Retail tycoon Philip Green's greed and disregard for corporate governance led to the demise of BHS and cost 11,000 jobs, a report by British lawmakers said, calling the collapse of the stores group "the unacceptable face of capitalism", Reuters reported. Billionaire Green, 64, owned BHS for 15 years before he sold the loss-making 180-store chain to Dominic Chappell, a serial bankrupt with no retail experience, for one pound last year. It went into administration in April, and all remaining 114 stores are due to close in the next four weeks.

New and increased government insolvency fees introduced yesterday will undermine the UK insolvency regime and cost creditors £8m per year, R3 has warned, according to Accountancy Age today. By threatening creditor returns, the government could undermine the UK’s World Bank insolvency ranking, the insolvency trade body said. Among other new fees, the government is introducing a fee of £6,000 in every compulsory liquidation or bankruptcy, even when the case is handled by a private sector insolvency practitioner rather than the government’s official receiver.

The English Court has recently considered who can be recognized as “foreign representatives” under the Cross-Border Insolvency Regulations 2006 (CBIR) in the case of Re 19 Entertainment Limited, about a US company in chapter 11, the National Law Review reported yesterday.

Britain’s housing market has taken a post-referendum nosedive with a sharp drop in purchase inquiries at estate agents, a reduction in sales agreed and expectations of falling prices. In its latest survey of estate agents and surveyors, conducted after the June 23 vote to leave the EU, the Royal Institution of Chartered Surveyors found a “marked drop in activity in the housing market”, the Financial Times reported. The monthly survey is a leading and closely watched indicator of house prices and economic activity related to moving home.

As the political chaos after Britain’s vote to leave the European Union starts to subside, one of the most pressing issues for the country’s new leader is how to keep doing business with the bloc’s vast single market of 500 million consumers. Many are pointing to fjord-flecked Norway as a possible model for the way forward, the International New York Times reported. Theresa May, who became Britain’s new prime minister on Wednesday, has said she wants to get the best deal possible to safeguard the country’s industrial base and its services industry.

A debt-ridden independent oil explorer has pulled its shares from London’s junior AIM market after restructuring talks with its lender fell apart, The Telegraph reported. Trinidad-focused Trinity Exploration suspended its shares this morning after Citibank called in repayments on its $13m debt pile. The bank had offered the embattled explorer numerous waivers while negotiating a wider financial restructuring of the business, but has now scrapped the repayment moratorium and frozen the explorer’s accounts.

The pension deficit of UK companies grew by £89bn in just one month, hitting a record level following Britain’s vote to leave the EU, the Financial Times reported. Figures from the Pension Protection Fund showed the total private sector pension shortfall rose to £383.6bn at the end of June, from £294bn a month earlier, as financial markets reacted to the Brexit vote. The plunge in equities, sterling and bond yields put more strain on schemes that are already under pressure from a prolonged period of low interest rates.

Brexit could push Northern Ireland into recession given it’s relaince on the UK, an economist has said, the Irish Times reported. Business activity increased in Northern Ireland in the weeks before the EU referendum. The Ulster Bank purchasing managers’ index said June was the 14th month in a row in which companies recorded an increase in new orders. The latest report signalled that growth was maintained at the end of the second quarter, with sharper expansions of output, new orders and employment recorded.

The Bank of England moved to boost the U.K. economy in the wake of Britain’s vote to exit the European Union, marking one of the first instances of a major central bank relaxing bank-capital requirements to mitigate a possible economic slowdown, The Wall Street Journal reported. The central bank said it agreed to ease regulatory restraints on U.K. banks in a push aimed at allowing them to lend an extra £150 billion ($199 billion) to U.K. businesses and households and to keep the economy flush with credit. The move reduced the amount of capital banks must hold against loan portfolios.

Three former Barclays bankers have been found guilty of conspiring to rig a key interest rate in a high profile trial, the Irish Times reported. Jonathan Mathew (35), a Libor submitter, along with traders Jay Merchant (45) and Alex Pabon (37), were found guilty of conspiring with others at Barclays to manipulate US dollar Libor – the benchmark interbank lending rate – for more than two years, until September 2007. They had denied wrongdoing in a 14-week trial at Southwark Crown Court in London.