Credit Suisse replaces asset management head after Greensill collapse March 18, 2021 Credit Suisse has replaced the chief executive of its asset management business and announced plans to separate the division that has faced scrutiny over its Greensill-backed funds. The Swiss bank announced the appointment of Ulrich Korner as chief executive of the asset management business who will report directly to the bank’s chief executive Thomas Gottstein. [...]
UK audit shakeup: Big Four face FTSE client caps, new watchdog and a clampdown on directors March 18, 2021 Big Four dominance in the UK audit market may be diluted under new plans announced today that would see stricter regulation of the sector and executives at major firms. The government hopes the proposals, published in a consultation today by the Department for Business, Energy and Industrial Strategy (BEIS), will lead to greater transparency in [...]
British fashion brand Ralph & Russo enters administration after Covid hits sales March 17, 2021 British luxury fashion brand Ralph & Russo has collapsed into administration after the coronavirus pandemic decimated sales. Ralph & Russo has appointed Begbies Traynor and Quantuma as administrators to investigate “all possible options” for the company. In a statement this afternoon, the company’s co-founder Tamara Ralph said trading conditions during the pandemic had put “tremendous [...]
Insolvencies fell to two-year low in February March 17, 2021 The number of company insolvencies last month stood at 686, the lowest monthly number recorded since January 2019. Figures released by the government’s Insolvency Service found the number of company insolvencies in February 2021 was 49 per cent lower than the same month in the previous year. February 2020 marked the month before the UK [...]
Begbies Traynor boss on pandemic insolvencies: ‘The worst is yet to come’ March 16, 2021 Begbies Traynor boss on pandemic insolvencies: 'The worst is yet to come'
Credit Suisse warns of financial hit from Greensill collapse March 16, 2021 Credit Suisse has warned it may book a charge following the collapse of Greensill Capital as scrutiny grows over its relationship with the firm. Earlier this month the Swiss bank closed a $10bn suite of supply-chain finance funds linked to Greensill, and it is also trying to recoup a $140m loan it made to the [...]
Gupta’s GFG Alliance took £400m in state-backed Covid loans March 14, 2021 Steel tycoon Sanjeev Gupta reportedly used now-collapsed bank Greensill Capital to borrow £400m in government-backed loans during the pandemic. Under the Coronavirus Large Business Interruption Loan Scheme (CLBILS ), firms are allowed to borrow up to £50m, with 80 per cent of the loan guaranteed by the government. But, the Sunday Times reported, Gupta and [...]
Private equity giant Apollo pulls out of talks with Greensill Capital March 12, 2021 US private equity firm Apollo Global Management has ended talks to buy parts of Greensill Capital’s business. The beleaguered finance firm filed for insolvency earlier this week after Credit Suisse suspended redemptions on a $10bn suite of Greensill-linked funds. Greensill specialises in supply-chain finance which provides short-term credit to businesses. It bundles the debt and [...]
Why Greensill’s collapse could spell calamity for Gupta’s steel empire March 12, 2021 Australian financier Lex Greensill’s financial empire has collapsed just a year after seeking a $7bn valuation. On Monday Greensill Capital filed for administration and it risks taking Sanjeev Gupta’s steel empire down with it. What went wrong for the banker and the steel magnate and how will its demise affect thousands of British steel jobs? [...]
GFG Alliance in talks with Greensill’s administrators over ‘standstill’ deal March 12, 2021 Sanjeev Gupta’s GFG Alliance is in negotiations with Grant Thornton, the administrators of collapsed Greensill Capital, over a “standstill agreement” between the two parties. It comes after court filings submitted earlier this week revealed that GFG, Greensill’s biggest client, had begun to default on repayments to the boutique bank. It has been reported that Gupta [...]