The number of people entering insolvency in England and Wales rose sharply in the three months to September compared with a year ago, according to official data that add to questions about the financial resilience of British consumers, Reuters reported. The government’s Insolvency Service said the number of people officially entering financial distress rose to 30,879 in seasonally adjusted terms, up 23% on a year ago though little changed from 30,690 in the second quarter.

On 11 July 2019, the UK government published draft legislation for the Finance Bill 2019 which contains important changes to insolvency law, Bdaily reported. From 6 April 2020, HMRC will have secondary preferential status for taxes collected by businesses on behalf of taxpayers (including VAT, PAYE income tax, employee National Insurance Contributions and Construction Industry Scheme deductions). This is in part, a return to the preferential status held by HMRC in 2003 but surrendered in the reforms brought in that year.

The Nordic business of collapsed travel firm Thomas Cook has reached a deal with a buyer, a company spokesman said on Tuesday, Reuters reported. The Nordic operations, also known as Thomas Cook Northern Europe, said last month that it was looking for new owners. It is a separate legal entity and aims to continue to operate as usual. Fredrik Henriksson, head of communications at Thomas Cook Northern Europe/Ving, said the firm would unveil the buyer on Wednesday, declining to give further details. The business said on Monday it had attracted several bids and interest from over 10 parties.

The Nordic business of Thomas Cook, the world’s oldest travel firm which collapsed five weeks ago, expects to have a buyer by Christmas after attracting several bids and interest from over 10 parties, a spokeswoman said on Monday. The Nordic business, also known as Thomas Cook Northern Europe, said in September it would continue to operate as usual as it is a separate legal entity and that it was looking for new owners, Reuters reported.

China’s Jingye Group has fuelled hopes of a rescue deal for British Steel with plans to send a delegation to the second-biggest UK steelmaker’s main plant in Scunthorpe, the Financial Times reported. Hebei-based Jingye, which also owns hotels and a medicines business alongside its main steelmaking operations, is due to visit the Lincolnshire steelworks next week.

It was meant to be a commemorative coin, a reminder in your pocket that the UK had left the EU on October 31. But with the departure set to be delayed once again next week, millions of 50p “Brexit coins” are just one government initiative having to be hastily reconsidered, the Financial Times reported. With scant acknowledgment this week, Boris Johnson broke a commitment to his party and country of quitting the bloc on October 31 “come what may, do or die”.

Royal Bank of Scotland slumped to a loss in the third quarter after a poor performance from its investment bank compounded a £900m hit from the payment protection insurance scandal, the Financial Times reported. NatWest Markets, the once high-flying investment bank that has been drastically scaled back since the financial crisis, recorded an operating loss of £193m in the quarter after its rates trading business was bruised by a historic rally in government debt.

FundingSecure, which offered loans against classic cars and Picasso paintings, has become the second British peer-to-peer lender to collapse in six months, the Financial Times reported. The decision to call in administrators at CG Recovery on Wednesday following rising defaults and legal issues leaves about 3,500 investors exposed to potential losses if the debts cannot be recovered. CG said FundingSecure’s outstanding loan book was worth about £80m and that it was too early to predict how much money they would be able to return to creditors and investors.

KPMG has been paid about £2.3m for its work on winding down Patisserie Valerie, despite being replaced as administrator to the failed bakery chain due to a conflict of interest, the Financial Times reported. The Big Four accounting firm, whose insolvency partners earned £875 an hour for the work according to its latest disclosure to creditors, will cease to be administrator as it cannot pursue legal claims against Patisserie Valerie’s auditor, which is expected to be the next stage in attempting to recoup money for creditors.

Exclusive talks between the U.K.’s Insolvency Service and Turkey’s Ataer Holdings about a sale for British Steel have ended without a deal, Bloomberg News reported. The official receiver for the company, who is managing the sale, will hold discussions with other parties and the potential buyers are expected to visit British Steel sites in the coming days, the insolvency service said on Wednesday. Talks with Ataer, which co-owns steelmakers in Turkey, are continuing as well.