The negative impact of the pandemic will hit household finances long after the current lockdown lifts, according to the latest Household Financial Confidence Tracker from comparethemarket.com. UK households believe it could take, on average, three years for their finances to recover to the levels of stability they enjoyed before the pandemic hit. The third national lockdown…

Around 630,000 businesses were experiencing significant financial distress in the last quarter of 2020, ahead of the current lockdown, according to research by the restructuring firm Begbies Traynor. The latest research for Q4 2020 recorded the largest numerical quarterly leap (73,000) in financially distressed companies since Q2 2017. This 13% increase (from 557,000 in Q3…

Full-service law firm JMW Solicitors LLP has announced that they have recruited a new Head for their Corporate Recovery & Insolvency department. Gavin Jones joins JMW as Partner and Head of Corporate Recovery & Insolvency from Hill Dickinson’s Manchester office. Before that he spent over 7 years at DWF as National Head of their Restructuring…

Sales of non-performing loans (NPLs) hit a four-year low last year with €67.7bn sold, according to the Debtwire European NPLs FY20 Report. The Government supported disposals accounted for 60% of the total, the report found. The Cobid-19 crisis delayed portfolio sales as Europe went into lockdown, while agreements fell apart as the economic outlook deteriorated.…

The UK credit card market is showing signs of recovery, with new accounts up by 16% month-on-month in November, and by 162% since the May 2020 low, according to data from the latest Equifax Market Pulse series. Credit limits, an indicator of lenders’ risk appetite and applicants’ financial health, are however still sliding, down 10%…