Credit, Collections & Insolvency News
Are you uncertain of what to do because a winding-up petition has been filed against your company? A winding-up petition is a legal action put forward by a creditor to the court against a company in order to settle debts. If you fail to prevent a winding-up petition, it could eventually lead to your business…
Read more
A notice of enforcement (previously known as a distraint order notice) is a formal document that a creditor can issue to a debtor, giving warning that it is preparing to take action to recover money owed. The notice gives the creditor the power to take control of a debtor company’s goods and sell them at…
Read more
Wonga’s insolvency administrator Grant Thornton has said that complaints against failed lender Wonga rose to over 40,000. The Financial Ombudsman Service (FOS) told the Treasury Committee in January 2019 that at the point that Wonga went into administration in August 2018, there were ‘about 10,500’ consumers who had complaints open about the payday lender but…
Read more
Dun & Bradstreet’s 2019 Compliance and Procurement Sentiment report finds that confidence around the effectiveness to prevent fraud, manage regulation & Brexit-related change and identify environmental, social and governance concerns (ESG) has dropped. The findings show that confidence in the current effectiveness of compliance and procurement decision makers is down 7% since June 2018, with…
Read more
The Financial Conduct Authority (FCA) has fined The Carphone Warehouse £29,107,600 for failings that led to the mis-selling of “Geek Squad” a mobile phone insurance and technical support product. This follows an FCA investigation which stemmed from whistleblowing reports. The FCA found The Carphone Warehouse failed to give its sales consultants the right training to…
Read more
Irish bank KBC has appointed Peter Roebben has been appointed as its new Chief Executive assuming the role from Wim Verbraeken, who will return to the Belgian bank’s head office in Brussels. Roebben, who is currently a senior general manager of group credit risk at KBC Group’s head office in Brussels During his 27-year career with KBC,…
Read more
Small businesses want the Government to use today’s Spring Statement to show that the Government is serious about tackling poor payment practices in the UK. At last year’s Spring Statement, a Call to Evidence on late payments was announced with the Chancellor pledging that the Government would eliminate the scourge of late payments. This pledge…
Read more
New research from Experian has identified 5.8 million people in the UK who are virtually invisible to the credit economy because there is little or no information available on their financial track record. In the absence of sufficient information to make a decision, these Invisibles can either be excluded from mainstream financial services or be…
Read more