Listed below are our UK press releases, providing an overview of our activities and opinions over the last 18 months. Our most recent press releases can be found at the top of the page.
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| Are failed IVAs the root cause of the boom in personal insolvency? |
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03 November 2006 |
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DTI quarterly statistics released today have shown a slight drop in personal insolvency figures but a 32% increase on the annual figures. Lee Manning, reorganisation services partner at Deloitte, commented: “While there has been a slight drop on the quarterly figures, the annual figure for bankruptcies has risen by 32%. The increase in the number of IVAs has been widely publicised but what the figures don’t show is how many bankruptcies are as a result of failed IVAs. “Typically, IVA ‘boutiques’ take up-front fees for preparing IVA proposals and are arguably motivated to encourage as... |
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| House of Lords rules in favour of the taxpayer on time limitations in Deutsche Morgan Grenfell case |
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25 October 2006 |
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The House of Lords has today ruled 4-1 in favour of the taxpayer in its decision in the Deutsche Morgan Grenfell case. The case is part of the Advance Corporation Tax (ACT) Group Litigation Order (GLO) and considers the issue of time limitation. The decision overturns the Court of Appeal and will have potentially significant financial implications for other groups, as well as for Deutsche Morgan Grenfell. The decision means that Deutsche Morgan Grenfell is entitled to interest payments from HM Revenue & Customs (HMRC) in relation to ACT payments. As well as the ACT GLO, the decision is also likely to affect most or all of the other... |
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| Slump in big deals hits private equity |
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19 October 2006 |
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The private equity market in 2006 is not shaping up to 2005’s impressive results, according to data released today by CMBOR, the pre-eminent provider of analysis on the European private equity market founded by Barclays Private Equity and Deloitte. Tom Lamb, co-head of Barclays Private Equity, commented: “The year-on-year decline can be attributed to two main factors – there has been a significant decline in both public-to-privates and healthcare buyouts. The P2P market has collapsed from £7bn for the whole of 2005 to... |
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| Annual report length reaches an all time high to cope with IFRS, but formal OFRs decline |
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16 October 2006 |
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Forthcoming Companies Act will change future annual reports, encouraging more forward looking disclosures from directors Discussions of employee matters & the environment have improved
Deloitte, the business advisory firm, has today announced details of its annual survey of listed companies and how they have responded to the changing regulatory landscape. Key findings include the length of annual reports almost doubling over the last 10 years (from an average of 45 to... |
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| Deloitte appoints Nick Prior as senior partner to Deloitte’s PPP practice |
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13 October 2006 |
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Deloitte, the business advisory firm, has today announced the appointment of Nick Prior as a senior partner to its corporate finance Public Private Partnerships (PPP) practice. Nick will takeover as the lead partner for the team in June of next year. Nick is currently head of the Ministry of Defence (MOD) Private Finance Unit, a team he has led for two years whilst on secondment from Partnerships UK (PUK). Mike Turley, head of public sector at Deloitte, comments: “Nick will bring wide practical experience of implementing PPP and PFI deals at one of the UK’s largest public sector departments. This appointment, closely... |
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| Deloitte appoints forensic technology expert |
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11 October 2006 |
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Deloitte has announced today the appointment of Kelvin McGregor-Alcorn as director to its Forensic and Dispute Services team. McGregor-Alcorn was previously a director at Kroll. Humphry Hatton, head of Forensic and Dispute Services at Deloitte, commented: “We are delighted that Kelvin has agreed to join us. Kelvin is a leading expert in the field of forensic technology, specifically the collection and review of electronic evidence and e-discovery. This is increasingly requested and utilised by regulatory authorities and companies and is a critically important component of dispute resolution work. The collection, filtering and... |
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| Deloitte combines UK and Swiss Practices |
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10 October 2006 |
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The Deloitte firms in the UK and Switzerland have been combined and now operate as a single practice. This development recognises the importance of Switzerland as a key business and financial centre and the large number of major global companies based in the country. The resources, scale and investment capacity of the Deloitte UK firm will be focused upon Switzerland with the intention of increasing the size of the Deloitte Swiss operations very significantly. Following the execution of the transaction later this week the Deloitte Swiss companies will be wholly owned by Deloitte & Touche LLP in the UK. Gerhard Ammann will be the... |
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| Google agrees to buy YouTube for $1.65bn |
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10 October 2006 |
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Dave Tansley, technology partner at Deloitte, comments: "Google's acquisition of YouTube is a significant strategic move to bolster its presence in the internet video business, and an opportunity to apply its expertise in monetising content searches to a platform that only took off under 18 months ago. YouTube has created a global brand and mindshare in this space, which makes it an attractive acquisition target. "The internet video space is the likely target for the next series of media M&A activity and partnership announcements, with traditional and new entrants in the media sector all trying to get a piece of the... |
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| 25% of UK companies may struggle to afford pension deficits |
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06 October 2006 |
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The total deficit for final salary pension plans of all UK companies is currently more than £100bn according to Deloitte. An analysis of current pension deficits and reported earnings by pension actuaries at Deloitte has revealed that, across the whole UK economy, up to 25% of companies may struggle to pay back their current pension deficits over the 10 year period set by the Pensions Regulator. New funding legislation introduced this year has put pension scheme trustees in a position of greater power when they negotiate future contributions with the company. The new funding requirements are likely to require companies to pay... |
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| Higher rates only a month away |
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05 October 2006 |
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- The Monetary Policy Committee left interest rates at 4.75% today largely as it prefers to move rates in a month coinciding with the publication of the Inflation Report, which provides an opportunity to explain the decision. I think that the widely expected rate hike to 5% will happen in the Inflation Report month of November.
- The case for a November rate hike remains fairly clear. The previously announced gas price, electricity price and university tuition fees hikes are likely to push CPI inflation above Augusts' reading of 2.5% in the coming months. Indeed, there is a clear risk that...
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