KPMG may rebuild restructuring arm one year after selling it for over £350m July 29, 2021 KPMG is reportedly creating a new division to advise on corporate restructurings, less than a year after it sold its UK insolvency advisory business for over £350m. The big four auditor made the move as a result of new competition laws which made achieving profits from its non-auditing services harder, according to the report in [...]
Coronavirus and the impact on UK insolvencies July 29, 2021 We’ve spoken to insolvency expert, David McGinness, Insolvency Practitioner at French Duncan Restructuring & Debt Advisory, on how the coronavirus pandemic has impacted businesses across UK and what the future holds for them. David McGinness has more than 15 years experience in all types of personal and corporate insolvency. Through the course of his insolvency [...]
Cineworld faces legal challenge over alleged unpaid rent July 25, 2021 Cineworld is facing a £1m legal challenge over allegedly not paying rents for a Southampton site. Marina Developments, a developer based in Southampton, claims that Cineworld has not paid rents and other charges since last March. Cineworld was earlier ordered to pay rent to landlord AEW UK Core Property Fund after demanding a string of rental [...]
COVID-19 and the economic impact on UK businesses July 23, 2021 The COVID-19 pandemic has left a lot of business struggling, but how bad is the overall outlook for them? We’ve spoken to Michelle Elliot CA, partner at FRP based in Glasgow, about whether we can expect a tsunami of insolvencies or if UK businesses are coping better than expected. Michelle is a Chartered Accountant and [...]
Become your own bank: Crypto and self-sovereignty July 21, 2021 Financial experts with Zumo explain the concept of self-sovereignty and how to be your own bank.
Clifford Chance report record revenue and profits in sixth consecutive year of growth July 20, 2021 Law firm Clifford Chance announces its sixth consecutive year of profit and revenue growth despite the pandemic. For the year ended 30 April Clifford Chance saw its revenue rise to £1.8bn, though by a marginal rate of one per cent compared to the previous financial year. Its profit per equity partner increased by nine per [...]
The outlook for business post-pandemic July 16, 2021 As we work towards exiting the pandemic we’ve spoken to insolvency expert, Blair Nimmo CA, on the outlook for businesses post-pandemic. Blair, the former UK Head of Restructuring and Global Head of Insolvency at KPMG, is Interpath’s Chief Executive Officer. As well as leading the strategic direction of the Interpath business, Blair also takes an [...]
City watchdog blasts Provident over compensation plans July 14, 2021 The City watchdog has hit out at Provident Financial over plans to cap compensation for customers of its failed doorstep lending arm, but said it would not oppose the lender in court. Provident has set aside £50m under a so-called scheme of arrangement to reimburse customers who were mis-sold loans by its home credit unit. [...]
Amigo shares jump after lender extends funding lifeline June 25, 2021 Amigo today said it had secured three months of breathing space from its lender as the business tries to avoid collapse. The guarantor lender said the bank had extended the grace period, which was set to run out today, to 24 September. However, it has been cut to £100m from £250m. Amigo has been under [...]
KPMG told to expect £250m claim for Carillion collapse June 23, 2021 Accounting giant KPMG is expected to be told to pay £250m for its role in the collapse of outsourcing firm Carillion, its former client, in 2018. On behalf of the Insolvency Service, lawyers have warned KPMG to expect a claim. The expected move is part of an effort to reclaim funds that will be used [...]