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Industry


Ex England manager calls in Kingston Smith

Former England manager Sven-Goran Eriksson has called in insolvency practitioners at Kingston Smith & Partners to liquidate the company of his former financial adviser.

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Credit managers call for radical insolvency reform

The Institute of Credit Management (ICM) has called for radical changes to the regulation of insolvency practitioners, demanding better protection for unsecured creditors.

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Debt management firm stops trading

Debt solutions and advice company Hermes Financial Solutions, which trades under the name debtDr, has ceased to trade in circumstances that await explanation.

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Fears for economy follow GDP blow

Weak GDP figures for the first quarter of 2011 have prompted fears among businesses for the economy’s fragile recovery.

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SMEs falling at first hurdle to access finance

Failure to produce regular information on trading performance is damaging small to medium-sized enterprises’ (SME) chances of securing funding.

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Vince Cable in new warning to banks

Business secretary Vince Cable has warned that new measures could be put in place to get banks lending to companies, if the targets set by Project Merlin are not met.

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Telecoms fraudsters jailed for 15 years

Directors of a telecoms company who conned several charities, schools and small businesses have been jailed for a combined total of more than 15 years.

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Liverpool came too close to collapse, says UEFA official

One of UEFA’s most senior officials has warned MPs that Liverpool Football Club came within hours of going into administration.

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Banks lose high court battle over PPI

The high court has upheld the Financial Services Authority’s (FSA) new rules on how payment protection insurance (PPI) complaints should be handled.

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Consumer Panel welcomes PPI victory

The Consumer Panel has welcomed the high court judgment on payment protection insurance (PPI) and urged banks to accept the result and compensate consumers.

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South east firms feel the squeeze

South east businesses outside of London have seen a severe acceleration of administrations for the first quarter of 2011.

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IPA announces new president

The Insolvency Practitioners Association (IPA) has appointed Patrick Brazzil as president for the next year, replacing Carl Faulds of Portland Business Recovery.

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UK firms issuing fewer wind up petitions

Nearly a quarter (23 per cent) of UK businesses have issued fewer winding up petitions over the past year.

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Insolvency Service to hike bankruptcy petition fees

The Insolvency Service is set to increase bankruptcy petition fees on June 1 2011.

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R3 announces Frances Coulson as president

Insolvency trade body R3 has appointed Frances Coulson as its president 2011/2012.

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UK banks write-off record £17bn

UK banks wrote off a record £17.3bn of bad debts in 2010, an eight per cent increase on 2009’s figure of £16.1bn.

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Begbies: 186,000 firms in financial distress

Just over 186,000 UK companies are experiencing significant or critical financial problems compared with around 161,000 in the first quarter of 2010, according to Begbies Traynor.

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Small firms show their resilience

Small firms with only one or two employees had the lowest rate of insolvencies during February, according to research from credit reference agency Experian.

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Banks told to ring-fence retail divisions

Britain’s biggest banks should ring-fence their retail operations from riskier activities and Lloyds Banking Group should sell off more assets to improve competition, a new report recommends.

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Over 8,000 retailers on brink of implosion

More than 8,000 retailers in the UK are at a high risk of insolvency as consumers slash their spending levels.

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