Credit, Collections & Insolvency News
The Covid pandemic was by and large a catastrophe for many SMEs (small & medium-sized enterprises), with business owners seeing trading suffer due to restrictions, financial uncertainty, and major changes to consumer behaviour. Yet amid all the difficulties, I have seen some silver linings. I see directors, lenders, suppliers, and landlords taking a more holistic…
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Billions of pounds of taxpayers’ money will be ‘lost to fraud and error as a result of the Department for Business, Energy & Industrial Strategy’s (BEIS) approach to its Covid-19 business support schemes according to the Public Accounts Committee (PAC). Despite providing important support to businesses across the country, BEIS’ latest estimate is that £4.9…
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New research by InDebted has found that around 2 in 3 UK adults (64%) who have interacted with existing debt collectors say the experience was stressful’, increasing to about 3 in 4 (74%) among 18-34-year-olds. The company polled over 2,000 people and found that one in three (34%) who previously or currently have debts say…
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Latest figures from the Insolvency Service have indicated that personal insolvencies in England & Wales decreased by 18.5% to 9,409 in April 2022 compared to 11,550 in March, and were 4.7% lower than April 2021’s figure of 9,873. The personal insolvencies figures show that there were 530 bankruptcies registered, which was 36% lower than in April…
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Latest figures from Accountant in Bankruptcy (AiB) have indicated that business insolvency numbers (liquidations and receiverships) in Scotland increased in April. In April 2022 there were 92 company insolvencies registered in Scotland, 142% (2.4 times) higher than April 2021 but 10% lower than in April 2019. The insolvencies comprised of 17 compulsory liquidations, 73 CVLs,…
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Latest statistics from the Insolvency Service have indicated that Northern Irish business insolvencies increased whilst personal insolvency figures declined in the latest monthly figures round-up for April. In April 2022 there were 13 company insolvencies registered in Northern Ireland, 2.6 times as many as in April 2021, but 32% lower than April 2019. This was…
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The Office for National Statistics (ONS) has revealed that consumer price index inflation hit 9% in April, its highest level in more than 40 years. Commenting on today’s inflation figures for April, ONS Chief Economist Grant Fitzner said “Inflation rose steeply in April, driven by the sharp climb in electricity and gas prices as the…
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Latest figures from the Insolvency Service have shown that the number of business insolvencies in England & Wales decreased by 6% in April 2022 to a total of 1,991 compared to March’s total of 2,119, and increased by 115.2% compared to April 2021’s figure of 925. Business insolvencies were more than double the number registered in…
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New fintech, Saltare has announced the appointment of Tracy Grazioli, as Commercial Manager. Grazioli will be responsible for driving Saltare’s customer acquisition programme supporting major private sector organisations and local authorities, with a particular focus on Saltare’s first major product launch, Early Pay. Grazioli has spent 30 years in Trade Finance, more recently as an International…
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