Credit, Collections & Insolvency News
Latest figures from the Insolvency Service have shown that the number of business insolvencies in England & Wales for May 2023 was 2,552, 40% higher than in the same month in the previous year (1,825 in May 2022). Th figures were at higher than levels seen while the Government support measures were in place in…
Read more
Latest quarterly figures from the Insolvency Service for England & Wales have indicated that personal insolvency numbers increase by 5% in May 2023 when compared with May 2022. The personal insolvency figures also increased by 10.7% in May 2023 to a total of 9,962 compared to April’s total of 9,002, and decreased by 5.1% compared…
Read more
Latest figures from Accountant in Bankruptcy (AiB) have indicated that Scottish business insolvency numbers (liquidations and receiverships) rose in April 2023. In May 2023 there were 97 business insolvencies registered in Scotland, the figures were 4% higher than the number in May 2022. The business was comprised of 35 compulsory liquidations, 57 CVLs and five administrations. There…
Read more
Latest monthly statistics from the Insolvency Service have indicated that Northern Irish business insolvencies rose whilst personal insolvencies have declined. In May 2023 there were 11 business insolvencies registered in Northern Ireland were 45% lower than in May 2022. The insolvencies comprised of eight CVLs, two compulsory liquidations and one CVA. There were no administrations or…
Read more
Signs that inflation is proving stickier than expected have raised market expectations for how high the Bank of England will raise interest rates, with total annual mortgage repayments now on course to rise by £15.8 billion by 2026, and by £2,900 for the average household re-mortgaging next year, according to new research published by the…
Read more
Latest UK Finance card spending data on outstanding balances on credit card accounts have grown by 9.6 % according to its latest update for March 2023. Outstanding balances on credit card accounts have grown by 9.6 % over the twelve months to March and 50.3 % of outstanding balances incurred interest compared to 52.3 %…
Read more
Joanna Elson CBE has announced that she will be stepping down as chief executive of the Money Advice Trust in early September, after 17 years leading the debt advice charity. Elson will take up a new role as chief executive of Independent Age, the charity focused on financial hardship in later life. Since her appointment…
Read more
Tipton & Coseley Building Society have announced that Adam Evetts will become the mutual’s new Chief Executive Officer (CEO) early next year. The Building Society has announced that Richard Newton will be stepping down as its Chief Executive Officer, after 10 years in the role and after 32 years total service to the Society. He…
Read more
Citizens Advice is warning that banning Section 21 evictions will only improve renters rights if forthcoming legislation prevents backdoor ‘no fault’ evictions from taking place. The charity helped almost 2,000 people with Section 21 issues in May, the most in a single month on record and a 25% increase since May 2022. To date, 2023…
Read more