A new report from the insurance provider Simply Business suggests the cost of the coronavirus pandemic to SMEs is set to exceed £126.6 billion, nearly double the £69 billion initially projected a year ago. The study revealed that on average, SMEs have lost £15,673 each so far in earnings due to the pandemic and subsequent…

The Government has confirmed the passing of new legislation on pre-pack administrations. The new pre-pack legislation will take effect from the end of April 2021, introduces mandatory independent scrutiny of pre-pack administration sales where connected parties are involved. Under it, an administrator will be unable to make a ‘substantial disposal’ of company property (including hiring…

A new automated collections platform has announced its launch. itsettled says that its new automated collections process is legally compliant and easy-to-use. The company is also confident in their product that they provide a guarantee for all customers that if their process has been followed and payment has not been made, they guarantee that their…

Around 26% of SMEs have said poor cashflow is their biggest financial concern of the pandemic, according to a Business Challenges report, carried out by card payments company Takepayments. The report found that these businesses are constantly chasing late payments during the pandemic with businesses in the insurance and pensions sector (46%) and charity and…

Outsourced receivables management services specialist Barratt Smith Brown has appointed Ian Deacon as its new Director of Utilities Collections. Deacon joins from British Gas where he was Head of UKB Debt Strategy and Analytics. Deacon brings a wealth of industry experience with a career that includes 18 years within British Gas business-to-business operations and finance.…

The Insolvency Service has published its latest figures which indicates personal insolvencies in England & Wales corporate business insolvencies fell by 9% to 686 in February 2021 compared to January’s figure of 754, and were 49% lower than February 2020’s figure of 1,348. The number of registered company insolvencies in February 2021 was 49% lower…

Latest figures released by the Accountant in Bankruptcy (AIB) have shown that Scottish business insolvencies continued to remain low in February 2021 In February there were 26 company insolvencies registered in Scotland, 70% lower than in February 2020. The figures comprised of 7 compulsory liquidations, 16 CVLs, two administrations, and one CVA. There were no…

Latest statistics from the Insolvency Service have shown that personal and business insolvencies continue to remain low in comparison to previous years. In February 2021 there were 144 individual personal insolvencies in Northern Ireland, 46% lower than February 2020; this consisted of 107 IVAs, 27 DROs and 10 bankruptcies. Business insolvency figures In February 2021…

New data has indicated that nearly 135,000 companies were showing strain this month, roughly three times the pre-pandemic average according to new analysis by Mazars. Businesses in the services and retail sectors accounted for almost three-fifths of those showing distress, with sectors that are allowed to reopen faring better, with construction and manufacturing businesses making…

The Government has announced the appointment of Liz Barclay as Small Business Commissioner to spearhead the national effort to crackdown on delayed invoices, which cause thousands of small businesses to close every year. Barclay will be the first female Small Business Commissioner, a post which was created in 2016 to help small businesses secure the…