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Beaufort Securities Insolvency Could Cost Up to £100 Million

Administrators for Beaufort Securities, the disgraced UK broker that was closed down by regulators in March, have said it could cost as much as £100m to return the cash and assets held by the company, currently valued at £550m, to its thousands of privat ...

Daily Headline - global.abi.org - 04/18/2018 - 22:59 - 0 comments

FSCS Declares London Broker in Default

The Financial Services Compensation Scheme has declared mortgage broker Blevins Franks Mortgage Services in default. Blevins Franks was a trading name of Mortgage Partner Services Limited of Regents Park Road, London. The firm has also traded as Blacksto ...

Daily Headline - global.abi.org - 04/18/2018 - 00:52 - 0 comments

British Businesses Aren't Backing a Second Brexit Vote

The plot to reverse Brexit is missing a key ally: U.K. business. Companies have been among the most outspoken critics of the split from the European Union, and many have much to lose from the divorce. But as a group of lawmakers tries to engineer a secon ...

Daily Headline - global.abi.org - 04/16/2018 - 22:39 - 0 comments

Britain Reviews Powers Of Its Accounting Watchdog

Britain has launched a “root and branch” review of its audit watchdog after corporate scandals raised questions about its ability to police how accountants check the books of companies, Reuters reported. The independent review of the Financial Reporting ...

Daily Headline - global.abi.org - 04/16/2018 - 22:40 - 0 comments

Embattled Carpetright to Close 92 Stores in Restructuring

Beleaguered British floor coverings retailer Carpetright has struck an emergency agreement with its lenders to close or exit leases of at least 92 shops in a restructuring that will affect 300 jobs. Carpetright, which has warned on profits three times si ...

Daily Headline - global.abi.org - 04/12/2018 - 21:05 - 0 comments

Toys R Us to Shut Final UK Stores by End of April

The final UK stores of children's retailer Toys R Us are to close by April 24, two months after the British arm of the company collapsed into administration, the Financial Times reported. Administrators from insolvency specialist Moorfields Advi ...

Daily Headline - global.abi.org - 04/12/2018 - 21:05 - 0 comments

Avanti Seeks Debt-for-Equity Swap to Avoid Administration

Avanti Communications, the UK satellite company, has warned that it will be put into administration unless shareholders accept a debt-for-equity swap that would allow it to raise fresh funding, the Financial Times reported. If approved, the proposed ...

Daily Headline - global.abi.org - 04/09/2018 - 22:17 - 0 comments

UK Injunction Restricts Dana Gas Dividends in $700 Million Sukuk Dispute

United Arab Emirates energy firm Dana Gas said on Sunday it had received a new injunction from the English High Court restricting its ability to pay dividends or increase its debt, the International New York Times reported on a Reuters story. The inj ...

Daily Headline - global.abi.org - 04/08/2018 - 23:59 - 0 comments

Billionaire Ashley Bids for Toys ‘R’ Us U.K. Stores

Retail billionaire Mike Ashley’s Sports Direct International Plc is among bidders for certain Toys “R” Us Inc. stores in the U.K., according to a person familiar with the matter. The group has submitted an offer for some properties backing a 2013 securit ...

Daily Headline - global.abi.org - 03/29/2018 - 22:38 - 0 comments

Angolan Ex-President’s Son and Others Suspected of $500 Million Central Bank Fraud Using U.K. Lenders

The former Angolan president’s son and a former central banker are suspected of using accounts at HSBC Holdings PLC and Standard Chartered PLC in an attempt to defraud the country’s central bank by transferring $500 million through these U.K.-based lende ...

Daily Headline - global.abi.org - 03/29/2018 - 22:39 - 0 comments

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