Construction industry rocked by late payments
Trade credit insurer Atradius warns that the UK’s construction industry will struggle from late payments this year and that non-payment could be at a significant level. The new in-depth Construction Market Monitor report by Atradius reveals that while output in the sector has rebounded overall, construction is still affected by trailing effects of the recession. During the downturn, construction companies tendered at margins that are no longer sustainable in the face of the raw material price...
The map that shows which companies are worth more than the stock markets of entire countries
It has been a difficult year for stock markets around the world The map compares big company valuations with the stock markets of some entire countries Netflix is worth around $40 billion, McDonald's is worth $109 billion and Google and Amazon combined are worth $747 biliion. You may already know that these companies are worth billions, but it can be hard to give context to such big sums. But Bank of America Merrill Lynch has come up with a solution to illustrate exactly...
Application for Bankruptcy Go Online
From 6th April 2016, instead of going to court, individuals wanting to apply for bankruptcy will apply online via the central UK Government website, GOV.UK. The decision to take bankruptcy out of the courts is one of the reforms being made to ensure that people in financial crisis get swift access to the right insolvency remedy. The application form has been simplified and the fee reduced to £130, previously the court fee was £180. Applications for bankruptcy submitted online will...
Whitehall clears change for insolvency practitioners
The Solicitors Regulation Authority will cease to have responsibility for regulating insolvency practitioners on 14 April following formal government approval. In a notice published this week, business minister Anna Soubry approved the application by the SRA (under the banner of the Law Society) to cease to be a recognised professional body for the sector. As of last year, the SRA regulated 124 solicitor insolvency practitioners. Only 21 appeared to be active. The notice from the...
UK blue-chip firms told to stop reporting every quarter
The UK’s biggest institutional investors are to demand FTSE 100 companies stop quarterly reporting as part of a radical shake-up of how shareholders interact with their investments. In an attempt to rebalance the relationship between investors and company boards, aimed at nurturing long-term thinking, the Investment Association is expected to set out a series of demands designed to get more out of the UK’s largest companies. The IA, whose members own approximately one third of...
FCA contacting 16,000 customers of debt management firm
The Financial Conduct Authority (FCA) is writing to 16,000 customers of debt management firm PDHL, which was refused authorisation by the regulator. The FCA refused PDHL’s application for authorisation in December last year after finding that the firm offered poor quality debt advice and breached various rules including: Consumers being advised to enter into debt solutions that were unsuitable for their circumstances; The adequacy of PDHL’s systems and controls regarding management...
Government throws weight behind Tata rescue deal
The Government is preparing to throw its financial might behind the rescue of Tata’s Scunthorpe steelworks, helping to secure a deal to save 4,000 jobs. According to steel industry sources, the Department for Business, Innovation and Skills is likely to provide a loan of around £70m to £80m backing a takeover by the turnaround fund Greybull. The Government’s support will be crucial in ensuring the sale of the steelworks goes through in the coming weeks. The rescue...
UK LATE PAYMENTS HIT TWO-YEAR HIGH AT 2015 YEAR-END
UK businesses see late payments rise 12% in 4Q 2015 vs 3Q 2015 One in six firms reported customers failing to pay for goods and services on time Overdues increased across 14 of 17 major industry sectors last year Late payments in the construction sector surged 26% year-on-year in 2015 Payment delays in automotive and electronics fell 12% and 15% respectively The number of overdue payments experienced by UK businesses reached a two-year high in the final quarter of 2015, with...
More than a third of 8.4m BHS loan went to four directors
Guardian understands quartet from Retail Acquisitions Limited shared £3m days after buying struggling department store chain. More than a third of an £8.4m loan taken out of BHS by its new owners in March last year went to four directors who were part of the consortium, handing them a multimillion-pound windfall just days after buying the struggling department store chain. The Guardian understands that £3m was shared between four directors of Retail Acquisitions Limited – Dominic...
Debtor days are over as BIS calls time on world credit binge
The world’s credit boom is beginning to show dangerous signs of unraveling, ushering in a period of fresh turmoil for the over-indebted global economy, the Bank of International Settlements has warned. The globe’s top financial watchdog called time on the world’s debt binge, noting that debt issuance and cross border flows in emerging economies slowed for the first time since the aftermath of the global credit crunch at the end of last year. With financial markets thrown...
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