Insolvency

Insight / Legal win for SMEs on Covid-19 insurance pay-outs

Tens of thousands of small businesses forced to close during the first lockdown are in line for insurance pay-outs, after the Financial Conduct Authority (FCA) won a test case set to cost insurers over £1bn in claims

Insight / Begbies Traynor books biggest acquisition with CVR

Begbies Traynor is to pay some £20m for independent firm CVR in its largest insolvency acquisition to date, which will see the group add its first overseas offices

Insight / Consultation on insolvency changes for electronic payment institutions extended

The Treasury has extended by a week the consultation period on proposed insolvency changes for payment institutions (PIs) and electronic money institutions (EMIs), which include establishing a new special administration regime (SAR)

Insight / Former Carillion executive facing directors’ bans

As the third anniversary of the collapse of Carillion approaches, business secretary Kwasi Kwarteng has begun legal proceedings which could see eight former executives banned from serving as directors for specified periods

Insight / FCA updates Covid repossession guidance

The Financial Conduct Authority (FCA) is to update its guidance on mortgages and consumer credit repossessions during the pandemic, easing some of its previous recommended restrictions

Insight / MPs to investigate corporate insolvency market

An influential cross-party group of MPs is to conduct an in-depth investigation into standards in the UK insolvency profession, in response to claims that some practitioners are prioritising lenders’ interests over those of business or other creditors

Insight / Push to extend debt relief order eligibility post-Covid

Financial difficulties caused by Covid are driving plans to increase the financial eligibility criteria for debt relief orders (DROs), in a bid to help more vulnerable people get a fresh start

Insight / Covid puts 250,000 small businesses at risk of failure

Some 250,000 small businesses are at risk of closure as a result of the pandemic according to the Federation of Small Businesses (FSB), which is calling on the government to provide more support for the sector during the latest national lockdown

Insight / Pandemic puts 4,000 FS firms at risk

Some 4,000 financial services firms are at risk of failing as a result of the impact of the pandemic on their solvency, analysis by the Financial Conduct Authority (FCA) has shown

Audit / Grant Thornton faces £200m legal challenge over Patisserie Valerie audits

Grant Thornton is facing a £200m lawsuit brought by the administrators of collapsed café chain Patisserie Valerie, seeking damages in respect of the firm’s audits for the financial periods September 2014 to September 2017

Insight / Wigan Athletic hits post in sale out of administration

There has been a last minute hitch in efforts to save football club Wigan Athletic from administration, after an approved bidder cut their offer for the EFL League One club almost in half

Insight / Nearly 40,000 retailers in financial distress

With just two shopping days to go, and non-essential shops shut across large parts of the country, tough trading conditions have already hit the sector with a 24% leap in the number of struggling retailers in the final quarter of the year

Insight / FCA slammed over regulatory failings at collapsed minibond firm

An independent report has heavily criticised the Financial Conduct Authority (FCA) for failures in the regulation and supervision of London Capital & Finance (LCF), which collapsed in January 2019, impacting over 11,000 people who invested around £237m

Insight / China’s Luckin Coffee fined $180m for accounting fraud

Luckin Coffee, China’s homegrown rival to Starbucks, is to pay a $180m (£132m) penalty to settle charges of accounting fraud brought by the Securities and Exchange Commission (SEC)

Tax / Record 3,126 businesses liquidated to reduce CGT

A flood of businesses are voluntarily closing down due to the economic uncertainty around covid-19 and fears over a possible increase in capital gains tax (CGT), according to analysis by Price Bailey
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