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Regulation & Compliance


Regulator accuses IPs of using pre-packs to evade liabilities

The Pensions Regulator (TPR) is to investigate the use of pre-pack insolvencies as a means of evading pensions liabilities.

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'Big four' to be investigated by Competition Commission

PricewaterhouseCoopers, KPMG, Deloitte and Ernst & Young – ‘the big four’ – have been referred to the Competition Commission by the OFT for further investigation.

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What does EMI / Terra Firma tell us about pre-packs?

Pre-pack administrations continue to be the subject of much controversial discussion and this month has been no different. 

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Feature: Should there be a protocol for debt management plans?

DEMSA supports the idea of a debt management protocol and the many benefits it could bring; as has been demonstrated by the introduction of the IVA protocol. 

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In depth: “UK economy is worse than we thought”

Members of the Bank of England’s Monetary Policy Committee (MPC) should cut interest rates to 0.25% to protect the economy, according to a new report.

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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.

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Government 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.

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Banks writing off £22.5m every day

British banks and building societies are writing off £22.5m every day, according to statistics released today.

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Pension 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.

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Industry 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.

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Six-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.

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Bankrupt 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.

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ABI 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.

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Treasury 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.

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How 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?  

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Landmark 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.

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Lehman 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.

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The 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.

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Quarterly 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.

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HMRC 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.

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