Brokers and investment platforms have admitted they are powerless to prevent customer funds being tapped in the event of an insolvency, after a brokerage collapsed with huge ramifications for investors. Some clients of Beaufort Securities, which was closed by Financial Conduct Authority in March, have been told they will have to foot the bill for…
One of the UKs largest personal insolvency providers has opened a new office in Salford. Creditfix, which looks after tens of thousands of customers, has taken on 4,500 sq ft in the Lowry Mill. The site has been refurbished to accommodate the creation of up to 50 jobs. Chief executive Pearse Flynn believes taking the…
Every page of the jaw-dropping MPs report on Carillion has detail to make the blood boil. No one comes out looking good: The Pensions Regulator was feeble; the Financial Reporting Council toothless; crown representatives to Carillion served no noticeable purpose. And thats before you get to the Big Four accountancy firms, or the Carillion directors…
Related Story: One disaster to the next, a slice of Queensland paradise becomes a nightmare Related Story: Beleaguered Port Hinchinbrook sold after lengthy struggle The future of the troubled Port Hinchinbrook Resort in north Queensland has been thrown back into uncertainty with Oakland Investment Group flagging it will lodge…
Every page of the jaw-dropping MPs report on Carillion has detail to make the blood boil. No one comes out looking good: The Pensions Regulator was feeble; the Financial Reporting Council toothless; crown representatives to Carillion served no noticeable purpose. And thats before you get to the Big Four accountancy firms, or the Carillion directors…
by Gill Plimmer British MPs have demanded the UK’s big four accountancy firms be referred to competition authorities for potential break-up following the collapse of government contractor Carillion, calling them a “cosy club incapable of providing the degree of independent challenge needed”. The recommendation by members of two powerful parliamentary committees was contained in a…
There were 7,910 new personal insolvencies in the March quarter 2018, up a slight 0.1 per cent on the same quarter in 2017, the Australian Financial Security Authority said. By type of personal insolvency, bankruptcies fell by 1.8 per cent, debt agreements rose by 3.9 per cent, while personal insolvency agreements fell by 59.3 per…
A federal judge said bankrupt FirstEnergy Solutions should not have to pay $58 million a year to a pact overseeing coal-fired electric generation plants a pact that includes Dayton Power & Light (DP&L). DP&L, with other Ohio power companies, make up the Ohio Valley Electric Corporation (OVEC), which operates the older, coal-fired power plants on…
A litigation funder based in the UK is pondering listing on the London Stock Exchange. Manolete Partners founder and CEO Steven Cooklin has confirmed to The Law Society Gazette that the company is looking very seriously at a float on the bourse. Though official financial details have not been released, other reports say the listing…
An Indian tribunal ordered billionaire Anil Ambanis Reliance Communications Ltd. be placed under insolvency proceedings, jeopardizing the phone companys proposed $3.7 billion asset sale to Reliance Jio Infocomm Ltd. The Mumbai bench of the National Company Law Tribunal on Tuesday accepted a petition from the Indian unit of network-equipment maker Ericsson AB, which is seeking…