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Industry


Retailer axes 228 staff as PKF called in

Bennetts, the consumer electronics retailer with 300 staff, has shed 228 employees and retained 57 as administrators PKF search for a buyer for the company.

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Fraudster jailed 25 years after his crime

A 67-year-old fraudster has been jailed for 16 months more than 25 years after his crimes were committed.

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Football clubs owed £22m to HMRC in 2010

English football clubs owed £22m in overdue tax to HM Revenue & Customs in 2010, according to findings from freedom of information requests.

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Law change could slash pre packs

Trade body R3 has called for a law change that insolvency practitioners estimate will slash pre-packs by more than a fifth.

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High cost of credit hits manufacturers

The cost of credit has risen sharply for manufacturers, raising questions over banks’ Project Merlin pledges to increase lending, according to an industry survey.

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Invoice finance lending leaps by £1bn

Invoice finance lending grew by eight per cent last year as small and medium sized enterprises borrowed £14.9bn from members of the Asset Based Finance Association.

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Billionaire tycoon’s empire suffers major blow

A billiionaire property tycoon has put holding companies within his real estate management group into administration, just days after he was arrested by the Serious Fraud Office (SFO).

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Northern Rock posts £232.4m loss

Nationalised lender Northern Rock has posted a £232.4m loss for 2010, which it attributed to higher costs and a weakened economic environment.

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Insolvency Service targets more rogue directors

The Insolvency Service is banning more dodgy directors for longer periods, a report has claimed from city law firm Reynolds Porter Chamberlain (RPC).

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Ernst & Young faces investigation over pre-pack

An inquiry has been launched into a pre-pack administration, overseen by accountancy firm Ernst & Young, of the telecoms giant Wind Hellas.

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HMRC breaches disability rules over bankruptcy

A high court has annulled a bankruptcy order, made on the petition of HM Revenue and Customs (HMRC) against a disabled woman, after the body breached disability rules.

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Corporate failures fall more than 10 per cent

The level of business failures in January 2011 fell more than 10 per cent year on year, according to research from credit reference agency Experian.

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KPMG fuels aircraft supplier’s relaunch

One of the world’s largest aircraft suppliers is on the cusp of a global relaunch, after administrators at KPMG secured a new deal for the firm.

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Funding scheme for SMEs hits new low

Lending under the government’s flagship scheme to help small firms dropped another 31 per cent in the last quarter of 2010, leaving the total at just £99m.

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JJB unveils second CVA

Troubled retailer JJB has today announced details of its proposal for a company voluntary arrangement (CVA), its second in two years.

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Scotland to revamp Debt Arrangement Scheme

The Scottish government is planning to expand its Debt Arrangement Scheme (DAS), including bringing in six-month payment holidays, to enhance the debt management tool.

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Insolvency Service fears of £11m deficit

An internal memo sent to official receivers (ORs) at the Insolvency Service has revealed that bosses believe the regulator could make a deficit of £11m next year, unless it takes immediate action.

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Lloyds hit with 22,000 complaints

Customers fired off 22,181 complaints in the second half of 2010 to Lloyds Banking Group – more than any other high street bank.

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CCJs against businesses fall over 25%

The number of county court judgments (CCJs) against businesses in England and Wales fell by more than a quarter in 2010 to their lowest level in two decades.

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OFT raises cost of credit licence

The fees required to obtain or renew a consumer credit licence will rise from 11 April 2011, the Office of Fair Trading has revealed.

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