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31/07/2001
New proposals aim to promote ‘financial initiative’
New proposals published by the Government could see ‘honest’ bankrupts cleared of constraining laws only one year after declaration.
The white paper, published on Tuesday 31 July, covers issues relating to both corporate and personal bankruptcy, and attempts to draw a line between those who have set out to deliberately defraud others, and those who have fallen into financial difficulties through misfortune – termed ‘honest’ bankrupts.
Current insolvency laws dictate that those found guilty of intent to defraud are barred from doing business for 15 years, while those merely declared bankrupt are financially constrained under a variety of laws for three years before receiving discharge.
New laws proposed in the white paper would see that time limit reduced to one year in an attempt to emulate the US model of the promotion of ‘financial initiative’ although it is thought that the suggestions will come under fire for the attempt to define what constitutes ‘honest’ bankruptcy.
In addition, another white paper published on the same day outlines a plan to shift decision-making powers regarding corporate takeovers and mergers to a "strong and pro-active competition authority" instead of the incumbent minister. (CL)
The white paper, published on Tuesday 31 July, covers issues relating to both corporate and personal bankruptcy, and attempts to draw a line between those who have set out to deliberately defraud others, and those who have fallen into financial difficulties through misfortune – termed ‘honest’ bankrupts.
Current insolvency laws dictate that those found guilty of intent to defraud are barred from doing business for 15 years, while those merely declared bankrupt are financially constrained under a variety of laws for three years before receiving discharge.
New laws proposed in the white paper would see that time limit reduced to one year in an attempt to emulate the US model of the promotion of ‘financial initiative’ although it is thought that the suggestions will come under fire for the attempt to define what constitutes ‘honest’ bankruptcy.
In addition, another white paper published on the same day outlines a plan to shift decision-making powers regarding corporate takeovers and mergers to a "strong and pro-active competition authority" instead of the incumbent minister. (CL)
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It has been a good year for the supermarket retailer Tesco which has seen pre-tax profits soar to £1.6 billion, according to the group's full-year preliminary statement issued today. In addition to driving up pre-tax margins by 17.6%, the company said that it had slashed its debts by £600 million, down to £4.1 billion. In the UK, sales grew by 14.
Good year for Tesco as profits top £1.6bn
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The latest figures from the Office for National Statistics (ONS) indicate that despite increasing energy costs, Consumer Prices Index (CPI) annual inflation is steady at 1.9% for January, just under the Government's target. The forecast was for inflation to hit 2.1% but the largest upward effect on inflation came from transport.
UK inflation steady at target rate
The latest figures from the Office for National Statistics (ONS) indicate that despite increasing energy costs, Consumer Prices Index (CPI) annual inflation is steady at 1.9% for January, just under the Government's target. The forecast was for inflation to hit 2.1% but the largest upward effect on inflation came from transport.
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NIE proposes five year price freeze
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13 September 2001
BAE Systems reveals first-half year profits
Defence giant BAE Systems has posted a modest four per cent rise in first half year profits but said it expected growth to pick up next year. The company, which is the fifth-largest supplier to the US military, posted pre-tax profits of £482 million for the first half of 2001.
BAE Systems reveals first-half year profits
Defence giant BAE Systems has posted a modest four per cent rise in first half year profits but said it expected growth to pick up next year. The company, which is the fifth-largest supplier to the US military, posted pre-tax profits of £482 million for the first half of 2001.
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Northern Ireland WeatherToday:After a dry start this morning rain will spread from the northwest across all parts. This afternoon will be dull with some patchy rain and drizzle. Becoming much milder through the afternoon. Maximum temperature 11 °C.Tonight:A cloudy evening and night with a little light rain or drizzle, perhaps some clear periods developing along the east coast. A very mild night everywhere. Minimum temperature 10 °C.
