HMRC will take ‘cautious approach’ with pandemic-torn UK businesses June 22, 2021 The UK business secretary has promised HMRC will take a “cautious approach” with companies that are grappling with post-pandemic debt. Kwasi Kwarteng wrote a letter to business groups this week that assured them the taxman would adopt “a cautious approach to enforcement of debt owed to government that will have accrued,” the Financial Times first [...]
Troubled hospitality operators face rent debt pile of £5bn and business rates payments June 15, 2021 Troubled hospitality operators are facing billions of pounds in rent debt and business rates payments after the Government decided not to extend financial support measures. Trade groups have called for an extension to the rent moratorium, business rates holiday and furlough support after the Prime Minister said that the further easing of lockdown restrictions will [...]
Ranked: London constituencies have highest demand for Covid borrowing in UK June 15, 2021 London constituencies make up the top four UK regions which have seen the highest demand for Covid support loans, according to a new study. Business Rescue Expert collated the amount each devolved UK constituency has borrowed under the Bounce Back Loan Scheme (BBLS) and the Coronavirus Business Interruption Loan Scheme (CBILS). The City tops the [...]
Covid loan fraud fears as number of businesses struck off Companies House up by 743 per cent June 14, 2021 The number of companies closing down after being struck off the Companies House register increased by 743 per cent during the first quarter of 2021 compared to the same period in 2020. Strike-offs from Companies House increased to 39,601 in the first three months of 2021 compared to just 4,695 in the same period in 2020, [...]
Credit Suisse ‘wooed’ Sanjeev Gupta before Greensill collapse June 11, 2021 Credit Suisse has been embroiled in further controversy over its links to Sanjeev Gupta after details emerged about the Swiss lender’s direct relationship with the tycoon. Former executives at the bank told the Financial Times that leadership wooed Gupta, offering him a string of services as his private wealth manager, as well as VIP treatment. [...]
London property developer slapped with 14-year ban for £13m ‘ponzi’ scheme June 8, 2021 A fraudster property developer who promised investors comfy returns but instead used a £13m ‘ponzi’ property scheme has been slapped with a 14-year ban. While transferring funds abroad, Chelmsford-based Mitchell Mallin targeted investors with the promise to do up dilapidated properties in the capital and Essex before selling them for a profit. “As the period [...]
Week in Sportbiz: Mexican stand-off over Club Necaxa NFT; press conferences overshadow French Open; English football in distress June 3, 2021 From NBA Top Shot to Christian Fuchs, the march of the NFT in sport has looked unstoppable. Until now, that is. Mexican football chiefs this week put the brakes on the plans of Club Necaxa to become the world’s first sports team to sell an ownership stake using blockchain technology. Club Necaxa, whose shareholders include [...]
Sub-prime lender Amigo warns of insolvency after court defeat June 1, 2021 Amigo Loans has said it faces insolvency after it suffered a major blow last week when a High Court judge refused to approve a compensation scheme that capped payments for historic complaints. In an update this morning, the sub-prime lender said it would not be pursuing an appeal following the High Court judgment. As a [...]
BoE policymaker urges regulators to probe $10bn Archegos collapse May 26, 2021 A Bank of England’s policymaker has urged that financial regulators today should have a cross-border inquiry into how the collapse of US investment fund Archegos cost banks more than $10bn. Anil Kashyap, a BoE financial policy committee member, also warned that new European Union bank capital rules could have “tragic” outcomes if abused. Archegos collapse [...]
Adios, Amigo? Sub-prime lender shares collapse in half after court blow May 25, 2021 Subprime lender Amigo Loans has suffered a major blow after a High Court judge knocked down plans to cap compensation payments for historic complaints. A High Court judge ruled in favour of the Financial Conduct Authority who argued that the scheme would place a “disproportionate burden on customers, as opposed to shareholders and bondholders.” The [...]