FCA looked at Greensill two months before its collapse May 13, 2021 The City regulator started to examine supply chain finance firm Greensill months before its collapse, it has emerged. The head of the Financial Conduct Authority told MPs on Wednesday that the regulator had had “very detailed preparatory thinking going on during January and February” before Greensill’s collapse in March. Greensill Capital was the brainchild of [...]
75 per cent of nightlife venues face bankruptcy when rent moratorium ends May 13, 2021 There is a £2.5bn pandemic-induced rent crisis brewing in the nightlife industry, according to the Night Time Industries Association (NTIA), which has urged the government today to offer a solution. Rising rent arrears threatens to bankrupt 75 per cent of commercial tenants in the sector, once the government’s rent moratorium ends in July, the nightclubs, [...]
Directors to face bans for finding loopholes to avoid Covid loan repayments May 12, 2021 The Insolvency Service will be given new, beefed up powers to crack down on those looking to avoid repaying their pandemic loans. The Insolvency Service will be able to investigate and sanction company directors trying to dissolve their business to avoid repaying creditors, the Financial Times first reported. The government is reportedly keen to clamp [...]
High Court gives Virgin Active CVA green light in further blow for landlords May 12, 2021 Landlords have lost their legal challenge against Virgin Active’s restructuring plan, in the second high profile defeat for commercial property owners this week. Today’s High Court judgement will come as a further blow to landlords hoping to challenge tenants over Company Voluntary Arrangements. It comes after the court gave New Look the green light to [...]
FCA launches formal probe into Greensill’s UK operations May 11, 2021 The City regulator has launched a formal investigation into the UK operations of collapsed supply chain firm Greensill Capital as part of wider global probes. The Financial Conduct Authority’s chief executive Nikhil Rathi gave the first confirmation the regulator is investigating Greensill seen it collapsed into administration in March. Greensill Capital was the brainchild of [...]
More private sector DB pension schemes in surplus than deficit as UK moves toward economic recovery May 11, 2021 The funding of private sector defined benefit (DB) pension schemes in the last year has become healthier, with the number of schemes in surplus greater than those in deficit. Last month, of 5,318 private sector DB schemes, there were 2,622 schemes in deficit and 2,696 in surplus, according to figures from the Pension Protection Fund’s [...]
Landlords vs retailers: What the New Look legal case means for future of CVAs May 10, 2021 New Look today defeated a legal challenge to its restructuring plan by a group of its landlords in a landmark case that experts say will clear the way for other retailers to use Company Voluntary Arrangements to combat the impact of the pandemic. The ruling is likely to deepen tensions between tenants and landlords, as [...]
Begbies Traynor makes fourth acquisition this year May 10, 2021 Begbies Traynor has bought Midlands-based finance broker MAF Property, marking its fourth acquisition of the year as the group continues to focus on growth. The London-listed professional services firm will pay a maximum of £11.75m for MAF Property, with an initial cash payment of £3m, followed by the potential for an additional £8.75m subject to [...]
David Cameron and Lex Greensill to appear before MPs next week May 7, 2021 David Cameron and Lex Greensill will appear before MPs next week to answer questions on the collapse of the boutique bank of the same name amid a huge lobbying row. The former Prime Minister was an adviser to the firm, which provided supply chain financing to firms including billionaire industrialist Sanjeev Gupta’s GFG empire. In [...]
BoE does not expect wave of bankruptcies when Covid support measures end May 7, 2021 A tide of bankruptcies among UK firms is not expected when the government pulls its emergency Covid support measures like the furlough scheme later this year, BoE Chief Economist Andy Haldane has said. Many debts racked up recently by companies are spread over long durations “which increases the chances of them being able to be [...]