Credit, Collections & Insolvency News
Breeze Energy, a gas and electricity supplier with just under 18,000 domestic customers is ceasing to trade. Under Ofgem’s safety net, the energy supply of Breeze Energy’s customers will continue and outstanding credit balances of domestic customers will be protected. Ofgem will choose a new supplier to take on all of Breeze Energy’s customers. This…
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Arrow Global Group has announced has raised €838 million for inaugural pan-European NPL (Non-Performing Loans) fund. Arrow says raising the Fund is a major achievement in the development of the company’s fund management capabilities and is central to the Group’s strategy to accelerate towards a more capital-light model. Lee Rochford, Group Chief Executive Officer of…
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Southwark Crown Court made a confiscation order against Dharam Gopee in the sum of £5,118,018.72. The effect of the order is to confiscate all his criminal proceeds as an illegal money lender. Gopee was also ordered to pay almost £230,000 in compensation to consumers. This follows the Financial Conduct Authority’s (FCA) prosecution in which Gopee…
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Major insolvencies have rebounded as retail and construction accounted for more than a quarter of the world’s large corporate failures in Q3 2019, according to trade credit insurance provider, Euler Hermes. The insurer’s findings on global corporate insolvencies with turnover exceeding €50 million show there was an increase between July and September from 74 to…
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Banks have been urged by debt charity StepChange ‘not to shroud their repeated-overdraft use strategies in mystery’. With new rules on overdraft repeat use starting today (18th December 2019), the charity says that banks will need careful oversight by the Financial Conduct Authority (FCA) to ensure they break the cycle of financially vulnerable people getting…
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