Credit, Collections & Insolvency News
Latest quarterly figures from the Insolvency Service for England & Wales have indicated that personal insolvency numbers decrease by 7.4% in January 2023. The personal insolvency figures of 8,344 were 8.9% lower than January 2022’s figure of 8,485. There were 612 bankruptcies were registered, which were 5% higher than in January 2022, but 60% lower…
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Latest figures from the Insolvency Service have shown that the number of business insolvencies in England & Wales rose by 6.6% in January 2023. The number of registered business insolvencies in January 2023 was 1,671 was 6.6% higher than in the same month in the previous year (1,567 in January 2022), and 11% higher than…
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Latest figures from Accountant in Bankruptcy (AiB) have indicated that business insolvency numbers (liquidations and receiverships) in Scotland nearly doubled in January 2023. The figures showed that there were 109 company insolvencies registered in Scotland, 114% (2.1 times) higher than the number in January 2022 and 51% higher than in January 2020. This business insolvencies…
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Latest monthly statistics from the Insolvency Service have indicated that Northern Irish business insolvencies fell and personal insolvency increased. In January 2023 there were 14 business insolvencies registered in Northern Ireland, 22% lower than January 2022 and 46% lower than January 2020. The business insolvencies comprised of nine CVLs, one compulsory liquidation and four CVAs.…
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Latest Office for National Statistics (ONS) data has shown that price rises in the UK slowed for a third month in a row as inflation fell to 10.1% in the year to January from 10.5% in December. The drop was largely due to the price of fuel and cost of restaurants and hotels slowing. This…
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The government has announced its intention to regulate interest-free Buy-Now Pay-Later (BNPL) products. The government consulted on policy options to deliver a proportionate approach to regulation in October 2021, followed by a consultation response in June 2022. It is now consulting on the proposed draft legislation that will bring BNPL into Financial Conduct Authority regulation.…
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UK Finance has announced two new appointments to the UK Finance Board. Robin Bulloch, Chief Executive Officer and Executive Director, TSB Bank and Wayne Lawson Turnbull, UK Chief Operating Officer for UBS AG London Branch and EMEA Regional Operating Officer for UBS Investment Bank, have joined the Board. Arun Kohli, Managing Director and Chief Operating Officer…
Read morePepper Money has announced the appointment of Andrew Voss as its new Chief Financial Officer (CFO). Voss has over 20 years’ experience in financial services and a proven track record of establishing, managing and driving performance in specialist lending businesses. He joins Pepper Money from Bluestone Mortgages, where he has been CFO for 14 years.…
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Restaurant company insolvencies in December of last year were the highest in at least four years says Mazars, the international audit, tax and advisory firm. 188 restaurant companies became insolvent in December 2022, 71% more than the 110 companies that failed in December 2021 and the highest monthly number of insolvencies in the sector since…
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Demand for finance from the UK’s 5.5m small and medium-sized businesses is on the rise at the same time as banks are reducing their lending appetite, according to iwoca’s latest SME Expert Index. More than eight in ten SME finance brokers (82%) agree that major banks have reduced their appetite to fund SMEs, while nearly…
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