Credit, Collections & Insolvency News
The temporary suspension of wrongful trading provisions introduced in March 2020 and initially set to run until 30th June 2020 will continue with the implementation of the Corporate Insolvency and Governance Act on 26th June 2020. However, now the threat of personal liability has been significantly reduced, company directors must remain attentive to other considerations…
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One in four renters behind on payments according to new research by Paypoint. The survey has revealed significant concerns regarding the future ability of renters to pay on time. 25% of respondents are already at least a month behind on their rent, and a third are concerned about the impact COVID-19 has had on their…
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The Financial Conduct Authority (FCA) has told firms to extend payment freezes due to end this month until 31st October meaning customers unable to keep up with high-cost credit payments amid the coronavirus crisis do not have to pay anything until November. Firms must offer payment deferrals or reduce payments, with people yet to request…
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The creditworthiness of used car buyers returning to the market after the coronavirus crisis markedly exceeds that seen before the pandemic took hold, Startline Motor Finance is reporting. The company says that credit scores seen over the last few weeks are higher than in Q1 of 2020, as are deposits, overall vehicle values and a…
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Banks are being urged to help create a new and more resilient model of prosperity that will enable the UK to ‘build back better’ in the wake of the COVID-19 pandemic, in a new report published by the Grantham Research Institute on Climate Change and the Environment at the London School of Economics and Political…
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British businesses have called for urgent Government action to support a technology-led recovery, as a new report from Sage reveals that 1.4 million SME jobs are at risk. The research revealed that 62% of small and medium-sized enterprises (SMEs) have made or are planning to make redundancies following the Covid-19 pandemic. This equates to 1.4…
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The Finance & Leasing Association (FLA) has published its recovery plan for the economy – Shaping the UK’s future prosperity: recognising the opportunities for recovery – which recommends a phased approach of short, medium and long-term measures that will ultimately position the UK to meet the Government’s key objectives of achieving a net-zero, low carbon…
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One in three parents are concerned they do not have enough financial understanding to run the Bank of Mum and Dad properly according to new research by Openwork. The survey found that 32% of parents would value advice on how best to give money to children – and would also like Government support with guidance…
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Anti-money-laundering (AML) specialist firm SmartSearch has announced that it is launching operations in the USA. Expansion into the US market follows a period of sustained growth that has seen the firm frequently named among the UK’s fastest-growing companies, and a leader in the increasingly important ‘RegTech’ sector. SmartSearch’s ‘one-stop’ Know Your Customer (KYC) and AML…
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The Insolvency Service has published its latest insolvency statistics which show that personal insolvencies continued to decline in England and Wales in June 2020. There were 1,775 debt relief orders (DROs) and 454 bankruptcies in the three months ending June 2020 there was a monthly average of 8,428 registered individual voluntary arrangements (IVAs). Bankruptcies were…
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