Begbies Traynor bosses expect rising insolvencies in the coming months July 19, 2022 Begbies Traynor’s revenue has jumped more than a third over the past year, as the business recovery and financial advisory firm scoops up ailing firms. Executive chairman of the London-listed group, also a property services consultancy, said a string a acquisitions and a spike in trading has lifted its financials “comfortably ahead of original market [...]
Is Restructuring on the Rise Again in EMEA? July 8, 2022 European dealmakers find themselves in a uniquely challenging position. Though other regions are also contending with rising inflation, supply chain problems, and the risk of economic recession, the direct and indirect consequences of Russia’s invasion of Ukraine are felt most intensely in Europe. The maelstrom of negative shocks risks souring the successes enjoyed by dealmakers [...]
Covid loan fraudsters should turn themselves in to avoid harsher penalties, lawyers say July 4, 2022 Individuals who defrauded the government’s Covid support schemes should consider turning themselves in to avoid even harsher penalties, amid a far-reaching crackdown on those responsible for making fraudulent claims, lawyers have said. The comments come after figures from the UK’s Insolvency Service showed the executive agency has struck off a total of 179 company directors, [...]
AIM IPOs fall to lowest level since 2009 with just one in Q2 2022 June 29, 2022 The UK’s Alternative Investment Market had the lowest number of IPOs since 2009 in 2022’s second quarter. Only one company floated in Q2 and raised £6m, research by accountancy group UHY Hacker Young found. The last quarter to experience IPO activity this low was the first quarter of 2009, following the start of the financial crisis, [...]
Crypto hedge fund Three Arrows Capital falls into liquidation June 29, 2022 Cryptocurrency hedge fund Three Arrows Capital has succumbed to liquidation, becoming one of the early victims of the current downturn in the crypto markets.
Binance CEO calls for greater regulation as crypto firms face liquidity issues June 28, 2022 The CEO of Binance urged for greater industry regulation as crypto firms face liquidity issues amidst the crypto rout. “There should be clearer regulatory guidelines on reserves for different types of businesses in the crypto space,” Changpeng Zhao said in an interview with Yahoo Finance on Monday. He also called for disclosure and transparency requirements, [...]
Criminal attacks, non-payment and evasion result in £32bn gap between tax expected and tax paid June 23, 2022 The difference between the total amount of tax expected and that which is actually paid hit £32 billion in 2020/21 – according to HM Revenue and Customs (HMRC). At 5.1 per cent, there has been no change in the percentage tax gap compared to the previous year, although the monetary value has fallen by £2 [...]
Fuel hikes could push taxi drivers into insolvency June 23, 2022 The surge in fuel prices could push taxi drivers into bankruptcy, according to data from London insolvency firm Company Debt. Despite falling wholesale costs, fuel at the pump went up to 189.84p on Wednesday, while diesel reached 198p a litre, one step closer to approaching the £2 a litre mark. Company Debt reported that that [...]
Sam Bankman-Fried offers money to affected crypto platforms amidst downturn June 22, 2022 FTX CEO Sam Bankman-Fried is helping out crypto companies hit by the crash with monetary aid. FTX, one of the world’s biggest crypto exchanges, signed a $250m (£204m) revolving line of credit to crypto lending platform BlockFi, both companies announced on Tuesday. “We take our duty seriously to protect the digital asset ecosystem and its [...]
30 per cent spike in insolvent companies as firms hit by rising costs and falling consumer spending June 20, 2022 The quadrupling of interest rates since December has tipped thousands of companies into insolvency, with a 30 per cent spike in the last three months. Almost 6,000 firms have gone down according to Mazars, the audit and tax specialists, up from 4,578 inn the previous three months. This comes after the Bank of England raised [...]