Credit, Collections & Insolvency News
The Government has announced a raft of new measures in a bid to restart the economy amid the coronavirus pandemic crisis. Chancellor, Rishi Sunak announced the changes as part of the Government’s Summer Economic update. In response to the announcement The Money Advice Trust has welcomed the Chancellor’s summer statement, with measures to support jobs.…
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The Competitions and Marketing Authority (CMA) has taken action against Cardif Pinnacle, and written to Nationwide and Lloyds, after they failed to provide accurate annual PPI reminders. The CMA issued Cardif Pinnacle with legally binding directions ordering it to appoint an independent body to audit its payment protection insurance (PPI) processes. It must also put…
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The boss of a UK Challenger Bank is urging business owners to ‘recoup what they are owed’ with the help of a free Government-appointed support service. Gary Wilkinson, Chief Executive Officer and Co-Founder of Redwood Bank, recommends that small business owners tackle late payment issues with help from the Small Business Commissioner (SBC). The SBC…
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Large companies have made no progress in improving the prompt payment of their suppliers over the last five years, according to latest research by accountants Moore. The research has found that suppliers are currently waiting an average of 41 days to be paid, the same length of time as in 2015 with no progress in…
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The Accountant in Bankruptcy, Scotland’s Insolvency Service that administers person insolvencies in Scotland has published its statistics for June 2020 which indicated that there were 492 personal insolvencies (bankruptcies and protected trust deeds (PTDs)) 592 (54.6%) less than in June 2019. Bankruptcies decreased by 57.9% in June 2020 when compared with June 2019. PTDs decreased…
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The Business Banking Resolution Service (BBRS) has released a report, ‘Live Pilot Perspectives’. The report captures a panel discussion among four of the key individuals working on the development of its service, currently in a ‘Live Pilot’ phase, during which the BBRS has been reviewing over 40 real cases and how they can be resolved.…
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