At the height of coronavirus, corporate insolvencies are falling April 30, 2020 Corporate insolvencies fell in the first quarter despite the economic impact of coronavirus, figures released today show. Office for National Statistics data showed there were 3,883 company insolvencies in the first quarter, a decrease of 8.5 per cent from both the previous quarter and the same quarter in 2019. Duncan Swift, past president of insolvency [...]
Burford Capital shares jump as it predicts coronavirus litigation boom April 28, 2020 Shares in Burford Capital rose 20 per cent today as it predicted a spike in litigation in the aftermath of the coronavirus pandemic. In its annual report, Burford said: “Economic downturns produce litigation claims… [Burford] expects to see significant amounts of litigation, and meaningful demands for capital, over the next several years.” Burford also said [...]
German economy to shrink by 6.6 per cent this year, economists say April 28, 2020 Germany’s economy will shrink by 6.6 per cent this year, one of the country’s leading think tanks has predicted, as tumbling global demand amid coronavirus takes a heavy toll on the exporting powerhouse. The Ifo Institute also said it will take until the end of 2021 for Germany’s output to reach pre-coronavirus. The analysis comes [...]
Coronavirus: The Government knows employers must keep one eye on tomorrow April 27, 2020 During this time of huge uncertainty, financial security is at the forefront of many people’s minds. For those running businesses, the focus is understandably on the here and now, ensuring there’s sufficient cash flow and resources to navigate this enormously challenging period. But employers are also well aware they have to have one eye on [...]
Steelworks MP calls for changes to loan scheme after Tata bailout request April 27, 2020 The Labour MP for Aberavon, which contains Tata Steel’s Port Talbot steelworks, has written to chancellor Rishi Sunak asking him to lift the cap on the size of loans large companies can receive to limit the coronavirus damage. Yesterday it was reported that the firm, a subsidiary of giant Indian conglomerate Tata, was seeking £500m [...]
Rishi Sunak ‘not persuaded’ to underwrite 100 per cent of coronavirus loans April 20, 2020 Rishi Sunak has said he is “not persuaded” that the government should underwrite 100 per cent of all loans in the coronavirus business loan schemes. Speaking at today’s daily press conference, Sunak said: “I’m not persuaded moving to a 100 per cent guarantee is the right thing to do.” The coronavirus business interruption loan scheme [...]
City fitness studio fears insolvency after being rejected for CBILS coronavirus loan April 20, 2020 The director of a City fitness studio said he fears the company could go bust after being rejected for support under the Coronavirus Business Interruption Loan Scheme (CBILS). Victus Soul, a fitness studio in Mansell Street near Aldgate, launched in November 2018 and turned a profit from last November. The business offers high intensity training [...]
Coronavirus: What firms will survive the pandemic? April 20, 2020 The coronavirus outbreak has created clear winners in businesses such as Amazon, Facebook, Netflix, Google and Apple, and losers such as Uber, Airbnb, and WeWork. The vast majority of industries are losers as they are effectively shut by the lockdown. Taxi usage has collapsed which means it may be a long time before Uber approaches [...]
Insurers accused of not ‘sharing the pain’ with businesses during coronavirus pandemic April 19, 2020 Insurers have been accused of not “sharing the pain” of UK businesses during the coronavirus pandemic. Research by insurance consultancy Mactavish found at least five commercial insurers have recently removed cover from their policies because of Coronavirus. Mactavish chief executive Bruce Hepburn said: “We have customers getting less cover and paying more for this, whilst [...]
Hix Restaurants appoints administrators amid coronavirus crisis April 14, 2020 Chef Mark Hix has appointed administrators to his restaurant and hotel business due to the financial impact of the coronavirus crisis. Deloitte has been appointed as administrator to WSH and Mark Hix Restaurants, according to the company’s website. All staff have been made redundant and were not able to be paid through the government’s coronavirus [...]