Britain's financial watchdog said on Friday a four-year prison sentence has been issued in the UK's first case involving unregistered cryptoasset activity, Reuters reported. London-based Olumide Osunkoya was found guilty of operating unregistered crypto ATMs for transactions worth 2.5 million pounds ($3.2 million) across several locations within the UK between December 2021 and March 2022, the Financial Conduct Authority (FCA) said in a statement. Osunkoya was also convicted and sentenced for forgery, using false identity documents, and possessing criminal property at the court hearing.
Read more
Almost half of councils in England risk falling into bankruptcy without action to address a £4.6bn deficit amassed under a Conservative-era policy, the government’s spending watchdog has warned, The Guardian reported. In a damning report, the National Audit Office said that rising pressure on public services and repeated delays to reform the funding of local government meant town halls were in an “unsustainable” financial position.
Read more
This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
Already a member? Login here.
This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
Already a member? Login here.
Castle Water Ltd. and KKR & Co. have been invited to provide more detail on their bids as the process for owning the debt-laden utility Thames Water progresses, Bloomberg News reported. The US alternative asset manager and water firm Castle have been asked to submit revised bids this week. Both have previously put forward non-binding offers to inject around £4 billion ($5.1 billion) into Thames Water to help turn around the utility. The offer from infrastructure investor Covalis Capital, who is also a junior creditor of Thames, is currently less favored by Thames Water.
Read more
This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
Already a member? Login here.
This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
Already a member? Login here.
This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
Already a member? Login here.
This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
Already a member? Login here.
Retailers in the U.K. reported a brighter start to the new year, with sales rising after four straight months of falls, though rebounding inflation and low consumer confidence suggest the outlook for the sector remains uncertain, the Wall Street Journal reported. U.K. retail sales volumes were 1.7% higher in January than in the prior month, from a fall of 0.6% in December, the Office for National Statistics said Friday. Food store sales volumes jumped 5.6%, the largest rise since March 2020, following falls in recent months, the ONS said.
Read more