Credit, Collections & Insolvency News
Latest data from UK Finance has indicated a slowdown in lending to SMEs following a reduction in applications for finance – particularly loans in the previous quarter. It is expected that SMEs’ demand for finance will continue to be muted this year as SMEs become more cautious because of the uncertain year ahead. The figures…
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Latest monthly statistics from the Insolvency Service have indicated that Northern Irish business insolvencies doubled whilst personal insolvency numbers fell. In November 2022 there were 20 business insolvencies registered in Northern Ireland, this is more than double the number in November 2021, but 35% lower than in November 2019. The business insolvencies comprised of 16…
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Latest monthly figures from the Insolvency Service for England & Wales have indicated that personal insolvencies decreased by 0.6% to 10,465 in November 2022 compared to 10,528 in October, but were 11.4% higher than November 2021’s figure of 9,390, and 8.9% from November 2019’s total of 9,606. There were 2,269 DROs which was 10% higher than…
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Latest figures from Accountant in Bankruptcy (AiB) have indicated that business insolvency numbers (liquidations and receiverships) in Scotland increased by 13% in November 2022. There were 118 business insolvencies registered in Scotland, 13% higher than the number in November 2021 and 36% higher than in November 2019. The business insolvencies comprised of 42 compulsory liquidations,…
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Latest figures from the Insolvency Service have shown that the number of business insolvencies in England & Wales increased by 4.2% in November 2022 to a total of 2,029 compared to October’s total of 1,948, and increased by 21.1% compared to November 2021’s figure of 1,676, and by 34.8% compared to November 2019’s total of 1,505.…
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Latest figures from The Office for National Statistics (ONS) consumer price index (CPI) shows that inflation stood at 10.7 per cent in November, down from its 41-year high of 11.1 per cent in October. Inflation has slowed thanks to an easing in costs of second-hand cars and motor fuel. Commenting on the date Joanna Elson…
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A new report from Cornwall Insight and Complete Strategy has shown domestic energy suppliers could be exposed to approximately £1.9bn of debt1, of which a significant portion could be unrecoverable. The amount of unrecoverable debt, known as bad debt, facing suppliers is increasing with the cost-of-living crisis leaving more households unable to pay their bills.…
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New figures released by the Finance & Leasing Association (FLA) show that total asset finance new business (primarily leasing and hire purchase) grew in October 2022 by 17% compared with the same month in 2021. In the ten months to October 2022, new business was 5% higher than in the same period in 2021. The…
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New research by RSM has suggested tha almost three-quarters of businesses are feeling resilient despite the exceptionally tough economic outlook. According to the the research 71% of middle market businesses say they are prepared to face the recession. While businesses seem confident in their ability to navigate the economic headwinds, RSM’s research showed almost half of…
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Utilita Energy has agreed to pay out £830,000 after a robust assessment by regulator Ofgem suggested the supplier was not taking individual circumstances into consideration when deciding whether or not to provide additional support credits needed for customers topping up prepayment meters. The assessment was based on a review of scripts of employees talking to…
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The Government has announced its support for a new independent bailiff regulator, the Enforcement Conduct Board, Commenting on the support Adam Butler, Public Policy Manager at StepChange said “It’s encouraging to see the Government renew its commitment to raising standards in the bailiff enforcement industry, especially at a time when millions are struggling with the…
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Businesses are wasting more than £600 million each year on keeping unused dormant companies open according to analysis by Mazars. There are currently 681,000 companies in the UK that are currently registered as ‘dormant’ with Companies House – meaning it is not currently trading or generating any income. Keeping a dormant company open costs at…
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The Financial Conduct Authority (FCA) has published the feedback it received to its call for input on the framework for protection provided through the Financial Services Compensation Scheme (FSCS), following concerns about increasing costs. The FSCS provides compensation when certain authorised financial services firms are unable to meet claims against them. The FSCS provides vital protection for consumers and…
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