Litigation funders’ cash pipeline hits £2bn for the first time amid growing popularity April 28, 2021 The value of the pipeline of court cases and cash held by top UK litigation funders has hit £2bn for the first time as the asset class grows in popularity. The value held by litigation funders has rocketed in recent years, according to data by law firm RPC, with funding doubling in three years from [...]
Franco Manca owner Fulham Shore says reopening sales beat pre-Covid levels April 23, 2021 Franco Manca owner Fulham Shore said sales had boomed since outside trading at its restaurants reopened, beating pre-Covid levels. Group sales in the week ended 18 April were ahead of the same wee in April 2019, before the coronavirus pandemic hit the UK. Following the “very encouraging” first week of outdoor trading, Fulham Shore said [...]
Greensill’s parent company enters liquidation April 22, 2021 Greensill Capital’s Australian business, which collapsed last month with debts of A$4.9bn, has entered liquidation. Administrator Grant Thornton said creditors had voted by 23 to zero, with a handful of abstentions, to liquidate the parent company of the disgraced supply chain firm. “As of today, the company is now in liquidation,” Grant Thornton said. “The [...]
Pandemic impact: Another 100,000 UK businesses tumble into financial distress April 22, 2021 Almost 100,000 more UK businesses have tumbled into financial distress in the past three months as the impact of the pandemic continued to weigh on firms, according to new research published this morning. The latest quarter Red Flag Alert report by insolvency specialists Begbies Traynor found that around 723,000 businesses were in “significant financial distress” [...]
Supreme Court decision in the FCA Test Case on BI insurance – what does this mean for SMEs? April 21, 2021 The Supreme Court decision in the FCA Test Case on BI insurance has been widely publicised as a resounding success for businesses. Recently published data collated by the FCA, however, shows that as of 13 April 2021 only 39% of the 35,438 policyholders whose Covid-19 Business Interruption (BI) insurance claims have now been accepted by [...]
National Audit Office launches investigation into Greensill’s involvement in Covid loan schemes April 16, 2021 The National Audit Office (NAO) has launched a probe into supply chain finance firm Greensill Capital following its collapse. Last month the supply chain finance firm appointed Grant Thornton as its administrators, warning it is in “severe financial distress” as its practices came under severe scrutiny. Now the NAO will investigate Greensill’s involvement in the [...]
Glass Lewis opposes re-election of Credit Suisse’s risk chairman April 13, 2021 Proxy adviser Glass Lewis has called on Credit Suisse shareholders to oppose the re-election of board member Andreas Gottschling amid the Greensill and Archegos fallout. The Swiss bank has been mired in controversy in recent weeks due to its exposure to Archegos Capital Management which failed to meet its margin commitments. It came shortly after [...]
Credit Suisse pays out another $1.7bn of fund assets linked to Greensill April 13, 2021 Credit Suisse is set to pay out another $1.7bn of funds linked to the now collapsed Greensill Capital. It takes the total distribution to $4.8bn so far, the bank said, following an earlier payout of $3.1bn. The Swiss bank has been mired in controversy in recent weeks due to its exposure to the collapse of [...]
Credit Suisse, Greensill and Archegos: how did it all go so wrong? April 12, 2021 Spare a thought as the week begins for Christine Graeff, the group head of corporate communications for Credit Suisse. The Swiss finance giant has lost billions of dollars in recent weeks in what has been branded a “disaster pile-up”. The basic cause is easy enough to diagnose: Credit Suisse provided financial backing for the the [...]
Gupta says ‘aggressive’ creditors threaten steel jobs April 9, 2021 Sanjeev Gupta has today hit out at that the “aggressive tactics” of his steel empire’s creditors were putting tens of thousands of jobs at risk. Since the collapse of supply chain financiers Greensill, Gupta’s GFG Alliance has been teetering on the brink of insolvency, having had a £170m bailout bid rejected by ministers. The firm, [...]