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 [...]
EU vs Swiss Policies Compared April 7, 2020 In a major move last year, The European Parliament and the European Council took new strides towards EU anti-money laundering (AML) and combating the financing of terrorism (CFT) regulations with the Fifth AML Directive. The Fifth AML Directive popularly known as MLD5 which entered into force on 9 July 2018 expanded the scope to cover [...]
Debenhams administration could provide blueprint for ‘freezing’ companies during coronavirus crisis April 6, 2020 Debenhams today gave notice to appoint administrators for what it said would be a “light touch” administration with the management remaining on board. This approach accords with ideas being floated by City insolvency lawyers who have proposed using the administration regime to mothball companies during the crisis and reviving them when economic conditions improve. Luke [...]
UK’s smaller firms cannot pay debts amid coronavirus, say accountants April 6, 2020 The UK’s small and medium-sized businesses do not have enough cash to pay debts due in the next year, research has shown, as fears rise over the resilience of British firms in the face of the coronavirus slowdown. Coronavirus containment measures have pushed businesses to close and caused a slump in demand. This has caused [...]
Shareholders may push Debenhams into administration April 3, 2020 Debenhams is set to plunge into administration as shareholders attempt to keep the historic retailer out of creditors’ hands during the coronavirus outbreak, it is reported. Debenhams is poised to announce its intention to appoint administrators next week, with KPMG in the running, Sky News reported today. Investors could push for the move to prevent [...]
Chancellor shakes up coronavirus loan scheme after criticism of banks April 2, 2020 Chancellor Rishi Sunak said tonight that he is extending a coronavirus loan scheme for small businesses and introducing a new loan scheme for businesses with revenue up to £500m. The Treasury also said it would ban lenders from requesting personal guarantees for loans under £250,000. And Sunak pledged “operational changes” to speed up lending approvals. [...]