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High Court braced for £600m Lloyds HBOS trial

A £600m trial dealing with Lloyds’ takeover of HBOS during the height of the financial crisis is set to begin at the High Court tomorrow. The claim against Lloyds and five former directors, being brought by a large group of former Lloyds TSB shareholders, alleges they were misled in the run-up to the acquisition. The bank and former directors deny wrongdoing and will contest the claims. Opening submissions are expected to be heard tomorrow at the Rolls Building in the Royal Courts of Justice. The claim is founded on alleged breaches of duties owed by the former directors in recommending the acquisition of...

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Government raises bankruptcy threshold to £5,000

The numbers of people being declared bankrupt could fall sharply after the government announced a seven-fold increase in the minimum amount of debt necessary to trigger this form of insolvency. Ministers are hiking the amount of debt over which an individual can be made bankrupt from £750 to £5,000 – the first increase for three decades. Many campaigners welcomed the move, saying it would prevent creditors making people bankrupt for “unreasonably small debts”. However, others say the change will make it more difficult for consumers to pursue tradespeople, landlords or others who are steadfastly refusing to pay what they owe. At the same...

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