London Irish could lose spot in Premiership if funds cannot be proved May 15, 2023 London Irish could be kicked out of the Premiership if they cannot prove their potential new owners have the funds to keep the rugby club going. The Rugby Football Union has issued a statement confirming that the club have until 30 May to prove that a proposed takeover – led by Redstrike Group and former [...]
Fraud warning as insolvency surge sees more directors investigated for corporate misconduct May 15, 2023 The Insolvency Service last year launched 36 per cent more investigations into the alleged misconduct of directors of insolvent companies than the year before, data from international law firm RPC shows. According to RPC, the number of investigations increased from an average of 142 per month between April 2021 and March 2022 to 193 between [...]
Banking crisis: Ex-BoE’s Paul Tucker calls for regulatory overhaul to battle bank runs May 8, 2023 Banks should be required to keep enough collateral with the central bank to cover all of their short-term deposits, an ex-Bank of England wonk has said. Speaking to the Financial Times, former Bank of England Deputy Governor Paul Tucker said “it would mean that, subject to a bank being fundamentally insolvent, central banks could 100 [...]
Mark Kleinman: Vodafone’s CEO call, audit watchdog delays and a wave of insolvencies May 4, 2023 It's the column that gets the Square Mile talking, from the man who talks to everybody - Sky News' Mark Kleinman
Bailey’s plan to raise deposit guarantees mean we’re gambling on banking risks April 26, 2023 Modern banking has been subject to massive interference from governments. This needs to stop: risks should be returned to those who choose to take them, that's how the market works, writes Jamie Whyte
Worcester Warriors set to lose P Share amid sale to Atlas Consortium April 25, 2023 Troubled former Premiership rugby club Worcester Warriors are set to lose their “P Share” imminently, even if their sale is finalised next week, say administrators. The side’s future has been in doubt since entering administration in September, and preferred bidder the Atlas consortium has been told it must complete a buyout by 2 May. In [...]
P&O bosses confident of avoiding ‘fire and rehire’ fine and thought public anger would ‘recover’ April 25, 2023 Controversial cruise operator P&O is confident it will not pay for the ‘fire and rehire’ scandal last year, according to company filings shared with City A.M. The accounts, which cover the 2021 calendar year, predict that the UK’s Insolvency Service will not be able to demonstrate that any subsequent action taken was in the public [...]
Bed Bath & Beyond files for bankruptcy protection, begins liquidation sale April 23, 2023 Bed Bath & Beyond filed for Chapter 11 bankruptcy protection on Sunday after the home goods retailer failed to secure funds to stay afloat, and has begun a liquidation sale. The home goods retailer, which shot to popularity in the 1990s as a go-to shopping destination for couples making wedding registries and planning for new babies, [...]
In a global tech downturn, startups have a mountain to climb April 21, 2023 Tech startups in the UK have had a rocky time. London faces competition from US and European markets, and there are still struggles with raising funds. But those who survive could emerge more resilient, writes Russ Shaw
Covid loan fraud: More than 450 company directors disqualified in crackdown April 18, 2023 More than 450 company directors have been disqualified in a crackdown on covid fraud claims. The Insolvency Service announced that 459 of the 932 disqualifications overall for fraud were related to the coronavirus financial support scheme, introduced during the pandemic to help businesses in lockdown. This comes after the organisation published its monthly figures for [...]