Credit, Collections & Insolvency News
The British Business Bank has announced that businesses will have greater flexibility to repay Bounce Back Loans, including the ability to extend the term from six to ten years and take a one-off payment holiday of up to six months, as further details of the Pay As You Grow facility. The Bank has set out…
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Katie Johnson has been named as Hodge Bank’s new Managing Director (MD) of Savings. Johnson is a qualified Actuary who has been with Hodge for almost eight years, has previously held a number of different roles. Her most recent roles in Pricing and Underwriting, involved managing product performance, assessing new product opportunities, strategic business planning,…
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Credit information consultancy, PurplePatch, has successfully completed the renewal of the meticulous Hellios FSQS stage 2 qualification process, a benchmark used by major banks and financial institutions when selecting suppliers. One of the key aims of FSQS is to ensure that financial institutions meet the growing and diverse nature of regulatory requirements when it comes…
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The number of decrees and total amount of debt registered against Scottish businesses also fell, by 28 percent, from 2,804 to 1,996 according to figures released by Registry Trust. The total value fell 24 percent from nearly £16 million to just over £12 million. The average value rose by six percent from £5,692 to £6,057.…
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The number of debt judgments registered against Northern Irish businesses fell by 59 percent, from 1,308 to 539. according to figures released by Registry Trust. The total value of judgments against businesses also fell, by 29 percent from £3,203,652 to £2,279,151. The average value of business judgments rose steeply, from £2,449 to £4,228, up 73 percent.…
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The number and total value of judgments registered against Irish businesses saw large falls in 2020 compared to 2019, figures released by registrar Irish Judgments show. Judgments against Irish businesses fell less, by 33 percent, from 676 to 455. The total value registered against businesses fell by 51 percent, from €13.3 million to just €6.4…
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The number of County Court Judgments (CCJs) registered against businesses in England and Wales fell 39 percent from 126,731 in 2019 to 77,139 in 2020, according to figures released by Registry Trust. The total value of CCJ debt owed by businesses fell by nearly 20 percent, from just under £401 million to £322 million. The…
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New Insolvency Service guidance has been published which makes Insolvency Practitioners responsible for the advertising by the firms and lead generators who introduce customers to them. The guidance reflects recent rulings from the Advertising Standards Authority on misleading advertising in the sector as well as concerns raised in the Woolard report for the Financial Conduct…
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The Competition and Markets Authority (CMA) has stopped Clydesdale Bank from forcing small business customers to open a business current account with it to get a Covid-19 Bounce Back Loan. The CMA found that Clydesdale was in breach of legal undertakings that prohibit it, along with seven other of the UK’s largest banks, from requiring…
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Gingerbread, the charity for single-parent families, and StepChange, debt charity, have published a new report which shows the UK’s 2 million single parents are more likely than any other sector of society to be living with problem debt. The report shows that 82% of single parents said not having enough income to meet living costs…
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G3 Vehicle Auctions announce the development of their new dedicated WAV (Wheelchair Accessible Vehicles), light commercial vehicle and motorbike auction centre in Leeds, West Yorkshire. The WAV and LCV centre is ideally located at Junction 30 of the M62, less than 10 miles from their new auction facility at Junction 32 of the M62. The…
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