Credit, Collections & Insolvency News
The latest Red Flag Alert research for Q1 2021 has recorded 723,000 businesses in ‘significant financial distress1’ after the largest numerical quarterly leap (93,000) recorded in the research since its new version was launched in 2014. The 15% increase (from 630,000 in Q4 2020) comes as the UK starts its exit from lockdown. This newly…
Read more
Small businesses expect a long, slow road to recovery to pre-pandemic levels of trading, according to a survey from ACCA UK (the Association of Chartered Certified Accountants) and The Corporate Finance Network (CFN). The gloomy prediction emerges from the SME Tracker, which surveys accountants about their clients. It shows that 20% of SMEs are convinced…
Read more
Business Loan Network, a peer-to-peer business lending platform has been placed into administration. The company was incorporated and commenced trading in 2010 operating an electronic peer-to-peer platform, with retail and institutional lenders investing in secured business loans. In December 2019 the company took the decision to close the platform to new business and following…
Read more
Complaints about fraud made to companies in the finance sector were up by almost a third (29%) in 2020, according to Resolver’s latest research. The Fraud complaint figures rose by 29% to hit more than 3,600 in 2020 with the report revealing that accounts being opened fraudulently using fake identification, from bank accounts to payday…
Read more
Energy supplier E.On has paid out more than £627,000 to its customers in redress after an error led to 1.6 million customers having their direct debits taken from their accounts earlier than planned. A majority of the payments affected were due to be taken in January this year, but the energy supplier erroneously took payments…
Read more
The number of UK sectors reporting output growth rose to a six-month high in March, according to the latest Lloyds Bank UK Recovery Tracker, as businesses prepared for the end of the third lockdown. The last time this many UK manufacturers and services firms were in growth mode was September 2020, two months before the…
Read more