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Hi everyone, firstly, apologies if this is in the wrong forum. If so please tell me off mods and feel free to move the thread! I need to find out the VAT code and the Unique Taxpayer Reference (UTR) of a company. I found the VAT code easy enough. Has anyone got any idea how I can find this UTR for a particular company? Thanks.
According to the Telegraph, Moody’s has downgraded The Co-op’s credit rating, warning it saw “moderate potential for systemic support likely to be forthcoming from the UK authorities”. Moody’s says the Co-op Bank’s ratio of problem loans increased to 11 per cent at the end of 2012, up from 8 per cent a year earlier, due to a deterioration in its commercial real estate portfolio. The Telegraph says the bank may have a £1bn shortfall in its capital requirements. The bank says Tootell’s departure is due to the collapse of a deal to buy 632 UK branches of Lloyds Banking Group last month, which the bank blamed on a weak economy and high capital requirements. Tootell is being replace by interim chief executive Rod Bulmer. In a statement, the Co-op Banking Group says: “We are disappointed by the ratings downgrade announced by Moody’s. We have a strong funding profile and high levels of liquidity, which are significantly above the regulatory requirements. “We do acknowledge, like the rest of our banking sector peers, the need to strengthen our capital position in light of the broader economic downturn and the pending introduction of enhanced regulatory requirements, and we have a clear plan to drive this forward throughout the coming months. “In March, we announced the sale of our life business to Royal London and also our intention to sell our general insurance business. In addition to these measures we plan to significantly simplify our business, which will greatly improve our operational effectiveness and also enhance our capital position in the pro Link; http://www.mortgagestrategy.co.uk/latest-news/the-co-op-bank-may-need-taxpayer-support/1070941.article
Abuses of the administration process by invoice finance firms are costing the taxpayer “hundreds of millions of pounds”, the former president of the insolvency profession’s trade body has warned. Frances Coulson, former president of R3, said there is an “enormous amount of abuse going on at the murkier end of the [invoice finance] market” as invoice finance providers, sometimes in collusion with insolvency practitioners, profit from putting companies into administration. Banks and independent providers are exploiting contractual fees and their preferred creditor status to make money from struggling businesses, she said. Ms Coulson’s warning follows an investigation by The Daily Telegraphwhich revealed that some lenders benefit from corporate failures at the expense of the taxpayer and other creditors. She said the law firm where she works as a senior partner, Moon Beever, had worked on a number of these cases, which had “cost the taxpayer hundreds of thousands of pounds – and we’re only a small practice”. The issue had “been picked up in recent Government insolvency consultations but ignored”, she said. Invoice finance is a form of asset based lending which sees cash advanced to small and medium-sized businesses against their sales ledgers. More: http://www.telegraph.co.uk/finance/yourbusiness/9495994/Invoice-finance-firms-abuses-costing-taxpayer-millions.html