Credit, Collections & Insolvency News
As the world slides even further into difficult times with rapidly rising prices, interest rate hikes and maybe even recession the staff of many collections departments must be expected to become even busier than they already are. It has become more important than ever to ensure their productivity is maximised and they are not working…
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The Financial Conduct Authority (FCA) has outlined new rules to make authorised financial firms more responsible for their appointed representatives (ARs). ARs are not authorised by the FCA – they can offer certain financial services or products under the responsibility of authorised firms (known as principals). Principal firms are responsible for ensuring their ARs comply with…
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Latest quarterly figures from the Insolvency Service for England & Wales showed that there were 5,629 business insolvencies registered in Q2 2022, the figures were 13% higher than the number of business insolvencies registered in the previous quarter and 81% higher than during the same quarter in the previous year. The total number of registered…
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Latest quarterly figures from the Insolvency Service for England & Wales have indicated that personal insolvencies saw a quarterly decrease, but rose by 6.5% from the same time last year. Analysis of the figures showed that there were 28,946 seasonally adjusted personal insolvencies in Q2 2022, a decrease of 10.1% compared to Q1 2021’s figures…
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Latest quarterly figures from Accountant in Bankruptcy (AiB) have indicated that business insolvency numbers (liquidations and receiverships) in Scotland increased by 58%, The figures showed that in Q2 2022, there were 261 total company insolvencies in Scotland, this was 58% higher than in the same quarter of 2021. The business insolvencies comprised 44 compulsory liquidations,…
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Latest quarterly figures from Accountant in Bankruptcy (AiB) have shown that overall, personal insolvency numbers in Scotland for Quarter 2 2022-2023 rose by 8% In Q2 2022, there were 2,037 personal insolvencies in Scotland, 8% higher than during the same quarter of 2021. The insolvencies comprised of 1,451 protected trust deeds and 586 bankruptcies (also…
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Latest quarterly figures from the Equity Release Council have found equity release lending reached a new quarterly high of £1.6 billion in Q2. The rise is the fourth consecutive quarterly period to close with record lending eith the total amount released in the first six months of 2022 surpassing £3.1 billon, a 36 per cent…
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With the Bank of England (BoE) set to announce the biggest interest rate rise in 27 years this Thursday (4th August) new research by TotallyMoney and Moneycomms have analysed the potential shock the hike will have on 2 million variable-rate mortgage customers. The research found that the average UK property costing £270,708, with a 75%…
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Latest quarterly statistics from the Insolvency Service have indicated that Northern Irish personal insolvencies increased whilst business insolvency figures declined. The figures showed that in Q2 2022 there were 440 personal insolvencies in Northern Ireland, 25% down on the same quarter of 2021. The insolvencies comprised 373 IVAs, 39 DROs and 28 bankruptcies. Separately there…
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