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Industry


FSA fines rocket to £96.7m

Regulatory fines against financial firms almost trebled from £33.1m to £96.7m in one year, according to a City law firm.

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Alworths revealed as latest retail victim

Retail chain Alworths, which was set up in November 2009 by former Woolworths executive Andy Latham, has entered administration.

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Daily Sport calls in BDO

The Daily Sport, infamous for its bizarre human interest stories and adult content, is at risk of becoming the first national newspaper to close in 16 years after entering administration.

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Deloitte begins hunt for Oddbins buyer

The administrators of wine retail chain Oddbins are continuing their search for a buyer for the company, as the future of around 400 employees remains uncertain.

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Fifth suspect charged over stolen £52m pension funds

A fifth suspect has been charged with defrauding nine pension funds of £52m, as the Serious Fraud Office begins to close the net on an international investigation.

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Barclays tops complaint list

Barclays Bank received 276,315 complaints in the second half of 2010 making it the most complained-against financial institution, according to figures from the financial regulator.

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Pre-pack changes will create “more liquidations”

Plans to introduce a three-day notice period for pre-pack sales to connected parties could mean unsecured creditors lose out, as more businesses are liquidated instead, a trade body has warned.

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IPs to be forced to give notice on pre-pack sales

Administrators will have to tell creditors when planning to sell a large proportion of a company’s assets to a connected party during a pre-pack, under new plans announced today.

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Finalists for Credit Today Awards announced

Credit Today, Insolvency Today’s sister publication, has revealed the full list of finalists shortlisted for the Credit Today Awards, which will be held on 12 May 2011 at the Grosvenor House Hotel in London.

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Insolvency Service is “a world of fear and suspicion”

The president of the Insolvency Service branch of Prospect, the trade union, has warned staff that the service is “now a world of fear and suspicion.”

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Alarm companies switched off

Two companies which coerced elderly customers into buying burglary alarms have been wound up by the Insolvency Service.

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Bankrupt IP issues complaint against Griffins and Grant Thornton partners

Bankrupt insolvency practitioner (IP) Kiran Mistry has sent formal complaints against IPs at Grant Thornton and Griffins, over what he claims is a conflict of interest.

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Lloyds and RBS exceed business lending targets

Nationalised lenders Lloyds Banking Group and Royal Bank of Scotland both exceeded their business lending targets in the last year by a collective figure of almost £12bn.

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Osborne cuts corporation tax by two per cent

Chancellor George Osborne has revealed that corporation tax will be cut by two per cent, in a Budget that pledged support for manufacturers, life sciences and exporters.

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VAT fraudster faces eight more years

A convicted fraudster who was forced to sell his stately home, Ferrari and a Rolex has been jailed for a further eight years, after failing to repay a £26m confiscation order.

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JJB secures creditors’ approval for CVA

Creditors of JJB have voted in favour of a second company voluntary arrangement (CVA) proposal, enabling a restructuring of the company’s property portfolio. 

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Company failure rates slowing down

The rate of company failures has continued to slow during the first quarter of 2011, falling 1.4 per cent on the last quarter of 2010, according to a commercial credit reference agency.

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Multi million pound fraudsters jailed

Two men guilty of a £78m mortgage fraud and an attempted £12m VAT fraud have each been jailed for seven years.

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Fairpoint expands into short term loans

Financial services firm Fairpoint Group is expanding into the short-term loan market after posting a 13 per cent annual increase in pre-tax profit to £6.9m last year.

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Bill Gates backs JJB’s rescue plan

Four major investors in sports retailer JJB, including the Bill & Melinda Gates Foundation Trust, have backed a fundraising plan to help drive the business forward. 

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