After Brexit, creditors may be impacted when assets of insolvent companies are sought for recovery in Europe. This was the view set out today by R3, the trade body for insolvency professionals, in a statement covering how the EU referendum result may affect the corporate insolvency process. Andrew Tate, president of R3, said: “Leaving the EU will have a major impact on the way corporate insolvency works in the UK. The UK’s insolvency regime does not exist in a vacuum. It is entwined with rules on employment, tax, property, and more; and all of these are linked with European rules.

The sale of billions of pounds of taxpayer-owned shares in bailed-out UK banks has been shelved as a result of stock market turmoil spurred by the vote to leave the EU, the Financial Times reported. Plans to start the sale of £2bn of retail shares in Lloyds Banking Group over the next six months have been dropped owing to economic uncertainty following the referendum result, according to government advisers, dealing a blow to UK taxpayers.

Moody’s Investors Service has changed the outlook on the UK’s credit rating to negative from stable following the EU referendum result, Bloomberg News reported. The agency said the result will herald “a prolonged period of uncertainty with negative implications for the country’s medium-term growth outlook”. “During the several years in which the UK will have to renegotiate its trade relations with the EU, Moody’s expects heightened uncertainty, diminished confidence and lower spending and investment to result in weaker growth,” the agency said.

Bond and currency traders seeking refuge as the results of the U.K. vote on membership in the European Union come in are finding that the world’s financial-market havens aren’t so safe, Bloomberg News reported. There were already signs that liquidity, the ability to trade without affecting prices, was deteriorating in some investment oases in advance of Thursday’s ballot. Liquidity has dropped by about a third in European sovereign bonds, according to David Page, a senior economist in London at AXA Investment Managers.

Dominic Chappell, the former owner of BHS, tried to pay for a family holiday to the Bahamas on company expenses and took a £90,000 loan from the department store chain to pay a personal tax bill, according to evidence submitted to MPs, The Guardian reported. The allegations were made by Darren Topp, chief executive of BHS, in a submission to the parliamentary committee investigating the demise of the company, which accuses Chappell of treating the retailer’s money as if it was his own personal funds.

Dominic Chappell, the former owner of BHS, tried to pay for a family holiday to the Bahamas on company expenses and took a £90,000 loan from the department store chain to pay a personal tax bill, according to evidence submitted to MPs, The Guardian reported. The allegations were made by Darren Topp, chief executive of BHS, in a submission to the parliamentary committee investigating the demise of the company, which accuses Chappell of treating the retailer’s money as if it was his own personal funds.

As a deal to sell BHS was hammered out in 2015, lawyers for the buyer repeatedly reduced the amount of cash they wanted Sir Philip Green to inject into the ailing retailer’s underfunded pension scheme, documents reveal, the Financial Times reported. MPs are probing the funding arrangements of the BHS pension plan after the group’s collapse this year left about 20,000 scheme members facing cuts to their retirement income.

Moody’s Investors Service has changed the outlook on the UK’s credit rating to negative from stable following the EU referendum result, Bloomberg News reported. The agency said the result will herald “a prolonged period of uncertainty with negative implications for the country’s medium-term growth outlook”. “During the several years in which the UK will have to renegotiate its trade relations with the EU, Moody’s expects heightened uncertainty, diminished confidence and lower spending and investment to result in weaker growth,” the agency said.

Britain is a week away from its historic economic decision on EU membership. Economists have never been more united in supporting a vote to remain, yet the profession increasingly appears incapable of persuading the public of Britain’s national interest, the Financial Times reported. Economic history is clear. The UK’s growth of national income per head has been the fastest in the G7 since joining in 1973, having been the slowest between 1950 and 1973. EU membership has served Britain well and has not prevented domestic economic renewal.

Retail tycoon Philip Green admitted to British lawmakers on Wednesday he had erred in selling BHS to a former bankrupt and promised to help fix a gaping hole in the pension scheme of the collapsed department store chain he owned for 15 years, Reuters reported. The loss-making BHS fell into administration in April, little more than a year after Green sold it to Dominic Chappell's Retail Acquisitions Ltd for a nominal sum, resulting in the likely loss of 11,000 jobs as it is wound down. Chappell was a serial bankrupt with no retail experience.