Credit, Collections & Insolvency News
Latest analysis by Allianz Trade has predicted that global business insolvencies will keep rising over the next two years. Insolvencies rose by 10% in 2024, and are expected to grow by 6% in 2025 and 3% in 2026. This would result in five successive years of increasing insolvencies (2022 – 2026). The UK bucks both…
Read more
New figures from Experian has found that that fraudsters deploying AI technology to combine personal information to create new identities highlighting the rise of ‘synthetic fraud’ in the UK. Analysis of confirmed fraudulent and potentially fraudulent credit applications shows that there was an increase of 60% in false identity cases in 2024 when compared to…
Read more
Basildon Credit Union has entered administration. Dina Devalia and Michael Kiely of business advisory firm Quantuma have been appointed as joint administrators of financial cooperative. Founded in 1987, the credit union is based in Basildon, Essex and acts as a financial cooperative, offering its members financial security through saving and borrowing. The Credit Union entered…
Read more
Latest figures from Accountant in Bankruptcy (AiB) have shown that business insolvencies in Scotland increased by 10% in February 2025 compared to 2024. The data showed that there were 103 company insolvencies registered in Scotland. The insolvencies comprised of 60 CVLs, 38 compulsory liquidations and five administrations. There were no CVAs or receivership appointments.
Read more
Latest figures from the Insolvency Service have shown that the number of registered business insolvencies in England and Wales increased by 2.9% in February 2025 to a total of 2,035 compared to January 2025’s total of 1,978, and decreased by 7% compared to February 2024’s figure of 2,188. The business insolvencies consisted of 393 compulsory…
Read more
Latest monthly figures from the Insolvency Service for England & Wales have indicated that personal insolvency figures increased decreased by 4.1% in February 2025 to 10,147 when compared to January 2025’s total of 9,752, and decreased by 5% when compared to February 2024’s figure of 10,684. The personal insolvency figures consisted of 600 bankruptcies, 3,865…
Read more
Latest monthly statistics from the Insolvency Service have shown that personal insolvencies increased whilst business insolvencies declined in Northern Ireland in February 2025. The data showed that there 21 business insolvencies registered in Northern Ireland, this was 19% lower than in February 2024. The total number of company insolvencies was comprised of nine compulsory liquidations,…
Read more