Interest rate rise could push 18,000 more into bankruptcy February 27, 2017 A hike in interest rates will push thousands more Britons into bankruptcy, according to calculations from the government’s Insolvency Service. The forecasts show an extra 18,000 people could be pushed into insolvency by 2020 if rates rise by one per cent, says accountancy firm Moore Stephens. If rates rise, 275,900 people will be bankrupted by [...]
Hoover looks to offload pension scheme, including a possible push into the pensions lifeboat February 26, 2017 Hoover is mulling plans to hand its pension scheme over to the pensions lifeboat in an attempt to save its ailing finances. There are almost 5,800 defined benefit pension schemes in operation across the UK, but around 4,200 of them are in deficit, dragging on many companies' finances. Now, The Sunday Times has reported electronics firm [...]
Going Dutch: Fieldfisher to launch in Amsterdam in May February 21, 2017 Fieldfisher announced today it is opening a new office in Amsterdam in May. The Dutch endeavour will be structured under a Swiss Verein model and will have five partners, all from Kennedy Van der Laan. "We've been looking at setting up an office in the Netherlands for a while," said Michael Chissick, managing partner of Fieldfisher. "We've [...]
City Moves for 21 February 2017 – who’s switching jobs? February 21, 2017 Today's City Moves cover financial restructuring, investment management and the tech sector. Take a look at these movers and shakers: Eversheds Sutherland Eversheds Sutherland (International) has appointed Carl Allen to its finance and restructuring team in London. Carl joins the firm from Pinsent Masons and will be based in Eversheds Sutherland’s London office. He specialises [...]
Government mulls handing watchdog more powers over struggling pension schemes, but experts warn suggestions not enough to prevent another BHS-style fiasco February 20, 2017 The government is considering handing the pensions watchdog more powers to regulate struggling or badly governed pension schemes. The Department for Work and Pensions' green paper on 'Security and Sustainability in Defined Benefit Pension Schemes', which was published today, is asking for feedback on a variety of pension issues. These include whether to extend the Pension [...]
Interserve shares are hurtling on the soaring cost of exiting its energy-from-waste business February 20, 2017 Interserve's share price has fallen more than 26 per cent after the firm said it will more than double the expected charge for exiting its energy-from-waste business to about £160m. After a review of operational developments and the impact of a "lengthy period of litigation", the British support services and construction group said its original provision of [...]
Check out: 1,800 hotel firms could go bust in the next three years February 20, 2017 Nearly 2,000 UK hotel companies could go bust over the next three years as a result of the Brexit vote, according to new research from accountancy firm Moore Stephens. The accountancy firm predicts 1,800 UK hotel companies have at least a 30 per cent chance of going insolvent within the next three years as food and beverage [...]
It’s time to turn to fintech to solve the late payment problem February 17, 2017 The UK is a nation built on small businesses, with SMEs accounting for a staggering 99 per cent of all businesses in the private sector. While many of these businesses thrive, a significant number suffer as a result of late payment, impacting their ability to invest and ultimately grow. Late payment is a chronic problem for [...]
A victory for Marine Le Pen in France could spell the end of the European Union February 17, 2017 As the Brexit Bill’s passage through Parliament in the coming weeks appears a foregone conclusion, the UK’s timeline for invoking Article 50 has become clearer – but what remains unclear is the extent to which Brexit is mobilising voters in other EU member states. Indeed, from an economic standpoint, the UK’s inconsequential post-referendum performance poses a [...]
Help! My firm’s gone into administration. What do I do now? February 16, 2017 The collapse into administration of King & Wood Mallesons’s European arm has left creditors enraged, and competitors salivating in the business and legal press. But most sympathy was reserved for its staff, particularly after news that the firm’s bank had rejected a proposal to release funds to pay January salaries. This highlights how vulnerable staff [...]