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Industry


£8m boiler room fraudsters to be sentenced on Friday

Seven men convicted of defrauding UK investors to the tune of £8 million through an illegal boiler room operation will be sentenced on Friday (23 September).

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Brits borrow £1.8m to fund summer getaway

Over 1.8m people took on more debt to pay for their summer holiday this year, according to insolvency trade body R3.

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Fraudster’s two years for embezzling public funds

A fraudster who embezzled more than £1m of public funds by establishing fake tax companies has been locked up for two years.

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Fugitive fraudsters jailed for £56m VAT scam

Two fraudsters who fled to Dubai after committing a £56m tax fraud have been sentenced in their absence for a combined 34 years.

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Turnover rises in PwC’s business recovery services

PricewaterhouseCoopers (PwC) has revealed that turnover in its advisory practice, which includes its business recovery services, has risen 8% to £907m for the year to June 2011.

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Banks pay out £215m in PPI redress

Banks and financial services firms have been forced to refund customers more than £215m because of mis-sold payment protection insurance (PPI).

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Santander half-year profits hit by PPI

Santander UK has posted pre-tax profits of £1.14bn for the first half of the year but saw statutory profit after tax drop by 51% after setting aside £731m to redress customers mis-sold payment protection insurance (PPI).

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Homeform owed £84m on its collapse

Kitchens, bathroom and bedroom retailer Homeform Group owed its creditors £84m at the time of its collapse into administration, according to a creditors report.

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Former Chelsea boss joins PKF

The former chief executive of Chelsea Football Club Trevor Birch, who brokered the £140m takeover by Russian oligarch Roman Abramovich, has joined PKF.

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Legal aid cuts spark insolvency fears

Lawyers have issued warnings over a wave of insolvencies across legal firms and charities, because of government plans to cut legal aid fees by a further 10%.

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The Insolvency Today Power 100: your vote matters

Insolvency Today magazine has launched a poll to find the 100 most powerful people in the insolvency profession – and we want readers to tell us who they are.

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Global economic turmoil damaging business confidence

The level of business confidence across the UK has fallen to its lowest level since the UK was still in recession, according to a national study published today.

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Finalists revealed for the Insolvency & Rescue Awards 2011

Insolvencynews can reveal today the shortlist for the fourth annual Insolvency & Rescue Awards, sponsored by Capa.

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Debt curse of the single middle aged female

A debt charity has revealed that more than half of its clients in mortgage arrears are female, with many living single lives in their 40s.

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Bank of England drops forecast for growth

The Bank of England has dropped its forecast for UK economic growth to less than 3% during the next two years, amid low levels of bank lending and weak consumer confidence.

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Bupa boss warns of funding crisis for care homes

The chief executive of private medical company Bupa has warned the government that the care homes sector is chronically under-funded, and called for urgent action to address a fees crisis.

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Real estate becomes worst-affected sector for insolvency

Real estate has become the worst-affected sector for insolvency after making up 35% of total administrations in the second quarter of 2011, according to Insolvency Service figures.

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Impairment charges at RBS drop to £2.2bn

Royal Bank of Scotland (RBS) has posted post-tax losses of £1.4bn for the first half of 2011, despite impairments falling year on year, due to Greek exposure and payment insurance claims.

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Lloyds’ impaired Irish loans rise to £17bn

Lloyds Banking Group has revealed that the level of its impaired loans in Ireland has soared to £17bn, in a results statement showing a £3.2bn statutory loss for the first half of 2011.

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Retail in worst shape than any UK sector

The retail sector is experiencing much higher signs of distress than any other sector, according to insolvency trade body R3.

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