Credit, Collections & Insolvency News
It’s over a year since regulations requiring large companies and limited liability partnerships (LLPs) to report on their payment practices came into force. However, 30 July 2018 marks the first reporting deadline for many of these large companies – those with December year ends. So now is a good time to highlight what this reporting…
Read more
Late payments blight cause major issues at small businesses across the UK, disrupting growth plans and potentially putting companies at risk. The numbers don’t lie – Dun & Bradstreet research shows UK SMEs are owed more than £63,800 in late payments on average, with 11 per cent owed more than £100,000. Even worse, FSB research…
Read more
A CVA is a process used by a company to compromise liabilities with its creditors. The company proposes the CVA to its creditors and if the required majority vote in favour, the CVA is implemented by the directors under the supervision of an insolvency practitioner. As long as the required majority vote in favour, the…
Read more
Here is an overview of The Money Charity’s latest statistics for July 2018: Personal debt in the UK People in the UK owed £1.5877 trillion at the end of May 2018. This is up from £1.54 trillion at the end of May 2017– an extra £920.71 per UK adult. Per adult in the UK that’s an average debt of £30,670 in…
Read moreAccording to Begbies Traynor’s Red Flag Alert research for Q2 2018, which monitors the financial health of UK companies, 472,183 businesses were experiencing ‘Significant’ financial distress at the end of June 2018. This is up 9% compared to the same stage last year (Q2 2017: 434,492) but down 1% compared to the previous three months…
Read more
UK Finance has published its latest business lending figures for June. Key data highlights include: Lending to manufacturers grew by 9.2 per cent in the last 12 months, in contrast to a wider 1.8 per cent contraction overall in UK business borrowing. UK business deposits for non-financial companies grew by 2.3 per cent in the…
Read more
UK Finance has published its latest consumer lending figures for June. Key data highlights include: Estimated gross mortgage lending for the total market in June is £23.5bn, 2.1 per cent higher than a year earlier. The number of mortgage approvals by the main high street banks in June fell by 2.1 per cent compared to…
Read more
The Payments Systems Regulator (PSR) has set out its plans to carry out a market review into card-acquiring services and has published draft terms of reference for consultation. PSR says card payments are critical to the smooth running of the UK economy. They are a popular way for consumers to pay merchants for goods and services, and…
Read more
Women in finance and accounting take seven more years, on average than their male counterparts to reach executive level, as they battle with a ‘two-tournament gender system’ throughout their careers according to new research. The slow path to the top: the careers of women in finance and accounting report commissioned by ACCA (the Association of Chartered…
Read more
The Central Bank of Ireland has published the Behaviour and Culture Report into the five main Irish retail banks – AIB Group, Bank of Ireland Group, permanent tsb, Ulster Bank Ireland and KBC Bank Ireland. The report, involving reviews conducted by the Central Bank in collaboration with the Dutch Central Bank (De Nederlandsche Bank –…
Read more
Financial fears are creeping into sleeping hours, according to new research by Royal London which shows money worries are a top cause of nightmares. Two in five (41%) people said money makes them anxious, which can have a big impact on the subconscious. One of the most common types of dreams is teeth falling out…
Read more
Construction giant Carillion plc has gone into liquidation, and unfortunately many of those companies that are owed money won’t now last much longer. These domino effects put a spotlight on the diligence of these companies – but there are measures that we can all put in place to negate these effects as far as possible.…
Read more