‘Zombie clubs’ on rise as Covid doubles football teams in distress December 22, 2021 Football finance experts have warned of a rise in “zombie clubs” as a result of Covid-19 restrictions slashing teams’ income. The number of English clubs in financial distress doubled from 17 to 34 in the six months after stadiums closed in March 2020, a new report by insolvency firm Begbies Traynor found. Derby County and [...]
Government’s proposal for independent insolvencies regulator draws criticism from sector December 21, 2021 Insolvency and restructuring trade body R3 have warned of a major conflict of interest issue brought by the government’s proposals to shake up the insolvencies industry with a new independent regulator. The government want to introduce a single regulator, which would sit within government agency Insolvency Service, to oversee the UK insolvency sector. The reforms [...]
KPMG halts referrals to its former restructuring unit in bid to recover from Silentnight scandal December 20, 2021 KPMG will no longer refer any work to its former insolvency unit, Interpath Advisory, in a bid to mend its reputation after the scandal over the sale of bed manufacturer Silentnight to a private equity firm, according to reports. The Big Four firm was fined £13m by the UK accounting watchdog earlier this year for [...]
Begbies Traynor warns of insolvency wave as revenue jumps 39 per cent December 14, 2021 Insolvency expert Begbies Traynor has reported strong financials for the first half of the year with revenue and profits on the rise.
Amazon’s ruthless move to block Visa credit cards forces anxious businesses to make stark choices December 9, 2021 Amazon’s recent decision to block Visa credit cards in the UK caught millions of businesses and consumers in between. As a result, many firms have some serious and fairly urgent choices to make, as industry insiders explained to City A.M. today. Amazon announced in November that it will no longer accept payments made with UK-issued [...]
Amigo Loans on the brink as lending break continues November 29, 2021 Amigo Loans has warned it is at risk of insolvency as its break from lending to new customers continues.
Sequoia swoops in to switch administrator of Bulb’s parent company November 24, 2021 Sequoia dramatically switched the administrators of Bulb's parent company as it looks to reclaim £55m owed by the doomed energy supplier.
Together Energy rushes to secure more funding as energy crisis deepens November 24, 2021 A council-backed supplier is working with Avro Energy’s administrators to secure new funds amid a deepening industry crisis.
Government warned private parking plans can lead to ‘carmageddon’ of illegal parkers November 22, 2021 Government plans to cap private parking fines may results in car parks could be overrun by a “carmageddon” of illegal parkers, industry experts have warn this morning. The Government has been consulting on plans to reduce the cap on private parking fines from £100 to £50 across the UK after raising “concerns about the practices [...]
Last Orders: Restaurant insolvencies jump 31 per cent amid rising expenses November 22, 2021 Restaurant insolvencies rise by 31 per cent as costs rise ahead of customer demand in a post-lockdown economy.