Credit, Collections & Insolvency News
Pressure on motor finance companies looks set to see changes in the months ahead and lenders and dealers must adapt. The automotive sector must pay attention to developments like this which further indicate the importance of the market becoming more buoyant and sustainable in order for dealerships to thrive. While recent years have seen new entrants…
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Body-worn cameras are to be compulsory for bailiffs under government plans to improve the treatment of people in debt. The Ministry of Justice said that the move, which only affects England and Wales, should help protect those in debt from “intimidation and aggression” used by some bailiffs. However the Citizens Advice Bureau, according to the…
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An investigation by the real estate adviser Altus Group reveals that, during the last financial year of 2018/19, 190,000 non domestic premises such as pubs, shops, restaurants and offices in England were hauled before a Magistrate for non-payment of their business rates fuelling claims that the system is seen to be criminalising firms struggling to…
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The Institute of Chartered Accountants in England and Wales (ICAEW) is urging Boris Johnson’s new government to help businesses by dealing with challenges flagged up in its latest ICAEW Business Confidence Monitor™ (BCM). One of the most widespread issues found in the report is the rising proportion of businesses which report late payment as an…
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Energy regulator Ofgem has announced that the default price cap on energy bills is set to fall from £1,254 to £1,179 from 1st October for this winter period (October-March). The pre-payment meter cap will fall from £1,242 to £1,217 per year for the same six month period. As a result, energy bills will fall this winter…
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Business recovery specialists Begbies Traynor has announced it has made two senior promotions in its Preston office. Ian McCulloch, previously Insolvency director, has been promoted to Partner and Chris Lawton, previously Insolvency manager, has been promoted to Director. McCulloch joined Begbies Traynor in 2008 and has handled a variety of high-profile administrations and restructuring cases…
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Invoice insurance startup, Nimbla has announced a commercial partnership with business insurer, QBE, with the goal of bringing affordable trade credit insurance to small and medium-sized businesses. The new partnership makes Nimbla a delegated underwriting authority of QBE and allows Nimbla to expand into new geographies through the global capabilities and professional network of QBE.…
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The latest Aldermore Future Attitudes study has revealed that nearly a fifth (19%) of UK SMEs have missed a new opportunity in the past 12 months due to a lack of available funding. Medium-sized businesses are worst hit, with over a quarter (28%) saying they have been affected. The report, which surveyed over a thousand…
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