Credit, Collections & Insolvency News
Profit warnings issued by UK-listed companies in Quarter 3 2022 reached their highest third-quarter total since 2008, according to EY-Parthenon’s latest Profit Warnings report. In total, 86 profit warnings were issued between July and September 2022, compared to 51 in the same period of 2021, an increase of 69% and a 34% increase from Q2…
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Brendan Gaughan, from Glasgow has been disqualified as a director for 12 years, after using his companies to take out Bounce Back Loans totalling £135,000 that the companies were not eligible for after an investigation by the Insolvency Service. Gaughan was director of three separate property management companies, Gaughan Group Ltd, Gaughan Property Ltd, and…
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The joint administrators The IVA Advisor have secured the transfer of approximately 8,000 individual voluntary arrangement (IVA) clients to insolvency management firm Anchorage Chambers. The IVA Advisor, which was based in Cheadle, provided advice and support for people across the UK to help them manage debt. Anthony Collier and Simon Farr of specialist business advisory…
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Research from spend management cloud provider, Ivalua has revealed that more than a third of UK businesses (36%) have extended payment terms for suppliers in the last 12 months, due to the impact of COVID-19 (62%), Brexit (39%), and rising energy costs (38%). The research reveals the true impact of late payments on the supply…
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GB Bank has announced that it has recruited a new Chief Commercial Officer following the grant of its full UK banking licence in August. Veteran industry figure Rob Lankey joins GB Bank, the UK’s newest fully authorised bank, after more than 30 years in the financial services sector. Lankey has worked in a wide range…
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Almost half (47%) of the Uk population struggle to talk about debt with family and friends, new research by Go.Compare Loans has revealed The current cost of living crisis has left 41% of UK adults worried about whether they will be able to pay their bills on time. For this reason, financial transparency with loved…
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New research from insolvency and restructuring trade body R3 reveals Scottish firms had almost 1.7 million overdue invoices on their books in the last quarter. R3’s analysis of data provided by Creditsafe shows 1,696,445 invoices were overdue in Scotland in Q3 – an increase of 7.1% from Q2’s total of 1,583,353. Scotland and the West…
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Paylink Solutions and Inbest have announced a new partnership that aims to help customers across the UK access £16 billion worth of unclaimed benefits. Paylink says that over 8 million households in the UK are currently missing out on benefits worth £16 billion. The most common reason for this is that people are either unaware…
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Aryza has announced the launch of a new Embedded Lending platform, which has been developed in close partnership with bed retailer, Dreams. With 210 stores nationwide, Dreams also manufacture, sell and deliver mattresses, and beds, with the average value of a sale ranging from between £500 and £1,000. A significant proportion of these sales are…
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