Hays profit slumps as fee income falls February 20, 2020 Recruitment firm Hays reported a fall in profit this morning after the UK general election and a weak economy in Germany hurt revenue. The figures Like-for-like operating profit dropped 18 per cent to £100.1m, down from £124.1m in 2018, as net fees slumped two per cent to £553.1m. Profit before tax was also down 22 [...]
Judges accused of not using powers to cut employment tribunal backlog February 17, 2020 Judges are not exercising their power to dismiss claims early at employment tribunals, despite a growing backlog, a law firm said. Over the last year, judges did not use their power of early dismissal in any of the 94,330 new cases received by employment tribunals. Judges have the power to dismiss a claim or a [...]
Banknote printer De La Rue set for review of finances February 15, 2020 The Bank of England’s banknote printer, De La Rue, is set for talks with its lenders after calling in advisers to review the business. De La Rue’s banking syndicate, led by HSBC, has appointed FTI Consulting to negotiate the future of its borrowing arrangements with lenders, according to Sky News Last November, the firm said [...]
Insolvency firm FRP Advisory appoints broker for London float February 12, 2020 Insolvency firm FRP Advisory has appointed broker Cenkos Securities for an upcoming London listing. The insolvency practitioner, which also advises clients on corporate finance matters, is planning to raise £30m in a float that will value it at £200m. Recent mandates for FRP include acting as administrator for cake chain Patisserie Valerie. FRP took over [...]
Burford Capital faces setback in bitter battle over £350m mega-yacht February 11, 2020 Litigation funder Burford Capital has faced a setback in its battle to secure control of a £350m yacht in Dubai as part of a bitter divorce battle. Burford has funded Tatiana Akhmedova’s fight to secure the £453m divorce settlement granted against her ex-husband Farkhad Akhmedov by the English courts in 2016. Akhmedov refused to pay [...]
Outgoing Deloitte boss took home £3.3m last year February 9, 2020 The outgoing boss of Deloitte took home £3.3m last year, the audit giant’s accounts show. David Sproul stepped down as chief executive and senior partner of the firm’s north and south Europe partnership (which includes the UK) last year to take up the role of global deputy chief executive of the firm. His pay increased [...]
We must not let fear of terror attacks compromise our human rights February 7, 2020 The recent attacks in London Bridge and Streatham have highlighted clear flaws in the management of terror offenders. Both were perpetrated by convicts still under licence conditions, released automatically halfway through their sentences. The government is now urgently looking to address this — as it undoubtedly should. However, it should be wary of trampling civil [...]
Financial Reporting Council unveils plans to beef up enforcement in audit cases February 5, 2020 Audit watchdog the Financial Reporting Council (FRC) today announced plans to create a “more forceful regulator”. The FRC has been heavily criticised for the slow pace of its investigations into matters such as the audit of Hbos shortly before its collapse. It has also been criticised for its perceived toothlessness and its cosy relationship with [...]
DEBATE: Should the government scrap plans to impose an extra 20-week delay on divorces? February 5, 2020 Should the government scrap plans to impose an extra 20-week delay on divorces? YES, says Emily Brand, a partner at Boodle Hatfield. The government’s reason for introducing the new 20-week delay appears to be to ensure that couples have a period to “reflect on the decision to divorce”, “change course”, or “agree arrangements for the [...]
EY hit with €95m claim over tax scandal advice February 4, 2020 Big Four accountancy firm EY has been targeted with a €95m (£80.5m) lawsuit for advice it gave to a collapsed bank that allegedly defrauded the German state. The administrator to Maple Bank filed the lawsuit against EY in Stuttgart. The claim relates to the so-called cum-ex scandal which led to the closure of Maple Bank [...]
