Credit, Collections & Insolvency News
Financial Ombudsman Service (FOS) Chief Executive Abby Thomas says the ombudsman would like to improve its communications with the Financial Conduct Authority (FCA) to help the regulator respond quicker to emerging issues in the financial sector. The Chief Ombudsman told the Treasury Select Committee that while she is satisfied with the level of powers the…
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Latest market analysis by Octane Capita has revealed that the monthly average level of outstanding lending within the construction industry fell by 4% in 2022, the first annual decline seen since 2019, with residential construction the only sub-sector to see growth at 9.2%. The analysis of Bank of England lending data shows that £35.8 billion…
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Millions of households will get more support with high energy bills to help ease the cost of living, the Chancellor has announced ahead of the Spring Budget. The Energy Price Guarantee (EPG) will be kept at £2,500 for an additional three months from April to June, saving a typical household £160. Energy prices are 50%…
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The monthly cost of owning a home for first-time buyers is now £971, £42 (4%) lower than the cost of renting the equivalent property, according to the latest Halifax Owning vs Renting Review. The analysis, which is based on housing costs for first-time buyers with a mortgage on a three-bed home compared to the average…
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Latest figures from the Insolvency Service have shown that the number of business insolvencies in February 2023 was 1,783 in England & Wales, a rise of 17% (1,783) which is higher than in the same month in the previous year (1,518 in February 2022), and 33% higher than the number registered three years previously (pre-pandemic…
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Latest quarterly figures from the Insolvency Service for England & Wales have indicated that personal insolvency numbers increased by 20% in February 2023 from February 2021’s total of 6,839 and decreased by 4.4% from February 2020’s total of 8,590. Personal insolvencies also increased by 5.9% in February 2023 to a total of 8,210 when compared…
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Latest figures from Accountant in Bankruptcy (AiB) have indicated that business insolvency numbers (liquidations and receiverships) in Scotland rose by 11% in February 2023. The figures showed that that there were 81 business insolvencies registered in Scotland, 11% higher than the number in February 2022 but 5% lower than in February 2020. The insolvencies comprised…
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Latest monthly statistics from the Insolvency Service have indicated that Northern Irish business insolvencies personal insolvency fell. In February 2023 there were nine business insolvencies registered in Northern Ireland, 50% lower than February 2022 and 67% lower than February 2020. The insolvencies comprised of six CVLs, one compulsory liquidation and two CVAs. There were no administrations…
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Latest Bank of England data has revealed that in the last three months of 2022, mortgages agreed for the coming months were down by a third (33.5%) from the previous three months, and down a quarter (24.5%) in a year, excluding the onset of the pandemic when the market was effectively closed, this is the…
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Moorfields have announced the appointment of Mark Delaney as Partner. Delaney has more than 23 years’ experience supporting clients on a broad range of corporate and personal restructuring and insolvency matters across a wide variety of sectors. He is well regarded across the North West and a vastly experienced chartered accountant and insolvency practitioner recognised…
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