Credit, Collections & Insolvency News
If you were competing in Le Mans, you wouldn’t take your racing car to the local mechanic to race prep it. You’d take it to a specialist shop that had the skills to create a high-performance machine capable of winning the race. You’d constantly be on the lookout for new ways to give your car…
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Late payment is one of the leading causes of cash flow problems. And, without adequate preparation, even a single late payment can have a significant impact on sustainability and profitability. Therefore, it’s vital to prepare for the worst to reduce the risks to your business. Here are seven ways how: 1. Spread your customer base as widely…
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Dunning, or collection management as it’s sometimes known, is a vital process in credit control. It sees organisations follow set processes to chase for outstanding payments, making the chance of receiving payment more likely. Credit controllers face a number of challenges when chasing for payment, such as customers not responding to reminders and evading payment…
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A new report by research specialist Gartner says that Digitalisation will make most heritage financial firms irrelevant by 2030. These firms will struggle for relevance as global digital platforms, fintech companies and other nontraditional players gain greater market share, using technology to change the economics and business models of the industry. Speaking at Gartner Symposium/ITxpo 2018 on…
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More than half of UK consumers (54 percent) would be ready to use biometric payment cards if they were available at their bank today, according to new research revealed by digital security leader Gemalto and conducted by GfK. For 82 percent of consumers, it would even become their preferred payment card – generating a clear ‘top of…
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The time it takes to pay suppliers across the UK has improved by 14 percent, with payments taking on average 42 days in 2018 compared to 49 days in 2016. The data compiled by Tungsten Network, shows that the time from invoice submission on its network to payment has steadily improved since 2016, coinciding with…
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Company insolvencies in Northern Ireland stood increased to 65 in the last quarter – up 14 percent on the same period in 2017 but almost half that of the last quarter (125). Of these, 30 were compulsory liquidations (down from 35 on the same period a year ago), and 24 were creditors’ voluntary liquidations (up…
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Bibby Financial Services (BFS) Specialist Director, Kash Ahmad, has been appointed to the board of the Institute of Export and International Trade (IOE&IT). Established in 1935, the IOE&IT is the professional membership body representing and supporting the interests of those involved in importing, exporting and international trade. Ahmad joined BFS in December 2017, following a…
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The Government has announced that HMRC will become a preferred creditor in insolvencies as part of the measures in the Autumn 2018 budget. The preferred creditor status in insolvencies change will begin in 2020. Currently, an official ‘hierarchy’ laid down by the Insolvency Act, 1986, determines which creditors are paid first during an insolvent liquidation.…
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