Rachel Reeves is considering overruling the Supreme Court if judges side with consumers over the £44bn car finance scandal, the Telegraph reported. Under plans being considered by the Chancellor, the Government could retrospectively alter the law to reduce the liabilities paid by lenders if the Supreme Court upholds a decision made by the Court of Appeal last October. Britain’s biggest banks could be forced to pay out £44bn in compensation to drivers after customers said they were unlawfully sold car loans.

Corporate liquidations and receiverships in Scotland during the first quarter increased by 17.3% year-on-year, to a total of 332, Insider.co.uk reported. The new figures from Scotland's insolvency service Accountant in Bankruptcy also showed that this first quarter figure was up by 12.9%, compared with the previous quarter’s total of 294.

Mike Lynch’s estate looks likely to be wiped out after a High Court judge ordered it to pay more than £700 million in damages to Hewlett Packard Enterprise in one of the UK’s biggest corporate fraud cases, The Times reported. Mr Justice Hildyard ruled in 2022 that Lynch had defrauded Hewlett Packard Enterprise (HPE) over the US tech giant’s $11.7 billion (£8.7 billion) acquisition of his business software company, Autonomy, in 2011.

Balmanno House, a registered charity located in the West End of Glasgow which had been providing residential care for over 200 years, was placed in administration in April 2023, Scottish Financial News reported. The joint administrators continued to trade the business for a short period to ensure an orderly relocation of residents to alternative care. Following a considerable level of interest the property was sold to RSD Property Holdings Limited for residential development for an undisclosed sum.

Latest figures revealed by the Insolvency Service show that £57.5 million has been returned to the UK economy in the past year, and over 69,000 people have been supported through emergency redundancy payments, according to a press release. The figures form part of the agency’s Annual Report and Accounts 2024-25: Insolvency Service Annual Report and Accounts 2024-2025 - GOV.UK.

Argentex Group PLC announced Tuesday that Interim Chief Executive Officer Tim Rudman resigned and left the board on Monday, Investing.com reported. The foreign exchange services provider confirmed that its board has resolved to appoint administrators to the Company and certain other subsidiaries in the group. Argentex stated it will make further announcements regarding the administration process in due course. Read more.

Bank of England Governor Andrew Bailey said on Tuesday he did not agree with finance minister Rachel Reeves' description of regulation as a "boot on the neck of businesses" and he defended rules for the banking sector which are overseen by the BoE, Reuters reported. Bailey told lawmakers that the central bank was open to making changes to the detail of post-financial crisis financial regulation - such as income thresholds for approving mortgages - to help the government's economic growth push.

Britain's insolvent Lindsey oil refinery will close down after no buyers were found for the site, Energy Minister Michael Shanks said in a statement on Monday, Reuters reported. The refinery was placed into the hands of an official receiver after its owner Prax fell into insolvency at the end of last month. "After a thorough process to determine whether a sale was possible, no credible offers have been made to purchase the entire refinery, and it will be winding down operations," Shanks said.

Bank of England officials are mulling whether to set aside plans to create a digital pound for households amid growing skepticism about the project’s benefits, the latest sign of dwindling support for state-backed digital currencies globally, Bloomberg News reported. The BOE has been privately urging the banking industry to instead accelerate payment innovations that could result in similar benefits without the creation of a central bank digital currency — or CBDC — for consumers. Sources said that the central bank wants to be in a position to launch a CBDC if it is eventually warranted.

The Bank of England has asked some lenders to test their resilience to potential U.S. dollar shocks, three sources said, the latest sign of how the Trump administration's policies are eroding trust in the U.S. as a bedrock of financial stability, Reuters reported. As the leading currency for global trade and capital flows, the U.S. dollar is the lifeblood of global finance. However, President Donald Trump's break from long-standing U.S.