Top law firms feel the heat as clients are delaying payment by an average of 130 days, says a study from Edward Drummond July 11, 2017 Top UK law firms are having to wait an average of 130 days to get paid by clients for their work, a new study has revealed. The data, collated by executive search and market research firm Edward Drummond, shows that this payment period for the 100 highest-ranked firms was 19 per cent longer than the [...]
Clydesdale Bank is being sued by RGL Management on behalf of firms who took out tailored business loans (TBLs) July 7, 2017 Clydesdale Bank (CYBG) is being sued by RGL Management on behalf of companies who took out tailored business loans (TBLs) between 2002 and 2012. RGL, group that intiates and builds cases in large, complex multi-party commercial legal actions, said more than 6,000 small businesses “have legitimate grounds to join this action”. According to RGL, more [...]
Where things stand one year after BHS went into administration April 25, 2017 BHS was almost 90 years old when it went into administration a year ago today, but all that remains of its legacy now is a string of empty shops and an online store. When retail tycoon Sir Philip Green sold the chain for just £1 to serial bankrupt Dominic Chappell in 2015, he set off [...]
Trouble in store: More pain on the way for UK retail April 10, 2017 A triple-blow of tax hikes, rising costs and a squeeze on consumer spending is threatening to wipe out thousands of British retailers, with a string of familiar high street names expected to fall into administration this year. Nearly 23,000 retailers were under significant financial stress at the end of the first quarter according to insolvency [...]
Sir Philip Green’s knighthood still under threat despite his £360m payout to ease BHS pensions black hole March 21, 2017 Sir Philip Green's knighthood is still under threat despite his unprecedented £363m cash contribution to the BHS pension scheme. In a symbolic move, MPs voted to strip Green of his knighthood in October 2016. Earlier in the year one MP called him the “unacceptable face of capitalism” for his part in the collapse of BHS. However, [...]
Mario Draghi says Eurozone should make it easier for companies to fail to boost productivity March 13, 2017 European Central Bank (ECB) president Mario Draghi has said the Eurozone should make it easier for companies to fail in order to allow stuttering productivity in the region to accelerate, while his criticised the deregulatory impulses of Donald Trump in a thinly veiled attack. He said: “Ensuring that failed firms are able to smoothly exit [...]
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 [...]