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Industry


Lloyds source cools rumours over job losses

A Lloyds Banking Group director has dismissed newspaper reports that the bank is to make a further 15,000 job losses as “not a figure we recognise”.

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Begbies Traynor sheds 50 jobs

Begbies Traynor has lost 50 jobs this year and closed six offices, as trading conditions remain tough for the company.

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HMRC to give time to pay update at ICAEW event

HM Revenue and Customs (HMRC) will provide an eagerly awaited update on the time to pay scheme, at the Institute of Chartered Accountants in England and Wales’ inaugural insolvency conference next week.

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Bankrupt director given suspended sentence

A bankrupt director who spent thousands of pounds on cars and holidays, instead of paying his creditors, has been given a suspended jail sentence.

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HMV secures £240m refinancing deal

Beleaguered retailer HMV has escaped administration after securing a two-year £220m refinancing deal with its lenders, which will see them take a five per cent stake in the firm.

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Griffins partner Hunt hits global headlines

Stephen Hunt, partner at the insolvency practice Griffins, has made headlines in the UK and around the world after netting £11,000 worth of Olympics tickets.

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ICAEW rejects plans for complaints body

The Institute of Chartered Accountants in England and Wales (ICAEW) has rejected proposals to create an independent complaints body for the insolvency profession.

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Fairpoint Group issues profit warning

Insolvency firm Fairpoint Group has issued a profit warning after anticipating that a fall in unemployment and personal insolvencies will dent its financial performance.

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Project Merlin misses SME lending target

Bank loans to small businesses fell £2.2bn short of their target for the first quarter of 2011 under the Project Merlin agreement, according to figures released today.

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Small firms may miss out on £2.5bn fund

Most small businesses seeking affordable finance will miss out on a new £2.5bn equity fund launched by the UK’s largest banks, a business lobby group has warned.

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Probes into bank failures to be made public

The Prudential Regulation Authority, the new financial services regulator, will have greater powers over the banks and will make public its investigations into banking failures.

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IPs help 32,000 people find jobs

A total of 32,000 people facing redundancy have been able to find new jobs, thanks to a partnership between insolvency practitioners (IPs) and Jobcentre Plus.

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Southern Cross in bid to raise £100m

Struggling care home group Southern Cross has appointed investment adviser Greenhill in a bid to raise up to £100m of new funding.

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HMRC gunning for restaurants

HM Revenue & Customs (HMRC) is again targeting restaurant owners across the UK, as part of plans for several task forces to target tax evaders.

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IP loses licence for stealing £198,000

An insolvency practitioner who transferred more than £198,000 from insolvency estates into his own accounts has been sacked and had his licence removed.

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Lloyds Banking Group reports £3.47bn loss

Lloyds Banking Group has announced a loss of £3.47bn for the first three months of 2011.

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RBS posts steady progress

Royal Bank of Scotland Group has posted an operating profit of £1.05bn for the first quarter of 2011.

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HSBC announces £2.7bn first quarter profit

HSBC has announced post-tax profits of £2.7bn for the first quarter of 2011, up from £1.8bn in quarter one of 2010.

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Boardroom ban for MG Rover’s phoenix four

 Former directors of MG Rover, who were dubbed the phoenix four, have been banned after netting millions of pounds while the company collapsed around them.

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IPA calls for complaints body with lay majority

The Insolvency Practitioners’ Association (IPA) has today called for the creation of an independent complaints board with a lay majority, in its response to the Insolvency Service consultation on regulatory reform.

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