Credit, Collections & Insolvency News
Latest monthly figures from the Insolvency Service for England & Wales have indicated that personal insolvency figures fell by 5% with a total of 10,000 individuals entering into insolvency. The personal insolvencies consisted of 594 bankruptcies, 4,166 debt relief orders (DROs) and 5,240 individual voluntary arrangements (IVAs). The number of bankruptcies in August 2024 was…
Read more
Latest figures from the Insolvency Service have shown that there were 1,953 business insolvencies in August 2024, a decrease by 9% in August 2024 compared to July’s total of 2,144, and decreased by 14.6% compared to August 2023’s figure of 2,286. The business insolvencies consisted of 279 compulsory liquidations, 1,542 creditors’ voluntary liquidations (CVLs), 112…
Read more
Latest figures from Accountant in Bankruptcy (AiB) have shown that business insolvencies fell by 9% in August 2024. In August 2024 there were 102 business insolvencies registered in Scotland, this was 9% lower than the number in August 2023. The total number of business insolvencies was comprised of 56 CVLs, 42 compulsory liquidations, two administrations…
Read more
The latest monthly statistics from the Insolvency Service have shown that business insolvencies decreased by 35% and personal insolvencies decreased by 8%. The data shows that in August 2024, there were 11 business insolvencies registered in Northern Ireland, 8% lower than in August 2023. The total number of company insolvencies comprised of one compulsory liquidation,…
Read more
Consumer confidence in the UK has sharply declined, with the GfK consumer confidence index dropping to minus 20 this month, down from minus 13 in August. The longest-running measure of consumer confidence nosedived, raising concerns about whether government rhetoric about Budget ‘pain; has overly worried the general public. The index measuring changes in personal finances…
Read more
A new Government consultation will investigate introducing regulations in the energy retail market to protect consumers and businesses from unregulated rogue energy brokers Energy brokers and price comparison websites will be among those set to be held to account by a new regulatory regime, to provide better protections and save money for consumers and businesses. These…
Read more
A global survey of 79,000 businesses conducted by the Peninsula Group, parent company of BrightHR, has found that although small business owners are optimistic about the potential of Artificial Intelligence (AI), with one in three believing it has the potential to positively transform the workplace, only one in ten are regularly using it. The results…
Read more
The Chief Executive of the Financial Ombudsman Service (FOS) has urged financial firms to do more to help struggling consumers. Speaking at the ‘Connected 2024’ conference Abby Thomas, Chief Executive and Chief Ombudsman at FOS said there has been an Increase in debt levels have left some consumers feeling confused, stressed and out of their…
Read more