Credit, Collections & Insolvency News
Latest figures from the Insolvency Service have shown that the number of registered business insolvencies in England and Wales in January 2025 was 1,971, 6% higher than in December 2024 (1,852) and 11% higher than the same month in the previous year (1,780). The business insolvencies consisted of 269 compulsory liquidations, 1,546 creditors’ voluntary liquidations…
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Latest monthly figures from the Insolvency Service for England & Wales have indicated that personal insolvency figures decreased by 3.4% in January 2025 to a total of 9,706 when compared to December 2024’s total of 10,045, and increased by 11.6% compared to January 2024’s figure of 8,698. Personal insolvencies consisted of 592 bankruptcies, 3,847 debt…
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Latest figures from Accountant in Bankruptcy (AiB) have shown that business insolvencies in Scotland fell by 15% in January 2024 The data showed that there were 75 business insolvencies registered in Scotland, 15% lower than the number in January 2024. The business insolvencies was comprised of 37 CVLs, 32 compulsory liquidations and six administrations. There…
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Latest monthly statistics from the Insolvency Service have shown that personal insolvencies rose whilst business insolvencies fell in Northern Ireland. The data showed that in January 2025, there were 141 personal insolvencies. This was 26% higher than in January 2024. The insolvvencies comprised of 97 IVAs, 20 bankruptcies and 24 DROs. The business insolvency data…
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Energy bills are forecasted to rise by 5% from April, adding £85 a year according a latest forecast by consultancy Cornwall Insight. For a typical dual fuel household it is predicted that the April price cap to be £1,823 per annum. This is a rise of £85 and 5% from the current price cap which…
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CCW says millions of households now face an anxious wait to see whether they could face even steeper water bill rises after six companies choose to contest Ofwat’s price caps for the next five years. Northumbrian Water, Anglian Water, Wessex Water, Southern Water, Thames Water and South East Water have all asked for their final determinations…
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Latest data from UK Finance has shown that there were 381.4 million credit card transactions in November, 1 per cent more than in November 2023. The total spend of £20.8 billion was 0.2 per cent higher than November 2023. Outstanding balances on credit card accounts have grown by 5.2 per cent over the twelve months…
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Rent and mortgage spending increased slightly to 2 per cent year-on-year in January according to the latest Barclays Property Insights report. Despite this increase, consumers’ confidence in their ability to afford rent and mortgage payments remained unchanged month-on-month at 52 per cent. Anticipating the Bank of England’s recent decision to cut the Base Rate, consumer…
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Latest data from the insolvency showed that the construction industry experienced the highest number of insolvencies in the 12 months to December 2024 at 4,032, making up 17% of all industry cases. Kelly Boorman, National Head of Construction at RSM UK, said “The latest rise in construction insolvencies shows the extent of the debt burden…
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The cost of home insurance in the UK increased by 14% year-on-year between October and December last year, according to new research from Compare the Market. The average home insurance premium climbed to £225 in the final three months of 2024 up from £197 over the same period in 2023. While the price jump seen…
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Despite promising UK infrastructure investments announced, many small businesses could still be left with unanswered questions following the Chancellor’s speech on growth, leaving many uncertain of their ability to achieve their growth ambitions this year. Research from Simply Asset Finance, which surveyed 500 UK small business owners before and after the Autumn Budget, revealed that…
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