David Beckham’s partner for Seven Global joint venture close to financial collapse November 1, 2021 David Beckham’s joint venture partner is reportedly teetering on financial collapse, which could see the football player gain full control of shared firm Seven Global. Partner GBG International Holding Company, which owns 51 per cent of the consumer products licensing business, is mulling the decision to appoint Teneo Restructuring as administrator, Sky News’ Mark Kleinman [...]
Fraud convictions on the up as post-Covid-19 crackdown begins November 1, 2021 An increase in post-Covid-19 fraud checks by the Insolvency Service has seen the number of company directors convicted of fraud spike, according to new research. The number of directors convicted of criminal activity has increased to 122 in the year to the end of September, a 205 per cent hike on 2020 levels. Mazars, the [...]
Prosecutions of company directors jump by 205 per cent as crackdown on Covid fraud begins October 29, 2021 The number of company directors convicted of criminal activity during the pandemic has risen 205 per cent to 122 in the year to 30 September, up from just 40 for the same period to 30 September of last year. This trend is set to continue as the Insolvency Service takes an increasingly tough stance on [...]
Buy Now Pay Later regulation imminent: ‘FCA very keen to be on front foot’ October 20, 2021 Government proposals to regulate the interest free Buy Now, Pay Later market are expected by the end of October, according to industry insiders. Buy now, Pay Later products have boomed in popularity in the UK over the past five years, The Buy Now, Pay Later (BNPL) industry was recently estimated to have financed £3billion in [...]
PwC offloads mobility tax consultancy arm to PE group CD&R for $2.2bn October 19, 2021 CD&R has reached a $2.2bn takeover deal with PwC to snap up its global mobility tax and immigration services business, in the consultancy giant’s biggest sell-off in almost two decades. Globally, the unit currently advises more than 3000 organisations with tax and immigration compliance issues when they move staff overseas – a market that more [...]
UK business insolvencies highest in September October 16, 2021 September registered the highest number of business insolvencies since March 2020, reported the BBC. The number of companies going bust increased from 1,349 in August to 1,446 the next month. Compared with the same month last year, in September 2021 56 per cent more firms shut down, including energy providers People’s Energy and Igloo Energy. [...]
Chancellor plays down hope of loans to struggling businesses October 14, 2021 Chancellor Rishi Sunak has dampened yesterday’s hopes that the government will rescue struggling businesses facing soaring energy prices. Without going into specifics, he said that he believes in a market economy and that it is “not the government’s job to come in and start managing the price of every individual product.” His comments to Sky [...]
Pure Planet and Colorado Energy fall victim to gas price surge as CNG looks for bids October 13, 2021 The UK’s energy crisis has claimed two more challenger companies as Pure Planet and Colorado Energy ceased trading tonight. 250,000 Brits are now ‘orphaned’ – without a provider – while the energy regulator designates stranded customers. The historic surge in wholesale gas costs this year has driven up bills for providers and households to the [...]
KPMG gave ‘untruthful defence’ in tribunal over £13m Silentnight fine October 13, 2021 The UK accounting watchdog has today denounced KPMG for knowingly giving an “untruthful” defence over its conflict of interest in the 2011 sale of Silentnight, for which it was fined £13m. The verdict of the Financial Reporting Council’s (FRC) disciplinary tribunal marks the first time ever that the body has found an accountancy to have [...]
Jenny Watson: New chair of UK accounting regulatory board wants to be a driver of change October 11, 2021 Jenny Watson CBE, newly appointed as the chair to the regulatory board of the UK body of chartered accountants, the Institute of Chartered Accountants in England and Wales (ICAEW), is a woman on a mission: the former chair of the Electoral Commission wants to be a driver of change. “We already know that there is much [...]