BHS creditors will receive £30m after Sir Philip Green’s retail empire Arcadia relinquished a claim on the assets of the department store chain whose collapse culminated in thousands of job losses and the billionaire paying £363m to cover the pensions of former workers, the Financial Times reported. The deal with BHS liquidators FRP Advisory ends the prospect of a legal battle surrounding a secured loan that the collapsed chain owed to Sir Phillip’s Arcadia Group, people briefed on the situation said.

Royal Bank of Scotland Group Plc settled a lawsuit filed by the owner of a bankrupt student- housing company that claimed the bank had sold him hedging products linked to Libor while at the same time trying to rig the interest-rate benchmark, Bloomberg News reported. Stuart Wall, owner of Opal Property Group Ltd., alleged that RBS mis-sold the group an interest-rate swap, which contributed to the collapse of the business in 2013. While terms of the settlement weren’t disclosed, the four-year-old claim had been valued at as much as 669 million pounds ($856 million).

The crisis at Provident Financial has left thousands of the subprime lender’s 730,000 consumer credit customers in a precarious financial position because many of them rely on regular visits from the company’s staff for credit to tide them over. Shares in the FTSE 100 lender fell 66 per cent on Tuesday after the company issued its second profits warning in two months and said its chief executive would be resigning after a mismanaged restructuring of its doorstep lending division, the Financial Times reported.

Britain's Pensions Regulator is to prosecute Dominic Chappell for failing to provide information and documents requested during an investigation into the sale of department store chain BHS to him by retail tycoon Philip Green, it said on Tuesday. Green sold the loss-making 180-store chain to Chappell's Retail Acquisitions Ltd vehicle for 1 pound ($1.28) in 2015. Chappell was a serial bankrupt with no retail experience, Reuters reported.

When lenders have trouble collecting debts, it is normally blamed on truant borrowers. But Provident Financial’s woes — revealed on Tuesday with the second profits warning in as many months — seem to be largely self-inflicted, the Financial Times reported. The consumer credit group in February decided to restructure its doorstep lending business, but problems with recruitment caused a slump in collections. As a result, the company has had to cut its profits guidance for the business by £100m in the space of a few weeks.

The Co-operative Bank cleared has cleared one of the last remaining hurdles in its latest attempt to get back on its feet, The Independent reported. In reality, the result of the EGM to approve its £700m recapitalisation (it achieved 96 per cent support) was never really in doubt. Such votes aren’t held in the City if there’s a chance that they will be lost. The question now is whether the bank will now be able to move on from here and successfully re-establish itself as a small, but still viable, niche player able to hold its own in a competitive market.

Employers’ group Ibec has warned of imminent business closures in the wake of another significant slide in the value of sterling, the Irish Times reported. The Brexit-related collapse in the British currency has accelerated in recent days on the back of lacklustre economic data, heaping further pain on exporters here. On Friday, it was trading at just over 91 pence against the euro, having been at 77pence prior to the UK’s referendum on EU membership last year.

The UK’s largest provider of adult training and apprenticeships will continue to receive public money despite a withering Ofsted report that found serious problems with the private-equity owned group’s services, the Financial Times reported. Learndirect, which was privatised in 2011 and sold to an arm of Lloyds Bank, will be able to run apprenticeships through a recently formed corporate entity after its main operating business was given Ofsted’s lowest grade possible after an inspection in March.

Despite national government statistics showing a sharp 15.4% drop in underlying corporate insolvencies in the second quarter of 2017, more East Midlands businesses are standing at the brink of insolvency than at any other time this year, TheBusinessDesk reported. This is according to new monthly research by the Midlands branch of restructuring and insolvency trade body R3 which shows that over one in four businesses in the region – 28 per cent – are now at higher than normal risk of becoming insolvent.

U.K. auto lenders are increasingly vulnerable to a drop in used-car prices after a surge in risky loans, according to a post published on the Bank of England’s staff blog Tuesday. It’s the latest central bank salvo in a raging debate over whether years of low interest rates have spurred a wave of loans that will lead to rising defaults, Bloomberg News reported. At issue are Personal Contract Purchases, under which drivers make a deposit and rent a new car instead of buying it.