Insolvency

Insight / EY negotiates British Steel sale to China's Jingye

The Official Receiver and administrators at EY have secured a deal to sell British Steel to Chinese steel giant, Jingye Steel (UK) Ltd and Jingye Steel (UK) Holding Ltd, subject to regulatory approval

Insight / Pub and bar insolvencies jump 13%

More pub and bar companies are going bust due to Brexit-driven cost rises exacerbated by teetotal millennials

Insight / Tennis star Boris Becker’s bankruptcy restrictions extended

Former tennis champion Boris Becker has been given a 12-year extended bankruptcy restriction following the Official Receiver’s investigation into assets and transactions valued in excess of £4.5m

Insight / PwC to wind down Mothercare stores in administration

PwC has been confirmed as handling the administration of babycare retailer Mothercare and has announced a phased closure of all the UK stores, putting over 2.500 jobs at risk

Tax / Goals Soccer Centre accounting loss balloons to £40m

Troubled Goals Soccer Centre, which de-listed from AIM earlier this year following the discovery of irregularities in its accounts, has now admitted the profits of the business may have been overstated by as much as £40m since 2009

Audit / FRC critical of auditor independence at Thomas Cook hearing

The Financial Reporting Council (FRC) has highlighted widespread concerns about whether auditors are sufficiently ‘dispassionate’ when assessing a company’s financial reporting, or whether client relationships are clouding their judgment and level of challenge, during evidence to MPs at the inquiry into the collapse of Thomas Cook

Insight / Over 3,000 jobs at risk in high street chain administrations

As financial distress on the high street deepens, administrators have been appointed at womenswear fashion chain Bonmarche and Scottish department store Watt Brothers

Insight / 500,000 businesses in ‘significant’ financial distress

Almost half a million businesses are now in significant financial distress, a 40% increase in the three years since the EU referendum, according to Begbies Traynor, which warns that Brexit stagnation and macroeconomic factors are creating a ‘perfect storm’

Insight / Cost overruns sink Grand Design housing funders

Liquidators from KPMG have been appointed to a clutch of companies within the property group founded by Kevin McCloud, presenter of the TV refurbishment show Grand Designs, which have failed following project and cost overruns

Insight / Links jewellery chain in administration

Upscale high street jewellery chain Links (London) Ltd has collapsed, putting around 350 jobs at risk

Insight / Leading UK furniture maker collapses into administration

Triumph Furniture Ltd, one of the UK’s largest furniture manufacturers, has collapsed following a sudden drop in sales, with the loss of over 250 jobs

Insight / KPMG handles biotech, poly manufacturer administrations

Big Four firm KPMG has taken on the administrations of two companies – a medical innovation start-up and an established polythene film manufacturer – which have both collapsed putting over 200 jobs at risk

Insight / Airline insolvency reform hits turbulence

Government pledges to overhaul the airline insolvency regime in the wake of Thomas Cook’s collapse have run into opposition

Insight / Boris bus manufacturer skids into administration

Northern Ireland bus manufacturer Wrightbus has collapsed and insolvency experts at Deloitte have been appointed to handle the administration of the company, which makes the iconic red London Routemasters and employs some 1,400 people

Accounting / FRC eyes up probe into Thomas Cook collapse

The Financial Reporting Council (FRC) is considering launching an investigation into the collapse of Thomas Cook
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