Credit, Collections & Insolvency News
Since acquiring Omni Capital in 2017, Castle Trust Bank has been able to offer accessible finance solutions to retailers, and over the past four years, LendingMetrics’ award-winning Auto Decision Platform (ADP) has powered their decisioning process. ADP allows credit risk professionals to run complex decisioning logic on credit data from multiple sources, in real-time with…
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Latest quarterly figures from the Insolvency Service have shown that the number of business insolvencies in England & Wales increased by 30%. After seasonal adjustment, the number of business insolvencies in Quarter 4 (Q4) 2022 was 7% higher than in Q3 2022 and 30% higher than in Q4 2021. The number of CVLs remained close…
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Latest quarterly figures from the Insolvency Service for England & Wales have indicated that personal insolvency numbers increased slightly. After seasonal adjustment, the number of personal insolvencies in Quarter 4 2022 was 6% higher than Quarter 3 2022, and 7% higher than in Quarter 4 2021. During the final Quarter of 2022, there were 29,589…
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Latest quarterly figures from Accountant in Bankruptcy (AiB) have indicated that personal insolvency numbers (liquidations and receiverships) in Scotland decreased by 5% when compared with Quarter 4 2021. In Quarter 4 2022, there were 1,966 individual insolvencies in Scotland. The personal insolvencies comprised of 1,392 protected trust deeds and 574 bankruptcies (also known as sequestrations),…
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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 19% when compared with Quarter 4 2021. In Quarter 4 2022, there were 313 total company insolvencies in Scotland, the highest number since Quarter 4 2011. The business insolvencies comprised 83 compulsory liquidations, 212…
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Latest quarterly statistics from the Insolvency Service have indicated that Northern Irish personal insolvencies and business insolvencies increased in Quarter 4 (Q4) of 2022. The figures showed that there were 50 business insolvencies in Northern Ireland in Q4 2022, an increase of 56% from the same quarter of 2021. The insolvencies comprised 39 CVLs, four…
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A new study from Juniper Research has found that the number of credit cards issued via digital card issuance platforms will exceed 321 million globally by 2027, from 120 million in 2023. The research found that the growth of almost 170% reflects the use of new advanced digital capabilities, such as digital loyalty schemes and instant issuance,…
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With the Bank of England predicted to raise interest rates by 0.5 percentage points to 4% this Thursday, Credit app TotallyMoney has commissioned Moneycomms to calculate the impact of the expected interest rate hike on mortgage borrowers. The research found that For the average UK property costing £270,708 with a 75% LTV, a 0.5 percentage…
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The Insolvency Service is now banning, on average, 35 directors per month for Covid Support Scheme abuse, almost treble the 12 per month banned in the previous year according to new data analysis from Mazars. The analysis shows that in the nine months of the 2022/23 year to date (1st April – 31st December 2022),…
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New research from Freedom Finance has revealed the scale of demand for financial services products as more than two in five (43%) of UK adults – or around 23 million people – either considered or applied for at least one financial services product in the past year. The research also indicated that 25–34-year-olds were most…
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The Director of a Scaffolding firm claimed £50,000 Bounce Back Loan by inflating company turnover, then transferred funds for personal use has been given a 11 year ban by David McGuinness of the Sutton Coldfield area of Birmingham, was sole director MC-Dalt Scaffolding Services Ltd, which was incorporated in 2017 with its registered office in…
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