Credit, Collections & Insolvency News
Latest figures from the Insolvency Service have shown that the number of business insolvencies in England and Wales was 1,747 in October 2024, 10% lower than in September 2024 (1,950) and 24% lower than the same month in the previous year. The business insolvencies figures consisted of 188 compulsory liquidations, 1,445 creditors’ voluntary liquidations (CVLs), 100…
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Latest monthly figures from the Insolvency Service for England & Wales have indicated that personal insolvency figures fell in October with 8,952 individuals entering into insolvency, this was 14% lower than in September 2024. The personal insolvencies consisted of 596 bankruptcies, 3,793 debt relief orders (DROs) and 4,563 individual voluntary arrangements (IVAs). Monthly DRO numbers between…
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Latest figures from Accountant in Bankruptcy (AiB) have shown that business insolvencies increased by 18% In October 2024, there were 116 business insolvencies registered in Scotland, 18% higher than the number in October 2023. The total number of business insolvencies comprised of 50 CVLs, 60 compulsory liquidations, five administrations and one receivership appointment. There were…
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Latest monthly statistics from the Insolvency Service have shown that personal and business insolvencies rose in October 2024. The data showed that there were 155 personal insolvencies in Northern Ireland. This was 24% higher than in October 2023. The insolvencies consisted of 99 IVAs, 23 bankruptcies and 33 DROs. Business insolvency figures showed that there were…
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The number of overdue invoices on the books of Scottish firms increased by 42.8% in October 2024 when compared to the same period in 2023, according to new research by R3, the UK’s insolvency and restructuring trade body. The analysis of data provided by Creditsafe shows Scottish businesses had 600,588 invoices that had gone past…
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Working capital was the most in-demand funding choice for businesses in most sectors in the first half of 2024, according to analysis by business financial platform Funding Options by Tide. The research showed that working capital finance came out as the number one business enquiry for 11 out of the 16 business sectors analysed in…
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Time Finance has announced that it has appointed Sophie Aitken as Broker Manager in its Asset Finance team. Aitken joins the leading independent finance provider with over 10 years of experience in the financial services industry. Her previous roles include broker at Halo Corporate Finance, internal sales manager at InterBay Asset Finance and various roles…
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Research from fraud prevention service, Cifas, has revealed that nearly two-thirds (63%) of decision makers in large UK businesses are worried that employees will be targeted by fraudsters, with 50% of respondents fearing staff will become an ‘insider threat’. As many businesses prepare to recognise International Fraud Awareness Week (17-23 November), a recent Cifas survey…
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The Debt Managers Standards Association (DEMSA) has announced that it has partnered with FinTech Amplified Global to enhance communications by regulated debt resolution providers with indebted consumers. The Amplified Global tool is powered by AI and Machine Learning engines. It has generated significant interest across many sectors from Legal & Financial Services to sectors like…
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Latest data from the Insolvency Service showed that the construction industry experienced the highest number of insolvencies in the 12 months to September 2024, reaching a total of 4,264. Commenting on the data, Kelly Boorman, National Head of Construction at RSM UK, said “Challenges remain for the construction industry following the collapse of several major firms…
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