Credit, Collections & Insolvency News
A Welsh businessman, who was made bankrupt nearly 20 years ago, has been jailed for more than four years after hiding £130,000 in assets, continuing to operate as a company director, and obtaining more than £100,000 in credit. Helim Miah ran Fresh ‘N’ Clean (Wales) Ltd until 2006, when he was made bankrupt owing £12.3…
Read more
A record number of companies are in “critical financial distress according to latest Red Flag Alert data, which shows that there are 49,309 firms on the brink of insolvency. The figures mark a 21.4% increase from a year ago. All 22 sectors surveyed reported a rise in ‘critical’ financial distress over the previous 12 months.…
Read more
Nearly 500,000 SMEs say they have missed tax payment deadlines in the past three years with 19% of them admitting to missing five or more in the past 12 months, according to new research Premium Credit. The study with SME owners and managers found 9% of the UK’s 5.487 million SMEs have missed tax payment…
Read more
Latest Bank of England data has shown that net borrowing of mortgage debt by individuals increased by £3.1 billion to £5.3 billion in June, compared to a £2.8 billion increase to £2.2 billion of net borrowing in May. The ‘effective’ interest rate – the actual interest paid – on newly drawn mortgages decreased for the…
Read more
Latest Bank of England data has shown that net borrowing of consumer credit by individuals rose to £1.4 billion, from £0.9 billion in the previous month. et borrowing through other forms of consumer credit remained broadly unchanged at £0.7 billion over the same period. Commenting on the date, Richard Pinch, Senior Director of Risk at…
Read more