Credit, Collections & Insolvency News
Latest figures from the Insolvency Service have shown that there were 2,006 business insolvencies in England & Wales in May 2024, a decrease of 6% when compared to April 2024 figures (2,144) and 21% lower than the same month in the previous year. The business consisted of 271 compulsory liquidations, 1,590 creditors’ voluntary liquidations (CVLs),…
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Latest monthly figures from the Insolvency Service for England & Wales have indicated that personal insolvency figures fell by 4% in May 2024 with a total of 9,266 personal insolvencies registered when compared to last month. Personal insolvencies decreased by 7.2% when compared May 2022’s total of 9,986 and decreased by 15.7% compared to pre-pandemic…
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Latest figures from Accountant in Bankruptcy (AiB) have shown that business insolvencies in Scotland increased by 22% in May 2024. In May 2024 there were 118 business insolvencies registered in Scotland, 22% higher than the number in May 2023. The insolvencies comprised of 71 CVLs, 43 compulsory liquidations and 4 administrations. There were no CVAs and no…
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Latest monthly statistics from the Insolvency Service have shown that business insolvencies increased quadrupled, whilst personal insolvencies fell by over 25%r in Northern Ireland in May 2024. The data showed that there were 44 company insolvencies registered in Northern Ireland, the figures were four times higher than in May 2023. The business insolvencies comprised of…
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The Financial Conduct Authority (FCA) has appointed Emad Aladhal as an Interim Director of Retail Banking Aladhal has been appointed after David Geale was called on to become interim Managing Director of the Payment Systems Regulator (PSR) earlier this month. Former boss of the PSR, Chris Helmsley, stepped down, amid an outcry over plans to…
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Latest data from UK Finance has shown that credit card spending has continued to increase as consumers face economic pressures. The report revealed an 0.8% rise in total credit card spending year-on-year and a 5.9% increase in contactless transaction values. James O’Donnell, Director of Research & Consulting at TransUnion said “The UK Finance card spending…
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The construction industry experienced the highest number of insolvencies in the 12 months to April 2024, reaching a total of 4,401 according to analysis of the latest insolvency figures by RSM UK. Kelly Boorman, National Head of Construction at RSM UK, said “Construction insolvencies continued the upward trajectory of previous months, with the industry maintaining…
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With rent prices rising 9% over the last 12 months, three in ten (28%) renters across the UK have been forced to turn to benefits due to rising costs, reveals research from responsible lender Creditspring. ONS figures show that average rents increased by 8.9% over the last 12 months, with tenants paying over £100 more…
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Open banking payments network specialist TrueLayer has announced it has strengthened its leadership team by appointing Lisa Scott as its first Chief Strategy Officer. In this new role, Scott will oversee the company’s expansion into new markets, drive consumer engagement and accelerate the adoption of its innovative open banking solutions. Scott joins TrueLayer from the…
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More parts of the economy grew in May than at any time in the last 15 months according to the latest Lloyds Bank UK Sector Tracker. While the overall rate of output growth across the economy slowed marginally in May (53.0 vs. 54.1 in April), 11 out of the 14 UK sectors monitored by the…
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