Credit, Collections & Insolvency News
Business insolvency levels rose by 10.6% year-on-year in Scotland in Quarter 2 according to new statistics from Accountant in Bankruptcy to a total of 313. Iain Fraser, Chair of the Scottish Technical Committee at R3, the UK’s insolvency and restructuring trade body, and a Partner at FRP Advisory, said: “Despite the increase in corporate insolvencies, Scotland’s…
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Three quarters of SMEs (74%) say that the upcoming budget will directly impact their future growth plans, according to research from specialist SME lender, Simply Asset Finance. Nearly a third of businesses (31%) say it’ll have a significant impact,13% believe it will be fundamental to them, while just 15% expect the budget to have no…
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Self-build and renovation finance specialist BuildLoan has appointed Chris Martin to the role of Director of Operations. Martin has held various roles within BuildLoan during the last six years having worked in financial services throughout his 35 year career. He previously held consumer-facing roles in retail banking, as a mortgage intermediary and senior roles in…
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The Equity Release Council’s latest quarterly market report for Q3 2024 shows that new plans agreed and total lending rose for a second successive quarter for the first time in two years, as the market’s gradual recovery continues. Homeowners over the age of 55 withdrew £615m of property wealth from their homes between July and…
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As the government plans to regulate buy now pay (BNPL) later firms by 2026, more than one in ten millennials (13%) and Gen Z (11%) consumers plan to put Christmas on credit using buy now pay later apps, RSM UK’s latest Consumer Outlook reveals. In addition, previous data from RSM UK shows that Gen Z…
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A company which claimed to help customers reach an early resolution to their Individual Voluntary Arrangements (IVAs), but instead exposed them to the risk of their debt solution failing, has been closed down. McKenzie Jones Associates, which was last registered to an address in Kent Road, Formby, near Liverpool, was wound up at the High…
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Latest data from Accountant in Bankrupcy has showed that personal insolvency levels fell by 9.1% in Scotland during Quarter 2, to a total of 1,891. The number of personal insolvencies (bankruptcies and protected trust deeds) in Scotland decreased by 8.3% when compared to the previous quarter’s total of 2,063 (April-June 2024). Iain Fraser, Chair of the…
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