Troubled British Steel braces for insolvency in last-ditch loan talks May 21, 2019 Britain’s second-largest steel producer is preparing for an insolvency to occur within the next 48 hours, amid fears a bid for a rescue loan from the government will fall through. British Steel is said to be formulating a strategy to collapse into administration, with EY expected to be formally appointed to handle the process tomorrow [...]
Millennials increasingly pessimistic about the economy, finds Deloitte May 20, 2019 Pessimism among younger people about the economy is growing in the UK and worldwide, according to a comprehensive new survey of millennials and generation z workers. Read more: Insolvencies among millenials soar as housing costs shred ‘cash cushions’ Only 26 per cent of respondents said they expected the economies in their countries to improve in [...]
Sir Philip Green loses his billionaire status May 12, 2019 Sir Philip Green has lost his billionaire status, rounding off a torrid 12 months for the scandal-hit fashion mogul. For the first time since 2002, Green can no longer count himself a member of the billionaires club after seeing his personal fortune halve over the course of the last year. The Topshop tycoon and his [...]
Local authorities braced for budget hit as Debenhams demands business rates cut May 12, 2019 Cash-strapped local authorities are set to become the latest victim in the demise of Debenhams, as the embattled retailer embarks on a turnaround plan that includes a controversial move to cut business rate bills that it owes. New research shown to City A.M. estimates local authorities will no longer receive £8.5m of the total £17.3m [...]
Short-sellers smell blood at embattled shopping centre firm Intu May 12, 2019 Short-sellers have been stepping up their bets against Intu in recent months, as they look to cash in on the embattled shopping centre owner’s current retail woes. City punters have been circling the FTSE landlord, which recently appointed Matthew Roberts as its new boss, amid downbeat forecasts that the group’s rental income will slide as [...]
Creditors approve Debenhams store closure plan May 9, 2019 Creditors have given Debenhams their approval for a controversial new insolvency plan this afternoon, paving the way for store closures and rent reductions. The beleaguered department store chain said that it had acquired “significantly above the required threshold of 75 per cent” on its proposals, setting in motion the group's Company Voluntary Arrangement (CVA). Terry Duddy, [...]
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 [...]