Tenants to be protected from covert landlords

Landlord Assist, the nationwide tenant eviction and rent-collection company, has backed government’s proposal to offer greater protection for tenants.

A rising number of vulnerable tenants are facing eviction as their landlords falling into mortgage arrears.

Housing Minister John Healey has come up with a new proposal that dictates people renting from landlords who fail to inform banks that they are letting out their property will be able to stay in the house for two-month period after the house is repossessed.

High Court rejects PwC’s plan in Lehman Brothers’ case

Clients of Lehman Brothers, the American investment bank that collapsed almost a year ago in Europe, may still have to wait longer to get their assets back after a plan aimed at recovering up to $16bn (£9.7bn) of assets was rejected by the High Court.

The administrators to the Lehman Brothers International, PricewaterhouseCoopers had asked the High Court to approve the plan.

PwC had hoped to save time by placing more than 1,000 creditors in three different classes and paying them in groups rather than as individuals.

Candover reshuffles its top management, shares jump

Candover Investments, a private equity firm in UK has resorted to reshuffling of its management in order to fix its cumbersome structure, in a move that sent its shares up. Marek Gumienny has been appointed as the chairman of the subsidiary Candover Partners. Earlier he was the MD of Candover Partners.

Malcolm Fallen has been appointed as group's first executive director. John Arney will be the managing partner of the subsidiary and in charge for strategic direction.

John Lewis sales fall 4.1% for second week

Department store chain John Lewis said its sales dropped 1.4 per cent to settle at 46.5 million pounds during the week ended August 15.


It was John Lewis' second consecutive week of lower sales.


John Lewis said electricals and home technology sales were down by 2.1 per cent, while the sales in home department were down by 3.6 per cent, with fashion sales flat. Sales had plunged 5.3 per cent in the previous week.


British Gas and E.ON pursuing price war

A price war being pursued by the energy companies has of course cheered customers.

British Gas and E. ON have trimmed down their dual tariffs. As British Gas Unveiled Web Saver 4, pricing £993 per year on an average, E. ON released FixOnline 3, which costs £984 per year, cheaper by £10 than Web Saver 4. Under the E. ON tariff plan customers can fix their prices until 1 Dec. 2010. It may be noted here that earlier in 2009, British Gas slashed gas as well as electricity bills by 10 per cent after lifting them by 26 per cent in 2008.

Chelsea suffers £41m mortgage fraud

UK's Chelsea Building Society has plunged into a loss for the first half of 2009 after it was hit hard by an alleged mortgage fraud of £41million.

Buy-to-let loans have caused problems for Chelsea, which said the alleged fraud cases occurred between 2006 and 2008. 

Chelsea has blamed third-party professionals like mortgage brokers and surveyors. Chelsea holds them responsible for the artificial inflation of the property values, which is used as a base for providing loans.