Credit, Collections & Insolvency News
A report from the Federation of Small Businesses (FSB) and think-tank Ownership at Work suggests small firms that took out state-backed loans amid the pandemic should be allowed to convert the loan into shares for employees and write off the debt. The research figures show that around 1.5 million loans worth a combined £46.5 billion…
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Just 7% of UK shop payments predicted to be in cash by 2024 according to new research by Worldpay. The report found that cash purchases fell to 13% last year as pandemic increased the switch to cards and mobiles The report found that by 2024 it expects tha mobile to make up a third of…
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The British Retail Consortium (BRC) has warned that the retail sector will endure a ‘tsunami of closures’ if the Government does not extend a moratorium on debt enforcement rolled out amid the pandemic. This comes after a poll found that two-thirds of retailers have been told by landlords they could face legal action once a…
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Optimism about the economy within the business sector has reached its highest level in five years, climbing five points to 37% in May. This marks the highest level recorded on the Lloyds Bank Business Barometer since 2016. Optimism around trading prospects also rose, climbing three percentage points to 28%, while 14% of firms expect to…
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Cifas and UK Finance have warned of the increasing number of middle-aged money mules and businesses being recruited to launder money. Traditionally, criminals have focussed on recruiting mostly younger people and students as money mules. However, there are now signs that middle-aged people are being targeted, with the latest data from the National Fraud Database…
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Small business loan platform, Funding Circle and app-based bank, Atom have announced a lending partnership that will provide £300 million of new funding to small businesses. With £350 million already lent through the Funding Circle platform, this latest commitment brings Atom’s total lending with Funding Circle to £650 million. Atom says that it will harness…
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Debt charity StepChange has warned that private tenants will need financial support to address the £360 million black hole of rent debt built up during the pandemic. From today (Tuesday 1st June) evictions for rent arrears can resume in England, however, the debt charity has highlighted that as yet there is no plan to help…
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Law firm Shoosmiths and national collections, recoveries and enforcement business, Chartsbridge, have launched ‘Equivo’, a new dedicated recoveries business providing end-to-end collections, legal and enforcement services. The new company is a dedicated recoveries business majority owned by Shoosmiths and born out of the former Chartsbridge business. Equivo will provide clients with a complete ‘one stop…
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