Credit, Collections & Insolvency News
New data released by leading audit, tax and consulting firm RSM UK shows that many middle market businesses are performing well, with sentiment and growth on the up. Whilst this is good news for business, it presents a problem for the Bank of England (BoE) as it grapples with inflationary pressures. The RSM UK Middle…
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Research carried out by Opinium on behalf of Hargreaves Lansdown has found that only 61% of people said they thought it was a realistic prospect they could cover their bills in retirement. Less than a third (29%) thought they would not need to worry about money and less than half (45%) thought it was a…
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Latest research by the Chartered Institute of Procurement & Supply (CIPS) has found that rules designed to force large companies to reveal how long they take to pay suppliers have failed to improve payment practices. The duty to report legislation, introduced in 2017, has found that the average time it takes a large business to…
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Two-thirds (65%) more businesses are experiencing difficulty in accessing finance from high-street banks than they were in 2022* as mainstream lenders pull away from the SME market, according to new data from Sonovate. These challenges are now so acute that two in five (39%) UK businesses say that, due to funding being so hard to access,…
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Latest analysis of Bank of England data has found that around 3.1 million households owe £2.7 billion in buy now, pay later (BNPL) borrowing. Research by Bank economists Gerry Gunner and James Waddell looked at a survey from March 2023 and found that 11% of UK households reported owing money on BNPL. The average balance…
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The Bank of Family is expected to provide record levels of financial support to the property market this year, with families predicted to contribute £8.1 billion to homebuyers according to research by Legal & General and the Centre for Economics and Business Research (Cebr). This funding is set to support 47% of all homes purchased…
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Construction companies are going bankrupt at the highest rate in a decade as inflation, a drop in housebuilding and delays to major government infrastructure projects bite according to analysed data of Insolvency Service statistics by the Financial Times (FT). The data shows that 4,280 operators entered insolvency in the year to June, a 16.5 per…
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The Ofgem energy price cap will fall to £1,923 from October for a typical household, but over one-in-three households across England – 7.2 million in total – will face higher bills this winter than last, highlighting the urgency of further government support for hard-pressed families according to the Resolution Foundation. The Foundation notes that the…
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Three businessmen from Southeast England who each claimed the maximum £50,000 Bounce Back Loan have received director bans from the Insolvency Service. Ivan Fratev and Bradley Malone both from London, and Ryan William Moir from East Sussex, have been banned from running businesses for a total of 26 years after each separately claimed £50,000 for…
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