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Industry


Northern Rock losses down but arrears up

Northern Rock has posted improved losses of £78.8m for the first six months of 2011, despite rises in impairment charges and the level of mortgages in arrears.

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HSBC posts £7bn pre-tax profits

HSBC has posted pre-tax profits of nearly £7bn for the first half of the year despite making a provision of £372m to redress customers in the UK.

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Barclays profits fall by a third to £2.6bn

Barclays’ pre-tax profits for the first half of 2011 have fallen 33 per cent to £2.6bn, although it is exceeding lending targets for small businesses.

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Appeal decision looms over £2.2bn Nortel case

The £2.2bn Lehman Brothers and Nortel Networks case, which could eventually lead to a landmark decision for the insolvency profession, has opened with a decision expected in the court of appeal.

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Economic growth stutters at 0.2%

The UK’s economic growth rate slowed to just 0.2 per cent during the three months to June this year, fuelling fears that Britain’s economy is heading towards a Japan-style decade of stagnation.

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New boss at Lloyds TSB Commercial Finance

 Lloyds TSB Commercial Finance has appointed Ian Larkin as managing director, to replace the departing Simon Featherstone.

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Bridge partners find new employers

Partners at Bridge Business Recovery, which entered administration amid fraud allegations against an employee, have been appointed to senior roles at corporate rescue specialists Leonard Curtis and Harrisons.

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Begbies Traynor snaps up Invocas portfolio

Business recovery specialist Begbies Traynor has acquired the corporate insolvency and bankruptcy portfolio of Edinburgh-based Invocas Financial.

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Insolvency Service writes off £81m of taxpayers' cash

The Insolvency Service has revealed that it will write off £81.3m of taxpayers’ cash, to reflect fees that cannot be collected and the effects of the recession.

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Inflation falls to 4.2 per cent

The rate of inflation fell to 4.2 per cent during June, as retailers slashed the prices of commodities including clothing and footwear to kickstart summer sales.

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20 retail stores closing every day

Britain’s beleaguered retailers closed an average of 20 stores a day between January and the end of May, according to a report compiled for PricewaterhouseCoopers (PwC).

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Deloitte saves 627 jobs at Homeform

Phil Bowers and Bill Dawson, partners at Deloitte, have safeguarded 627 jobs after their appointment as joint administrators to home and kitchens retailer Homeform Group.

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Fraud suspected as Bridge Business Recovery enters administration

Insolvency and corporate rescue specialist Bridge Business Recovery has gone into administration, insolvencynews.com has learned.

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Property dealer jailed for three years

A retail property dealer has been jailed for three years and disqualified as a director for seven years, after he defrauded investors through deals worth more than £1.3m.

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Leonard Curtis posts turnover rise to £14m

Insolvency and recovery specialist Leonard Curtis has announced that group turnover has increased 15 per cent to £14m from £12.2m in 2010, in a trading update.

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RBS offloads property loans

Royal Bank of Scotland is to offload £1.4bn of commercial property loans to private equity firm Blackstone in the largest disposal of its kind in the UK, it is understood. 

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Insolvency Service to streamline regional offices

The Insolvency Service has unveiled proposals that would see the closure of several regional offices, as it looks to make further savings and cuts.

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Asset strippers banned for 29 years

Two directors of an asset-stripping company have been banned as directors for a combined 29 years, after an investigation uncovered a scam to leave asset rich companies heavily insolvent.

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Police investigate partner over £1m expenses

A renowned insolvency lawyer who was sacked by Hogan Lovells for an alleged £1m expenses fraud has repaid the money in full, but now faces a police investigation.

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Southern Cross stakeholders secure critical deal

Directors at the care home operator Southern Cross have reached an agreement with landlords and lenders that will ensure the continued care for all of its 31,000 residents.

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