16th March 2022 - Credit Connect

Fair loans for vulnerable borrowers

16th March 2022 Industry opinion |

The Times has reported that the Financial Conduct Authority is looking at ways of encouraging firms to lend to the most vulnerable borrowers. The regulator wants to know how it could reduce any barriers to the future affordable and sustainable supply of credit to customers who have few borrowing options. There are no simple solutions,…

Business Insolvencies double

16th March 2022 Business | #business insolvencies

Latest figures from the Insolvency Service have indicated that the number of business insolvencies in England & Wales more than doubled year-on-year last month, with 1,515 business insolvencies in February. The increase was 121.2% compared to February 2021’s figure of 685. They were also 12.6% higher than in February 2020 (1,346). The increase in company…

Personal insolvencies increase by 15.8%

16th March 2022 Consumer Collections | #personal insolvencies

Latest figures from the Insolvency Service have indicated that personal insolvencies in England & Wales increased by 15.8% to 9,825 in February 2022 compared to 8,486 in January, and were 43.7% higher than February 2021’s figure of 6,839. They were also 14.4% higher than in February 2020 (8,590). There were 2,242 DROs and 588 bankruptcies. The…

Scottish business insolvencies increase by 181%

16th March 2022 Business | #business insolvencies

Latest figures from Accountant in Bankruptcy (AiB) has indicated that business insolvency numbers (liquidations and receiverships) in Scotland nearly tripled in February. In February 2022 there were 73 business insolvencies registered in Scotland, 181% (2.8 times) higher than February 2021 but 15% lower than in February 2020. The business insolvencies comprised of 10 compulsory liquidations,…

Northern Irish Business and Personal insolvencies rise

16th March 2022 Business | #business insolvencies #personal insolvencies

Latest statistics from the Insolvency Service have indicated that Northern Irish business and personal insolvency figures increased the latest quarterly figures. In February 2022 there were 18 business insolvencies registered in Northern Ireland, this was over three times as many as in February 2021, but 33% lower than February 2020. The insolvencies comprised of 10…

Restaurant insolvencies increase by a fifth

16th March 2022 Business | #restaurant insolvencies

Restaurant insolvencies increases by a fifth to reach highest levels since pandemic began according to new research by UHY Hacker Young. The data shows that restaurant insolvencies rose to 354 in the last quarter of 2021, up from 296 in the previous three-month period. UHY Hacker Young says that restaurants will also have to contend…

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