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Industry


Insolvency practice in liquidation

Grant Thornton and Griffins have taken on nearly 137 cases from a Leicester-based insolvency practice that is now being liquidated.

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Tenon predicts 140,000 personal insolvencies in 2011

2011 will see the highest levels of personal insolvency on record across the UK, rising to around 140,000 people, according to accountancy firm RSM Tenon.

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Banks to make over £1bn available to SMEs

The UK’s biggest banks will provide more than £1bn of equity funding to small and medium-sized enterprises (SMEs) to fuel economic growth during the next three years.

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Personal insolvencies soar to a record 135,000

More than 135,000 people become personally insolvent in 2010, a record annual figure for England and Wales.

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Corporate insolvencies down nearly 15%

Official statistics published this morning reveal there were 4,988 company insolvencies in the fourth quarter of 2010 – a 14.5 per cent drop on the same period in 2009.

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Record label giant EMI in largest ever pre-pack

Administrators at PricewaterhouseCoopers (PwC) have completed the largest ever pre-pack administration for record label giant EMI.

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HMRC rejecting more CVAs, K2 claims

HM Revenue and Customs is increasingly rejecting company voluntary arrangements (CVAs), according to a turnaround specialist from K2 Business Rescue.

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BBA calls for single body to regulate debt advice

The British Bankers’ Association (BBA) has called for the creation of a single body to regulate debt advice, under proposals to deliver a fairer deal for consumers.

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FSA fines Barclays Capital £1.12m

The Financial Services Authority (FSA) has fined Barclays Capital £1.12m for failing to protect and segregate client money held in sterling money market deposits.

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Man accused of investment fraud jailed

A man accused of conducting an illegal investment scheme has been imprisoned for 18 months after failing to cooperate with an investigation by the Financial Services Authority.

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Game’s up for tax cheats

Any individual caught hiding cash offshore could face new penalties of up to 200 per cent, HM Revenue & Customs (HMRC) has warned.

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OFT to revoke 15 debt management licences

At least 15 debt management firms face licensing action from the Office of Fair Trading (OFT) while 35 companies have surrendered their consumer credit licences, the regulator has announced.

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900 staff face axe at Citizens Advice

Citizens Advice has issued redundancy notices to 900 debt advice staff following a government decision to cut funding to the charity.

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Leisure sector remains high risk

Plummeting consumer spending across all leisure activities will continue throughout 2011, according to a report from insolvency specialist Zolfo Cooper has published.

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VAT rise will tighten screw on SMEs

Almost a third of small firms (30 per cent) will need extra funding to cope with the increase in VAT, according to research by British bank Aldermore.

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Annual insolvencies fall 18%

The annual rate of business insolvencies in 2010 fell for the first time in two years as UK firms’ financial health improved, a study has claimed.

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HMV calls in KPMG

HMV Group is in talks with experts of the debt advisory team at KPMG to help the retailer meet its debt obligations.

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Companies in critical condition owe £53bn

UK businesses with critical problems owe more than £52.7bn to creditors, suppliers and service providers, according to Begbies Traynor’s latest Red Flag Alert.

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RBS fined £28m as OFT probe closes

The Office of Fair Trading (OFT) has finished an investigation into the pricing of loan products to professional services firms by Royal Bank of Scotland and Barclays, which has left RBS facing a £28.59m fine.

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OFT to revoke debt management firms’ licences

The Office of Fair Trading is soon to announce that it has revoked a number of debt management firms’ consumer credit licences, insolvencynews.com can reveal.

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