Credit, Collections & Insolvency News
New research by TotallyMoney has investigated the different payments structures for Buy Now Pay Later (BNPL) and has found a lack of consistency and regulation is leading to millions of people struggling to manage payments. The research found that. the average customer makes 4 BNPL transactions per month, resulting in 12 separate payments for the…
Read more
Latest figures from the Insolvency Service have shown that the number of business insolvencies in England & Wales in March 2024, was 17% lower than in February 2024 (2,177) and 17% lower than the same month in the previous year (2,193 in March 2023). The number of registered business insolvencies totalled 1,815 with insolvencies comprising…
Read more
Latest monthly figures from the Insolvency Service for England & Wales have indicated that personal insolvency figures fell by 19% in March 2024 with a total of 8,708 personal insolvencies registered. The figures was 19% lower than in February 2024 and 9% lower than in March 2023. The insolvencies consisted of 681 bankruptcies, 2,628 debt…
Read more
Latest figures from Accountant in Bankruptcy (AiB) have shown that business insolvencies in Scotland rose by 11%. In March 2024 there were 115 company insolvencies this was 11% higher than the number in March 2023. The insolvencies comprised of 44 compulsory liquidations, 62 CVLs, and 9 administrations. There were no CVAs or receivership appointments.
Read more
Latest Begbies Traynor Red Flag Alert research, which has provided a snapshot of British corporate health for over 15 years, highlights the speed at which financial distress has accelerated over the last 12 months, with 554,554 UK businesses now in ‘significant’ financial distress – a 30.8% rise compared to Quarter 1 2023. More serious ‘critical’…
Read more
A Cumbrian man who pleaded guilty to fraud, disregarding a director disqualification and breaching a bankruptcy order has been jailed. Adam Kirkbride was sentenced to four years in prison when he appeared at Newcastle Crown Court. Kirkbride, of Cobble End, Bassenthwaite, Keswick, was also further banned as a director until April 2036. The 32-year-old abused…
Read more
The number of UK-listed companies issuing a profit warning over the last 12 months grew to 18.7%, 1% higher than 2008, at the peak of the Global Financial Crisis, according to EY-Parthenon’s latest report. In Q1 2024, the number of profit warnings issued by UK listed companies fell 7% year-on-year to 70 and dropped slightly…
Read more
Consumer confidence improved by two points in April, according to GfK’s latest consumer confidence reading. Confidence stood at -19 during the month, an improvement from -21 points recorded in both March and February. The improvement came in a month that saw inflation fall to its lowest since 2021, national insurance payroll taxes cut, and domestic…
Read more
Latest monthly statistics from the Insolvency Service have shown that business insolvencies doubled and personal insolvencies decreased in Northern Ireland in March 2024. In March 2024 there were 26 company insolvencies registered in Northern Ireland, twice as many as (100% higher than) in March 2023. The business insolvencies comprised of 14 CVLs, 8 compulsory liquidations,…
Read more