Credit, Collections & Insolvency News
More than half a million people are working at small companies which are at heightened risk of insolvency, according to analysis by Quantuma using Clarity’s proprietary insolvency propensity model. Companies faced with late payments, rising prices, higher taxes, the fallout from Brexit and pandemic-related staff shortages, around 6,500 SMEs are at higher than average risk…
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Small businesses are under increasing pressure, with delays in payments and staff shortages on the rise, according to research by accountancy software firm Xero. The data reveals that late payment times continue to surge. In February, small businesses had to wait an average of 30.5 days to be paid by their customers from when an…
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With social security payments now lagging far behind inflation, researchers at IPPR warn that the cost of living crisis will push many vulnerable benefit claimants into hardship and destitution, without a serious boost to benefit payments and an end to inappropriate conditions and excessively punitive sanctions that limit payments. After a pandemic induced drop-off, new…
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The Financial Conduct Authority (FCA) has announced a number new appointments. Laura Dawes will take up one of two new Director of Authorisations roles. Dawes is currently interim Director of Strategy, Policy, International and Intelligence in the FCA’s Enforcement and Market Oversight Division. Working alongside Dawes as fellow Director of Authorisations will be Dominic Cashman.…
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An independent financial adviser who had debt over £300,000 has been issued with a nine-year bankruptcy order after failing to provide services to customers Marc Jones, from Cardiff, was self-employed as an independent financial advisor from January 2012 until October 2018. From 2018 to 2019 he worked on behalf of a financial institution selling various…
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Jaja Finance has announced that it has closed the strategic transaction announced in November 2021, resulting in a consortium led by KKR and TDR Capital LLP becoming the majority shareholders of Jaja. Jaja says that the initial investment of up to £120 million marks the beginning of a long-term strategic partnership with its majority shareholders…
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Interpath Advisory has announced the arrival of experienced restructuring advisor and insolvency practitioner Ryan Grant as Managing Director. Grant s arrival comes as the firm also announces the appointment of five new directors and a total of 51 further promotions across the business, as it continues to invest in its growing suite of advisory services.…
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New research has found that 81% of borrowers are unaware that Buy Now, Pay Later’ (BNPL) schemes are unregulated, placing them at major risk of falling into debt. The research by Creditspring found that more than half of UK adults (53%) don’t know that BNPL schemes can lead to debt if scheduled payments are missed…
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