The All-Party Parliamentary Group (APPG) on Fair Business Banking, supported by law firm Humphries Kerstetter LLP, is to conduct an in-depth investigation into standards in the UK insolvency profession, AccountancyAge.com reported. The APPG on Fair Business Banking is concerned there might be systemic issues with how the corporate insolvency sector is regulated after hearing a number of worrying cases, according to Heather Buchanan, executive director, policy and strategy at the APPG.

As France lived through its worst economic slump since World War II, business failures slid to the lowest in 33 years, Bloomberg News reported. The number of bankruptcies and firms seeking protection from creditors or entering receivership fell 38% in 2020, as government aid in the face of the coronavirus pandemic kept French companies afloat, according to figures gathered by enterprise-data firm Altares. That may foreshadow a wave of defaults in 2021 and 2022, said Thierry Millon, its head of research.

North Ireland is facing an “abyss” once the Brexit “grace period” on imports from Britain ends unless action is taken, one of its major haulage companies has warned, the Irish Times reported. “Northern Ireland’s going to get worse in April if we don’t get some easement,” said Paul Jackson of McBurney Transport in Ballymena, Co Antrim. “As a haulage business this is currently an unsustainable model, and we have to be engaged with directly and we have to have it sorted out before the first of April, we have to.” Mr.

The International Monetary Fund has found that government support is keeping roughly one in ten German companies afloat that would otherwise have gone bust during the coronavirus pandemic, Reuters reported. In a report that on Tuesday laid bare the scale of economic damage masked by state aid, the Fund also warned that, once support was unwound, bankruptcy could soar, potentially weakening Germany’s banks. The analysis said the pandemic impact was worst for hotels and restaurants, where almost a third of loans could have gone unpaid without state relief.

The Bank of England’s chief economist said the government can afford to end its furlough plan before the U.K.’s recovery is fully complete, Bloomberg News reported. Andy Haldane, who has been the most publicly optimistic of the central bank’s rate-setting committee, said the economy may be growing quickly enough by the second quarter to absorb the 1 million people who lost their jobs in the coronaviurus crisis.

The European Union and the incoming administration of U.S. President-elect Joe Biden should suspend a trade dispute to give themselves time to find common ground, France’s foreign minister said, Reuters reported. “The issue that’s poisoning everyone is that of the price escalation and taxes on steel, digital technology, Airbus and more particularly our wine sector,” Jean-Yves Le Drian told Le Journal du Dimanche in an interview. He said he hoped the sides could find a way to settle the dispute. “It may take time, but in the meantime, we can always order a moratorium,” he added.

European airports have called on the EU to loosen state aid rules as the outlook for travel darkens amid a resurgence of coronavirus cases, the Irish Times reported. The demand came as the airports industry warned it saw “no realistic prospect” of an improvement in travel in the coming months and cut its forecast for passenger numbers this year.

Germany’s upper house of parliament called on Monday for Chancellor Angela Merkel’s government to extend a waiver on insolvency filings for firms hit by the coronavirus crisis, Reuters reported. The provision, which is due to expire at the end of the month, has helped reduce the number of bankruptcies in Europe’s largest economy through lockdown, with the Federal Statistics Office last week reporting a 31.9% year-on-year drop in October.