Credit, Collections & Insolvency News
Many firms in the construction sector face a one-off cashflow hit when a change in the VAT rules comes into effect on 1st October. Under the rule change, a “reverse charge” will apply to many VAT-registered businesses in the construction sector. This means that their fellow business customers will pay the VAT on their bills…
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Whether you’re evaluating risk at one of the biggest commercial lenders in the world or as an independent factor, you’re likely taking on more risk at a faster pace. And that’s because both Asset-Based Lending (ABL) and factoring continue to grow at healthy rates in the US. According to the recent Secured Finance Foundation Impact…
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Eighteen companies including BT, British American Tobacco, and Centrica – have been suspended from the Prompt Payment Code for failing to pay suppliers on time, the Chartered Institute of Credit Management (CICM) has announced. Screwfix, Prudential, and various businesses of BAE Systems are also among those that have failed to honour their Code commitment to…
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New figures out today reveal that only one in four female small business owners (25%) say they will be having a two-week holiday this summer. Overall, 42% of female entrepreneurs said they couldn’t afford to take a summer holiday this year (compared to 30% across the sector) and 13% said they were too busy to…
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Britain is facing the highest risk of a recession since the financial crisis and preparations need to be made to mitigate the impact, according to the Resolution Foundation annual audit. Typical household incomes are estimated to have fallen by 0.5 per cent over the past two years – between 2016-17 and 2018-19 – the Resolution…
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Credit card provider, Halifax has announced that customers will now have a greater range of options to control where and how they use their credit card with access to ‘card freeze’ through their mobile app, allowing them to stop their credit card being used in a number of different ways. Card Freeze lets customers choose…
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According to figures released under the Freedom of Information Act (FOI), 15.9% of all shops and retail outlets in the UK now lie empty. The figures obtained by Duff & Phelps, the global advisor that protects, restores and maximises value for clients, quantify the scale of the challenge facing the UK high street after one…
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Accountancy firm UHY Hacker Young has announced that has appointed a new Partner to its London office. Brian Johnson joins after being a partner at accountants HW Fisher for 11 years. Johnson has over 36 years of experience working in in business turnaround, restructuring and insolvency, and specialises in advising SMEs and individuals in sectors including…
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Independent invoice finance provider, Gener8 Finance has announced that it has promoted Tansy Cunningham (Battson) to the new role of Head of Business, effective as of 1 August 2019. Cunningham will be responsible for leading the Gener8 business, supporting both the sales and operations teams. Ed Rimmer, Chief Operating Officer at 1pm plc, said “We…
Read moreBerlin-based fintech start-up Bonify has announced new investments from Experian Ventures, the venture capital arm of Experian plc, and Santander InnoVentures. A number of other investors also participated in the investment round. Bonify, founded in June 2015, is dedicated to improving the financial lives of its users, the company users can check their creditworthiness online…
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Around 23 million people have experienced a life shock in their household in the past two years. New research from StepChange Debt Charity finds that people who had experienced a life event in the last two years were three times as likely to be in problem debt than those who had not. This points to…
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