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Crisis club Bury’s fixtures could be suspended ahead of the new season, the English Football League has warned.The League One club –formed in 1885 – were deducted 12 points ahead of the new Sky Bet League One season after entering a Company Voluntary...

Two directors from north-west England have been banned for 16 years after lack of oversight led to a £7.6 million shortfall in monies being held for insolvent estates.Darren Dean Varden (54), of Bury, Lancashire, and Philip Andrew Nuttall (58), of...

The holiday firms Late Rooms and York-based Super Break have collapsed, affecting more than 50,000 travellers. Malvern Group, which owns the booking website LateRooms.com and Super Break, said about 400 Super Break customers were on holiday in the UK or...

Thousands of investors are facing losses of close to half the £152 million they put into a failed peer-to-peer lender that is being investigated for moving assets to related parties before its collapse.In the latest scandal to hit the ‘shadow savings’...

Sports Direct has withdrawn its lawsuit against Debenhams over its Company Voluntary Arrangement (CVA), although the department store chain will still continue to fund an ongoing legal challenge from a property firm.Debenhams confirmed that the Mike...

The government has launched a consultation on the current regulatory framework for insolvency practitioners, which includes considering whether to establish a single regulator for the sector.It is suggested that an independent regulator could replace the...

Sir Philip Green’s Arcadia retail empire has been hit with a legal challenge from a US landlord over the company’s restructuring plans.US property company Vornado, which owns two Topshop stores in New York, has launched an offensive against the two of the...

Monsoon Accessorize creditors have approved the retailer’s CVA proposals, which will see the retailer seek rent cuts across two-thirds of its store estate.First announced on June 20, the retailer’s CVA proposals do not include plans for store closures – of which it...

Some 46% of UK adults are currently in debt and believe the rising cost of independent living is to blame.A survey of 1,000 UK adults, published in The UK Spending Report, has revealed that almost one in two Brits (46%) are currently in debt. Those who admitted to...

Select creditors could be owed £53.1 million as part of the struggling fashion retailer’s administration process. The value fashion retailer fell into administration in June, putting 1,800 jobs at risk.Unsecured creditors, including landlords and HMRC, have said...

A new High Streets Task Force supporting local leaders to revitalise high streets and town centres was launched on 2 July by High Streets Minister Jake Berry MP.The High Streets Task Force will comprise of experts who will provide tailored guidance and advice to...

The Pension Protection Fund’s (PPF) restructuring and insolvency team has appointed Mike Ridley as Head of Restructuring.Malcolm Weir, the PPF’s Director of Restructuring & Insolvency, said: “We are extremely pleased to welcome Mike to our restructuring and...

A quarter of betting shops on UK high streets have been slated for closure, putting 12,000 jobs at risk, with William Hill the latest bookmaker to blame job cuts on stricter regulation of fixed-odds betting terminals (FOBTs).Restrictions cutting the maximum stake...

Jet Airways’ creditors have said they plan to bring insolvency proceedings against the struggling airline.The move follows a failed attempt to find a suitable buyer for what was once India's biggest private airline.Jet Airways has been hampered by more than $1bn...

Monsoon Accessorize is planning to slash its rent bill for more than half of its stores, as it becomes the latest troubled retailer to turn to a controversial rescue plan in a bid to avoid collapse.The high street fashion chain is hoping landlords will back its...

Sir Philip Green’s retail empire Arcadia group has announced proposals to close 48 of its stores under new restructuring plans.Arcadia announced on Wednesday (12 June) that it had put forward a rescue plan that will see the closure of some Dorothy Perkins, Burton,...

Britain’s high streets suffered their worst May on record as sales plunged by 3.3% on last year, figures show.The significant drop, off the back of negative 2.2% base for May last year, follows four months of poor results, according to BDO’s High Street Sales...

Car giant Ford’s decision to close its South Wales factory will lead to the loss of 1,700 jobs – and many more in companies supplying goods and services to the plant.The news was being confirmed at a recent meeting between company officials and union leaders. The...

A court has banned a Telford-based double glazing director for a further 11 years after he was caught running a company while already disqualifiedGary Kelvin Link, 41, received an 11-year disqualification order from District Judge Keyser Telford County Court after...

Administrators have begun another attempt to save High Street clothing chain Select and its 1,800 employees’ jobs.Select went into administration on 10 May after a period of poor sales, putting 169 UK stores at risk. Administrators have proposed a second company...

Almost three in 10 (28%) British adults ran a ‘deficit budget’ in the past month, spending more during the month than they received in income, according to new research from R3, the insolvency trade body, and ComRes.One in six British adults (17%) spent up to £100...

Chancellor Philip Hammond decision to give HMRC secondary preferential creditor status for taxes collected on its behalf in all insolvency situations is likely to have a significant negative impact on lending in the UK, according to global advisory advisor Duff...

Around 1,000 workers have been made redundant after celebrity chef Jamie Oliver’s restaurant chain collapsed into administration following failed attempts to secure additional investment.Jamie’s Italian has appointed KPMG as administrators, the company has...

The Problem Presented A marketing company’s accountant approached us as their client was receiving pressure from HMRC concerning their outstanding PAYE and corporation tax. The company was experiencing financial difficulty after investing large sums of money into...

According to the Asset Based Finance Association (ABFA), UK SMEs are currently owed a combined total of £67billion in unpaid invoices. ABFA’s research suggests that British SMES now have to wait longer for their invoices to be paid than they did back in...