Credit, Collections & Insolvency News
Are we all potentially vulnerable? The answer is that we’ve all been vulnerable to a greater or lesser extent at some point in our lives and when those circumstances have arisen it has affected us in different ways. The events of the last 6 months have thrown that into sharp relief, with the prospect of…
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Late payments have soared in the North America continent as businesses are squeezed by the impact of COVID-19, according to latest research by trade credit insurer Atradius. The annual Payment Practices Barometer analyses the payment behaviours and sentiment of businesses in the United States, Mexico and Canada (USMCA). This year’s survey results reveal compromised cashflows…
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New government data has indicated that UK firms have received £30.93 billon worth of Bounce Back Loans to help support them following the impact of COVID-19. The figures from the Treasury show that 1.01 million of loans have been made. Businesses have benefitted from 53,536 loans worth over £11.4 billion through the Coronavirus Business Interruption…
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Guarantor loans specialist, Amigo Loans has announced that Glen Crawford will be re-joining the Company as Chief Executive Officer (CEO) and as a member of the board. Crawford was originally appointed Chief Executive Officer of the company in February 2016 and Amigo Management in October 2015, but stepped down as Chief Executive Officer during April…
Read moreMembers of the insolvency and restructuring professional trade body R3 expect corporate insolvency numbers to increase over the next year. More than half (56.1%) of the respondents to R3’s member survey who work in corporate insolvency said they expected corporate insolvency numbers to be significantly higher than in 2019, while 37.6% think they will be…
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One in ten small firms making redundancies as lockdown takes its toll with the Federation of Small Businesses (FSB) calling for a ‘jobs first’ approach from the government as a new study shows a substantial share of smaller firms forced to let employees go The research found that two thirds (67%) of UK small firms…
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Payment holidays – while supporting some businesses through the current crisis – may be the death knell for those that have offered them according to research by the Chartered Institute of Credit Management (CICM). The research suggests that of the 83% of firms who had offered a payment holiday, two thirds (66%) said there would…
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The proportion of small business leaders that cite barriers to growth has jumped from 75% to 91% in the last six months, according to Hitachi Capital Business Finance. This correlates to the sharp fall in the percentage of small businesses that predict growth (falling from 39% to 14% in the last three months). A…
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Business volumes in the financial services sector declined at the quickest rate on record, according to the latest CBI/PwC Financial Services Survey. Profitability and employment also saw sharp declines in the three months to June, due to COVID-19 disruption. The quarterly survey of 111 firms, conducted between 1st-18th June, showed that optimism about the overall…
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