MPs slam Carillion’s ‘rotten’ corporate culture and call for break up of the big four audit firms May 16, 2018 MPs today slammed Carillion’s “rotten” corporate culture and called for a break up of big four audit firms. A report published today by the Work and Pensions and Business, Energy and Industrial Strategy (BEIS) Committees said that Carillion’s collapse was a “story of recklessness, hubris and greed”. Read more: Failed outsourcer Carillion hid true level [...]
Moulton-backed litigation funder Manolete Partners lines up £100m London listing May 13, 2018 A litigation funder backed by private equity veteran Jon Moulton is planning an autumn listing in London that could value it at £100m. Manolete Partners, which was founded in 2009, focuses on buying legal claims from insolvent companies or providing litigation funding to help creditors to pursue claims themselves. Better Capital boss Moulton owns more [...]
UK construction output falls to lowest levels since 2012: ONS May 10, 2018 UK construction output fell 2.7 per cent in March, the biggest decline since August 2012, according to the Office for National Statistics. The three-month on three-month decline in the sector was driven by falls in both repair and maintenance, and new work, which fell 2.8 per cent and 2.6 per cent respectively, the ONS said. [...]
Sterling drops by more than 1 per cent against the dollar with “balloon-like ease” on back of poor GDP growth April 27, 2018 Sterling fell to its lowest level since March today following the release of bleak statistics for the UK’s GDP in the first quarter. ONS figures showed that the economy grew just 0.1 per cent in the first quarter below forecasts, representing the slowest pace of growth since the fourth quarter of 2014. But the ONS [...]
Monarch review launched amid heightened risk of further airline failures April 16, 2018 A government-commissioned review will be kicked-off today following Monarch Airlines’ collapse last October. The Airline Insolvency Review has published a call for evidence to examine reforms needed to ensure passengers are protected when airlines fail. As demand for air travel rises, the risk to passengers of a similar collapse happening again has risen, those conducting [...]
Topshop boss Sir Philip Green takes no responsibility for BHS pension saga April 15, 2018 The previous owner of retail firm BHS Sir Philip Green has said that he regrets the decision to sell the chain to serial bankrupt Dominic Chappell, but that attacks on him as a result were fuelled by jealousy of his success and wealth. When asked if any of what happened as a result of the [...]
Carillion labelled “one of the most complex insolvencies ever” as jobs saved nears 10,000 barrier April 3, 2018 The government will today announce more than half of Carillion’s pre-liquidation workforce have had their jobs saved. The Insolvency Service is to reveal almost 1,000 more positions have been safeguarded. This means nearly 10,000 of Carillion’s 18,000-strong directly employed workforce have seen their roles preserved. The announcement comes as Carillion’s liquidation nears its three-month anniversary. [...]
Last week in the City March 23, 2018 This week, China warned the US that it is not afraid of engaging in a trade war, the Federal Reserve hiked interest rates again, and Facebook shares plummeted after allegations that millions of users' profile data had been harvested. The FTSE 100 was down 3.5% over the course of the week by mid-session on Friday. [...]
Carillion collapse puts hundreds of jobs at risk as first major supply-chain firm faces administration March 23, 2018 Hundreds of jobs have been put at risk after a Carillion supplier today prepared to call in administrators. Vaughan Engineering, a family-owned company founded in 1955, is set to be Carillion's first major supply chain casualty. Some 160 staff across Vaughan's Edinburgh, Warrington and Newcastle offices are facing redundancy. The firm employs around 500 people [...]
BHS and Carillion failures prompt government crackdown on “dodging debts” directors March 20, 2018 The government has promised to get tough on company directors in the wake of recent high-profile corporate failures. In plans released today, the actions of firms facing insolvency will be put under the microscope with directors facing tougher sanctions such as fines and disqualification. Workers and small suppliers are to be given more powers to [...]