Credit, Collections & Insolvency News
Latest quarterly figures from the Insolvency Service for England & Wales have indicated that personal insolvency numbers fell 6%. There were 24,418 individual insolvencies registered in Q3 2023, 6% lower than the number of individual insolvencies registered in the previous quarter, and 15% lower than during the same quarter in the previous year. The number…
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Latest quarterly statistics from Accountant in Bankruptcy (AiB) indicated that Scottish business insolvencies increased by 7%. In Quarter 3 (Q3), there were 296 total company insolvencies in Scotland, 7% higher than in the same quarter of 2022. The business insolvencies comprised 107 compulsory liquidations, 174 CVLs and 15 administrations. There were no CVAs or receivership…
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Latest quarterly statistics from the Insolvency Service have indicated that Northern Irish business insolvencies increased by 24% The figures in Quarter 3 (Q3) July to September 2023 showed 62 company insolvencies in Northern Ireland in Q3 2023, an increase of 24% from the same quarter of 2022. The business insolvencies comprised 30 compulsory liquidations, 23…
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The IoD Directors’ Economic Confidence Index, which measures business leader optimism in prospects for the UK economy, remained subdued at -25 in October 2023, similar to September’s reading of -26. This is the fifth consecutive month in which economic confidence has been relatively low, following a large drop in June. However, there were some more…
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Gobal credit intelligence company, Pepper Advantage has reported a 23.3% annual increase in the arrears rate in the third quarter of 2023 to reach a new post-Financial Crisis high. The growth in the arrears rate follows successive increases in the percentage of mortgages that experienced a Direct Debit Rejection (DDR), where a direct debit instruction…
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Business confidence rose to 39% in October, a three-point increase, to reach the second highest level in 2023–surpassed only in August (41%) according to Lloyds bank business barometer. The confidence level this month is significantly above the long-term average of 28% and contrasts sharply with the Barometer reading of just 15% in October 2022, in…
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Criminals are turning more to targeting existing consumer services in 2023, with telecom, online retail and plastic card products particularly under attack. Fraud prevention service, Cifas has detailed that its members recorded nearly 278,000 cases to the Cifas National Fraud Database in the first nine months of 2023. Of this, more than 30,000 cases related…
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Almost three in ten consumers plan to spend less in the festive period this year than last year, reflecting the impact of the ongoing cost-of-living crisis according to research by Deloitte. The data also shows a rise in the number of UK consumers who intend to spend more in the last three months of 2023,…
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The number of restaurant companies becoming insolvent has risen by nearly half in the past year according to research by Mazars. The analysis showed that the the total number of restaurants which closed had increased from 1,517 in 2021/22 to 2,214 in 2022/23, an increase of 46%. Mazars says that restaurant groups have relied on…
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Latest cost of living research from Royal London has revealed how consumers have raided their savings to cover the rising cost of living. The cost of housing, food and energy bills have risen by an average of £494 a month by September this year when compared with August 2022. In the fourth wave of its…
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Independent Women, the community of female financial experts, has announced its expansion nationwide across 6 locations to meet the demand for tailored financial advice in a new era of women’s wealth. With women already holding a substantial amount of the wealth in the UK, female-centric financial advice has never been more important. Despite this, according…
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