Government to mull over what to do next for insolvency rules, including what respite to give companies in trouble July 5, 2016 Government is to take a long, hard look at the UK's insolvency rules, as a consultation on the topic closes tomorrow. The consultation, which is reviewing the current corporate insolvency framework, was launched on 25 May and is being jointly overseen by The Insolvency Service and the Department for Business, Innovation and Skills. Among the proposals [...]
Lady Barbara Judge, the outgoing chairman of the PPF, on the need for more female executives and pensions protection July 5, 2016 Lady Barbara Judge CBE, the outgoing chairman of the Pension Protection Fund (PPF), starts our interview by paying tribute to Ros Altmann, the pensions minister. “Without her, there would be no PPF. She campaigned extremely hard for it to come into being. She is the perfect choice to be pensions minister. I have the utmost [...]
Sports Direct’s Mike Ashley steps in for eleventh hour BHS chats June 12, 2016 Sports Direct's Mike Ashley is trying to reopen talks to save BHS from liquidation. A source told City A.M. that Ashley had written to the administrators in a bid to reopen a dialogue in a move that could save a number of stores along with the BHS name. City A.M. also understands that the administrators will be [...]
City Moves for 6 June 2016 | Who’s switching jobs June 6, 2016 Deloitte Deloitte has announced Matt Ellis as new managing partner for tax in the UK and Switzerland. He takes over from Andy Hodge who led the practice for the past five years and is retiring from the firm. Matt has held a variety of positions in Deloitte, including in regional offices in Southampton and Reading as well as London. Most [...]
Archaic laws surrounding UK defined benefit pension promises are not fit for purpose June 4, 2016 The proposed and unprecedented plan to change the basis for Tata steel members’ future pension increases from Retail Price Index to Consumer Price Index is another reality check of the real pressure faced by companies which are trying to remain competitive and, at the same time, honour generous legacy defined benefit (DB) pensions, which in many [...]
End of an era: thousands of jobs to go at BHS stores to close as administrators call time on sale June 2, 2016 BHS is being wound down today after administrators revealed no deal was found to rescue the store, likely putting 11,000 staff out of work. In a statement this afternoon, administrators Duff & Phelps said it had "not been possible to agree a sale of the business". BHS is now being “wound down” because no buyer would [...]
Timeline: A blow-by-blow account of how BHS’ demise unfolded June 2, 2016 One of the biggest names on the UK's high street could be about to disappear, after its administrators began the process of winding it down. The news comes after a tumultuous few months for the retailer, which announced in April that it was entering administration – just over a year after it was sold for £1 by Arcadia [...]
From Sir Philip Green to Frank Field, these are the most important reactions to BHS’ wind-down June 2, 2016 It's the end of an era: after weeks of uncertainty, today BHS' administrators finally announced they were calling time on the sale of BHS – without a buyer. That could mean the disappearance of one of the high street's biggest names, with all 163 stores closing. Not surprisingly, given the size of the collapse – some [...]
Pre-pack deals being referred for review much higher in value than initially expected June 2, 2016 The value of pre-pack deals being referred for initial assessment is much higher than initially anticipated. Data shared with City A.M. by the Pre-Pack Pool, which was established in May 2015 to review and greenlight pre-pack administration proposals, shows that the average value of deals referred to it so far is around to £4.2m. By comparison, the [...]
Why holding the doors open for struggling businesses can also be best for creditors June 1, 2016 The UK insolvency regime plays a crucial role in our economy, and is one of the most effective in the world. It gives lenders and businesses the confidence to lend and trade, safe in the knowledge that, should things go wrong, debts will be settled in a fair and speedy manner. According to the World [...]