Credit, Collections & Insolvency News
Latest analysis by the Insolvency Service found that companies in the construction sector faced the most insolvencies last year. The five industries (in accordance with SIC 2007) that experienced the highest number of insolvencies in 2023 were Construction (4,371, 18% of cases with industry captured). This was followed by Wholesale and retail trade; repair of motor…
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Annual figures from the Insolvency Service for England & Wales have shown that total number of business insolvencies registered in 2023 was 25,158 which was the highest number since 1993 and 14% higher than in 2022. The business insolvencies, comprised of 20,577 creditors’ voluntary liquidations (CVLs), 2,827 compulsory liquidations, 1,567 administrations, 185 company voluntary arrangements…
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New research by Pepper Advantage showed a 29.5% annual jump in arrears across it’s 100,000+ residential mortgage portfolio in the fourth quarter (Q4) of 2023, the figures were 5.7% higher than the previous quarter, to reach a new post-financial crisis high. The growth in the arrears rate follows successive increases in the percentage of mortgages…
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Businesses entered the new year with renewed positivity as overall confidence rose to the highest level for nearly two years according to the Lloyds Business Barometer. The research shows overall confidence rose to 44%, up 9 points on the previous month. It was the biggest monthly increase since August and the highest level of confidence…
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Annual figures from the Insolvency Service for England & Wales have indicated that personal insolvency figures fell by 13% The number of personal insolvencies registered in 2023 was 103,454, lower than the 118,766 in 2022. The number of personal insolvencies was the lowest annual number since 2017. However 2023 saw the lowest annual number of…
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The Bank of Mum and Dad is still providing vital financial support to the younger generations as they continue to struggle through the cost of living crisis, according to research Saltus Wealth. The research found that 74% are providing financial support for either their adult children, adult grandchildren or both. Most respondents in the survey…
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The IoD Directors’ Economic Confidence Index, which measures business leader optimism in prospects for the UK economy, leapt upwards to -14 in January 2024, up from -28 in December 2023. This represents the Index’s highest value since May 2023 (-6) and the biggest jump in a single month (+14) since this time last year (+30).…
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