Regulation & Compliance
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Nortel & Lehman appeal: the verdict
Pension trustees will rank ahead of creditor banks and bondholders when companies become insolvent after a landmark ruling in the Nortel and Lehman Brothers' case.
_Read full storyGovernment will not intervene in football creditors' row
A government report has rejected calls for intervention in the row over the “football creditors’ rule” where clubs and players are preferential creditors in the event a club falls into administration.
_Read full storyBanks writing off £22.5m every day
British banks and building societies are writing off £22.5m every day, according to statistics released today.
_Read full storyPension Protection Fund cuts levy by £50m
The Pension Protection Fund (PPF) – which pays final salary pension scheme members when an insolvent company is unable to – has confirmed that its levy will be £550m for 2012/13.
_Read full storyIndustry reacts to Nortel ruling
The Turnaround Management Association (TMA) has issued a warning to the insolvency profession after the UK Pensions Regulator won a decision in the high court that forces creditors to fund the pension scheme of Nortel Networks.
_Read full storySix-year jail term for bankrupt fraudster
A Huntingdon-based company director has been sentenced to six years in jail after orchestrating an elaborate fraud to cover the fact he was bankrupt.
_Read full storyBankrupt comedian gets 40 months for deception
A bankrupt comedian was last week sentenced at Liverpool Crown Court to 40 months in prison for perverting the course of justice and breaching bankruptcy rules.
_Read full storyABI backs plans to ditch PII renewals
The Association of British Insurers (ABI) has backed proposals from the Solicitors Regulation Authority (SRA) to dump the single renewal date for law firm professional indemnity insurance from next October.
_Read full storyTreasury reveals £7bn clampdown on tax dodgers
Plans to raise an extra £7bn a year by clamping down on tax avoidance and tax evasion have been announced by Treasury secretary Danny Alexander.
_Read full storyHow long is insolvency's arm?
It might be thought that the statutory prohibition against litigating against a company in liquidation or administration (without the leave of the Court) has worldwide effect; but does it?
_Read full storyLandmark ruling on foreign insolvencies
An insolvency firm has won a landmark ruling in the appeal courts, ensuring that bankruptcy judgements made abroad can be enforced in the UK.
_Read full storyLehman creditors offered faster cash
Lehman Brothers’ administrators PricewaterhouseCoopers have unveiled plans to speed up cash payouts of £22bn to the failed bank’s unsecured creditors.
_Read full storyThe Times: Grant Thornton drawn into insolvency enquiry
According to The Sunday Times, insolvency regulators are looking into claims that Grant Thornton were involved in the discretionary payment of £37k to a member of a creditors committee in return for a 'yes' vote.
_Read full storyQuarterly insolvency stats out
PricewaterhouseCoopers LLP analysis of last week’s national corporate insolvency statistics found that the number of corporate insolvencies in quarter three of 2009 has shown a decrease of 7.2% in overall numbers since the last quarter, however the numbers are still an 11 % increase on the same quarter of last year and remain at a ten year high.
_Read full storyHMRC targeting pre-packs with up-front VAT demand
The Times last week reported that HMRC is targeting phoenix companies with demands of up to six months projected VAT before granting a VAT registration.
_Read full storyNew site for selling residential property
According to the Land Registry's latest figures the average house price has fallen by 14% over the previous 12 months. That's a drop of £2,000 every month for the average house (currently valued at £153,046). More than ever, insolvency professionals need to dispose of residential property quickly. Leaving a residential property on the market for six months last year probably cost over £12,000 - almost certainly more than the total fees for a bankruptcy.
_Read full storyLandlords push for greater disclosure on pre-packs
The country’s biggest retail landlords are pushing for greater clarity from administrators as the Insolvency Service admits that a third of pre-packaged administrations do not comply with regulations.
_Read full storyR3 welcomes call to change Scottish insolvency laws
R3, the insolvency trade body, has welcomed the Calman Commission’s call to clean-up company insolvency law in Scotland by re-reserving all power on the issue to Westminster. And it strongly backed the Calman conclusions that changes should be made ‘with a minimum of delay.’
_Read full storyMPs seek tighter control over pre-packs
A report by the Business and Enterprise Committee says that the entire “pre-packaged” administration rules are damaging confidence in Britain's insolvency regime.
_Read full storyDirector disqualifications at record levels
1,252 company bosses were disqualified from acting as directors in the last financial year.
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