Insurers and analysts temper enthusiasm on Solvency II reforms March 2, 2022 Insurers and analysts have warned that the UK government’s plans to reform Solvency II, with a view to lowering the sums that insurance firms must hold in their coffers, may not live up to expectations. After City minister John Glen set out plans to reform the EU’s Solvency II rules, and “unleash” the “benefits of [...]
Nord Stream 2 fires staff as it weighs up insolvency amid US sanctions March 1, 2022 The Kremlin-backed company which built the Nord Stream 2 gas pipeline is could file for insolvency, according to Reuters.
McColl’s share price tumbles over 50 per cent amid insolvency fears February 28, 2022 Convenience store chain McColl's has seen shares slide 54 per cent after it confirmed it is seeking a capital injection to stave off collapse.
Studio Retail plunged into administration as 1,400 jobs in the lurch February 24, 2022 Some 1,400 jobs have been threatened as online retailer Studio Retail has formally appointed administrators. The value retailer, whose largest shareholder is Mike Ashley’s Frasers Group, has formally appointed Teneo as administrators, The Times newspaper has reported. Studio suspended its shares last week and said HSBC rejected its request for a short-term £25m working capital [...]
Government halves insolvency payouts to workers in 2021 February 21, 2022 The government halved pay outs to workers whose employers went bust last year, as Covid-19 support measures helped stave off insolvencies.
City Moves: Who’s switching jobs in the Square Mile this week? February 17, 2022 City A.M.’s Millie Turner provides a roundup of the most important hires and job moves across the City, every morning. Email citymoves@cityam.com to be featured. Fulcrum Asset Management Fulcrum Asset Management has poached its latest responsible investment associate from EY. Samriddhi Sharma departs the Big Four firm after holding the role of senior consultant in the sustainable finance team. Reporting to partner and chair Matt Roberts, Sharma will support [...]
Ofgem challenged by administrators over suppliers’ billions February 16, 2022 Ofgem is under pressure from a trio of administrators that are challenging its status as a creditor in multiple energy firms.
UK travel bankruptcies on the rise as Omicron and staycations scupper sector’s recovery February 14, 2022 The UK’s travel sector is still suffering from the impacts of Covid, according to new figures from accountancy company Mazars, which show that travel sector insolvencies are on the rise. In January, 15 travel companies went into insolvency, up from nine in December, Mazars’ figures show. The recent rise in the number of insolvencies comes [...]
HMRC hits under pressure Liberty Steel boss with winding up petition February 10, 2022 Her Majesty's Revenue and Customs is attempting to force a division of Sanjeev Gupta's steel empire into insolvency.
UK watchdog probes audit of Sanjeev Gupta’s Liberty Commodities, in wake of Greensill scandal February 10, 2022 The UK’s audit watchdog has launched an investigation into HW Fisher’s audit of Sanjeev Gupta’s metals trading company Liberty Commodities, after eight companies linked to the steel magnate borrowed up to £400m from collapsed firm Greensill Capital. The Financial Reporting Council (FRC) said it has launched a probe into London accountant HW Fisher’s audit of [...]