A director of a payroll company who moved millions to a Montenegrin bank while his company was insolvent has been disqualified for seven years, BBC.com reported. The Insolvency Service said Paul Bresnihan, from Leicester-based CJS Engagement 2 Ltd, transferred €4.8m (£4.17m) to an account in Europe at a time when the company owed HMRC more than £32m. It said that Bresnihan "did not provide an explanation for the money transfers", and "has not co-operated" with attempts to recover the money.

The Original Factory Shop (TOFS) will this week become the latest retailer to call in administrators, putting about 1,200 jobs at risk, Sky News reported. The discount chain, which was already on the brink of collapse when it was bought by Modella Capital last year, is expected to appoint Interpath to handle its insolvency as soon as Wednesday afternoon. TOFS, which opened its first shop in the late 1960s, trades from approximately 130 stores. Read more.

The U.K.'s Financial Conduct Authority on Tuesday launched a review into the impact of advanced artificial intelligence ​on retail financial markets and consumers, Reuters reported. The review, led by FCA ‌Executive Director Sheldon Mills, will look at how the evolution of AI could affect markets ‌and firms, including changes to competition and market structure, as well as the impact on consumers. Findings will go to the FCA board in mid‑2026. The regulator reiterated that it does not intend to introduce AI‑specific rules.

The U.K. Insolvency Service said that it is trying to refund £500,000 to customers who paid a fee for a debt relief order (DRO) but did not submit their application, according to a press release. Thousands of people are due a refund after the Government scrapped the £90 application fee for DROs in April 2024 to make things easier for those struggling with debt. A DRO is an alternative to bankruptcy, allowing people to make a fresh start if they have less than £50,000 of personal debt. Applications for DROs are made through authorised debt advisers or charities.

It’s only four months since the UK and Ireland operations of Claire’s was bought out of administration but the business was back there as of Monday, FashionNetwork.com reported. First reported by Sky News, it seems insolvency practitioners from Kroll are handling the process with over a thousand high street jobs at risk. That comes after a significant number of jobs had previously been cut on its insolvency filing last autumn.

U.K. government borrowing costs have fallen after Sir Keir Starmer blocked leadership rival Andy Burnham from standing as an MP, The Telegraph reported. The yield on benchmark 10-year gilts, as U.K. government bonds are known, fell as low as 4.47pc early on Monday, compared to a high of 4.51pc on Friday in the wake of the Gorton and Denton by-election announcement. Labour’s ruling National Executive Committee (NEC) blocked Mr Burnham from standing in the by-election by eight votes to one on Sunday, quashing an imminent threat to the Prime Minister’s leadership.

A council has approved a decision to write off more than £100,000 of "unrecoverable" debt, BBC.com reported. Members of South Holland District Council's cabinet heard at a meeting on Tuesday there was a total of £114,957.44 uncollectable debt, made up of both council tax and business rates. Councillor Paul Regdate, the portfolio holder for finance, said there was "no realistic prospect of recovery" and the council had "exhausted" enforcement options. The councillor said over half of the debt related to insolvency cases.