Credit, Collections & Insolvency News
The overall number of company insolvencies in England and Wales decreased by 50% in June 2020, when compared to the same month last year. This was primarily driven by a decrease in the numbers of CVLs and compulsory liquidations which fell by 45% and 78% respectively. Additionally, there was a 60% decrease in the numbers…
Read moreMore than 1.1 million businesses backed by £46 billion through Covid-19 lending schemes according to the latest HM Treasury figures. The figures show that the banking and finance industry has approved £46.3 billion to over 1.1 million businesses so far through government-backed coronavirus lending schemes with Almost 1.05 million small and micro businesses have received…
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Order-to-cash payment process specialist Onguard has announced the appointment of Andy Bass as it’s new Business Development Manager (BDM) as the company continues its UK expansion and exploits new opportunities in the region. With more than 20 years’ experience within the IT industry in the UK and Europe, Bass has held a number of senior…
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The latest figures from the Insolvency Service have shown that business insolvencies decreased in Scotland in June 2020 Company insolvencies decreased by one-third when compared with the same month last year (June 2019. Figures from the Accountant in Bankruptcy (AIB), Scotland’s Insolvency Service, administers company liquidations and receiverships in Scotland show there was 46 company…
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The latest figures from the Insolvency Service have shown that personal insolvencies increased in Northern Ireland during June 2020. The figures show that there were 272 individual insolvencies in Northern Ireland, up 42% from June 2019; this consisted of 242 IVAs, 24 DROs and six bankruptcies. The increase in individual insolvencies was driven by delayed…
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The Financial Conduct Authority (FCA) has secured an interim injunction against the alleged operators of an unregulated sale and rentback scheme preventing them from continuing with their business and freezing their assets. The FCA has commenced proceedings in the High Court against London Property Investments ((LPI) and NPI Holdings, Daniel Stevens (the sole director and…
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Retailer, Wilko has announced the appointment. of Karen Mackay, who will be joining its senior leadership team as Group Chief Financial Officer (CFO) and Executive Board Director. Mackay joins the Wilko family of businesses from Optegra International Limited where she has been Group Chief Financial Officer for the last five years. Mackay will be accountable…
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The Government must act to prevent council tax loading £158 million in bailiff and court fees on to people who can’t pay following the pandemic according to debt charity StepChange. Bailiff visits, often used to enforce debt owed to local authorities in the form of unpaid council tax, will start up again from 23rd August,…
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Older homeowners released £1.47 billion worth of property wealth in the first half of 2020 but this was driven by a buoyant Quarter 1 as the impact of the coronavirus and resulting political and economic uncertainty hit the market in Quarter 2, a Market Monitor report from equity release adviser Key has indicated. Between Quarter…
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ACCA (the Association of Chartered Certified Accountants) has joined with champions of small business to call for more help for the troubled sector in the wake of Covid-19. The call came in a roundtable discussion hosted by ACCA with the Forgotten campaign, which supports small limited company directors affected by the coronavirus; the Corporate Finance…
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