according to research. Read more: Natwest increases small business loan programme amid Brexit uncertainty A report by a leading insolvency firm has revealed there are 484,000 UK firms in “significant financial [...]
Bell Pottinger partners could face legal action over disgraced PR firm’s collapse April 17, 2019 Former partners of the disgraced PR firm Bell Pottinger could face legal action over its collapse, administrators BDO have warned. The PR company collapsed in 2017 following a scandal over its work for the Gupta family in South Africa, where it was accused of deliberately inciting racial hatred. Read more: Insolvency Service launches probe into [...]
Monsoon Accessorize ‘will close dozens of stores’ across UK in latest setback for high street April 15, 2019 Fashion retailer Monsoon Accessorize is reportedly planning a spate of store closures using a controversial insolvency mechanism, in another blow for Britain’s embattled high streets. Read more: Revealed: All 15 LK Bennett stores set to close in Chinese sale The chain, which trades from nearly 270 stores across the UK, could announce “dozens” of closures [...]
What’s next for Europe’s capital markets? April 15, 2019 There are big questions on the horizon about the next steps for Europe’s financial sector. This topic was at the top of the agenda recently when I was in Romania for the Eurofi regular gathering of European finance ministers, financial services policy makers and industry representatives. As the current EU legislative cycle winds down before [...]