PwC faces record-breaking £10m fine over poor BHS audit June 12, 2018 Big Four accountancy giant PwC has been slapped with a record £10m fine from the Financial Reporting Council (FRC) for its work auditing retailer BHS prior to its sale for £1. The PwC partner who conducted the audit, Steve Denison, is also facing a personal fine of £500,000 from the FRC relating to his work [...]
PwC faces record-breaking £10m fine over poor BHS audit June 12, 2018 Big Four accountancy giant PwC has been slapped with a record £10m fine from the Financial Reporting Council (FRC) for its work auditing high street retailer BHS, prior to the chain's sale for just £1. The PwC partner who conducted the audit, Steve Denison, is also facing a personal fine of £500,000 from the FRC relating [...]
What is a CVA? Insolvency process used by House of Fraser, Carluccio’s, Mothercare and more June 7, 2018 What is a CVA? A company voluntary arrangement (CVA) is a type of insolvency process used to pay creditors over a fixed period. It means a company may not have to pay back all of its debts. Unlike going into administration, the company does not fall into the hands of a third party. Instead, an [...]
House of Fraser confirms plans to close more than half of its stores June 7, 2018 House of Fraser is to close 31 of its 59 stores in a plan to dramatically restructure the chain, in a move its chief executive described as "grim". If approved by creditors, the move will result in the loss of 6,000 jobs: 2,000 House of Fraser employees and 4,000 brand concession staff. The full list of [...]
Italy’s populists prepare to wage war over the ECB’s budget rules May 24, 2018 The old quip that the EU can only deal with one crisis at a time is about to be tested. The coalition in Italy between the Five Star Movement and the Northern League has not been formally finalised, but looks likely to go ahead (well, as likely as anything can be in Italian politics). Italians [...]
Next demands rent cuts on par with its struggling neighbours May 21, 2018 Next is taking a stand against a wave of rent cuts handed out to its high street peers by demanding equal treatment from landlords. Following a series of company voluntary arrangements (CVAs) in the retail and restaurant sectors, Next is asking landlords to agree to rent reductions on its stores if a neighbour receives a [...]
Cambridge Analytica files for bankruptcy in the US after Facebook privacy row May 18, 2018 Cambridge Analytica, the company at the centre of the Facebook storm over privacy, has filed for voluntary Chapter 7 bankruptcy in New York. The UK political consulting company voluntarily submitted a petition to declare bankruptcy at the US Bankruptcy Court Southern District of New York late last night. Cambridge Analytica had been under fire after [...]
DEBATE: In the wake of the Carillion scandal, is it time to break up the Big Four accountancy firms? May 17, 2018 In the wake of the Carillion scandal, is it time to break up the Big Four accountancy firms? Rachel Reeves MP, chair of the Business, Energy and Industrial Strategy Committee, says YES. Virtually all the FTSE 250 are audited by the Big Four. This cosy and complacent club has long, lucrative relationships with these companies. [...]
The secret bailout system the EU doesn’t want you to know about May 17, 2018 Target2 – the Trans-European Automated Real-time Gross Settlement Express Transfer system – started off as a simple payment system for cross-border transactions in the Eurozone. Its use is mandatory for the settlement of any euro transaction involving the ECB and the national central banks of the Eurozone member states. It has, however, become something much [...]
RBS moves another step closer to privatisation as merger of Alawwal with Saudi British Bank takes a chunk of risk off its balance sheet May 16, 2018 It may seem unlikely, but a Saudi Arabian bank merger announced today means Royal Bank of Scotland (RBS) could be one step closer to returning to private ownership. The proposed merger of HSBC-backed Saudi British Bank (Sabb) and Alawwal would allow RBS, which was bailed out by the taxpayer during the financial crisis and is [...]