Credit, Collections & Insolvency News
The Accountant in Bankruptcy, Scotland’s Insolvency Service that administers company insolvencies in Scotland has published its statistics for May 2020 which indicated that there were 35 company insolvencies in Scotland. The figures showed a 55% reduction of 55% when compared to May 2019. This comprised of 16 CVLs, 10 compulsory liquidations, six administrations and three…
Read moreThe Accountant in Bankruptcy, Scotland’s Insolvency Service that administers person insolvencies in Scotland has published its statistics for May 2020 which indicated that there were 616 personal insolvencies (bankruptcies and protected trust deeds (PTDs)) in May 2020, The figures show that this 650 (51.3%) less than in May 2019. Bankruptcies decreased by 79.3% in May…
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The latest figures from the Insolvency Service have shown that personal and business insolvencies decreased in Northern Ireland in May 2020 There were 5 company insolvencies in Northern Ireland down from 40 in May 2019, this consisted of 2 CVLs, 2 CVAs and one administration. There were no compulsory liquidations or administrative receiverships. Meanwhile, there…
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The Finance & Leasing Association (FLA) continues to call for the Government and the Bank of England to take immediate action to support the non-bank lending market, as new FLA figures released today show that the number of Covid-19 related requests for forbearance reached 1,623,000 (over 1.6 million) in the twelve weeks to 29th May…
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Nimbla and Dancerace have announced that have partnered to increase SMEs’ access to credit insurance when they apply for invoice finance. The move is designed to help increase SMEs’ confidence at a time when many firms are facing increased defaults by customers. Credit insurance, or Bad Debt Protection (BDP), protects businesses by insuring their outstanding…
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Debt charity StepChange has welcomed a cross-party call for a Debt Management bill. Welcoming the letter to the Chancellor sent by more than 50 MPs and Peers calling for a Debt Management Bill to implement serious and systematic improvements to Government debt collection, StepChange says that the time to address this longstanding issue is absolutely…
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Research by the Office for National Statistics (ONS) has found that during the financial year ending March 2019, UK households spent a weekly average of £182 on activities that they have largely been unable to pursue in recent months due to coronavirus restrictions. Thie savings equates to 22% of a usual weekly budget of £831…
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More than a third (35%) of young people expect to be made redundant or take a pay cut due the economic impact of coronavirus. New data fromcomparethemarket.com’s Household Financial Confidence Tracker shows that 17% of 18-24 year olds believe they will be made redundant in the coming months and a further 18% anticipate that they…
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