Credit, Collections & Insolvency News
The global economy is entering an unprecedented era with mass disruption and far-reaching financial implications for individuals and businesses. The health of the UK economy is dependent on the financial sector to react quickly, proportionally and fairly to help those significantly impacted through this period. As lenders prepare to deploy measures to support individuals and…
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Barclays, HSBC and Lloyds have become the first major banks to review overdraft charges, as it aims to help customers struggling financially through the coronavirus crisis. Barclays will waive overdraft charges for a fixed period while Lloyds Banking Group and HSBC are increasing fee-free overdraft buffers to £300. Barclays account holders will have any interest…
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Businesses will be given an additional three months to file accounts with Companies House to help companies avoid penalties as they deal with the impact of COVID-19. The joint initiative between the government and Companies House will mean businesses can prioritise managing the impact of Coronavirus. There are approximately 4.3 million businesses on the Companies…
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The Institute of Directors (IoD) is calling for emergency insolvency measures to prevent widespread company collapses. Under current laws, the board of directors has a strict duty to cease trading if the company is facing insolvency, and may face personal financial or legal liabilities at a later date if they seek finance instead of doing…
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The UK’s three largest debt charities have called on the Government to instruct local authorities in England and Wales to suspend bailiff action for the duration of the Covid-19 outbreak. The move comes as Citizens Advice, Money Advice Trust and StepChange Debt Charity report that debt advisers have already begun to receive calls about bailiffs…
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Financial services broker, Fiducia Group has launched a new asset finance division offering bespoke funding solutions to support businesses with their cashflow issues. With so many firms impacted by the ongoing coronavirus crisis, Fiducia Asset Finance provides access to a range of finance options, along with fast turnaround times of as little as three days.…
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A new free guide to help small businesses manage their cashflow during the current COVID-19 crisis has been published by the Chartered Institute of Credit Management (CICM). ‘Managing Credit in a Crisis’ gives practical advice on how to keep the cash coming in, encouraging businesses to review their invoicing processes given that invoices might now…
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UK small business’ previous positivity about their future performance is being overshadowed by stress, anxiety and sleepless nights over access to finance according to research from fintech specialist, Liberis. While an encouraging 61% of small businesses in the UK questioned before the Coronavirus outbreak were confident of success in 2021 and beyond, mental health and…
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