Over £100 billion in support from banks and the government has been received by UK firms through coronavirus stimulus initiatives, with lenders distributing more than £58 billion and companies claiming £39.3 billion under the furlough schem. Figures from HM Treasury published today reveal that UK lenders have supported over 1.33 million businesses across the country…

Trade body UKHospitality has said 900,000 jobs would be at risk if the sector was forced to close again without financial support. The trade body has called on the  Government to offer a sector-specific package of employment support that helps businesses retain valuable workers. Giving evidence to the House of Lords Economic Affairs Committee, Chief…

Debbie Nolan has succeeded Pete Whitmore as Chair of the Chartered Institute of Credit Managers  (CICM) Executive Board of Trustees. She is joined in her new position by Phil Rice as Vice-Chair and Glen Bullivant as Treasurer. Nolan, the UK CEO of global financial solutions company, Arvato, has been a graduate member of the CICM…

UK firms have racked up around £70 billion worth of unsustainable debt, according to a new report from The City UK, with more than £20 billion of that coming from government-backed coronavirus loan schemes. TheCityUK’s Recapitalisation Group (RCG), supported by EY, has published updated projections for levels of unsustainable debt faced by SMEs.  The report…

The Ministry of Housing, Communities & Local Government (MHCLG) has announced that it has extended support to prevent business evictions until the end of 2020. The new measures mean that businesses will be protected from the threat of eviction until the end of year, providing commercial tenants with greater security and protecting vital jobs, The…

The Online Collections Technology Think Tank has confirmed its agenda and speaker line-up ahead of the launch event next Thursday. The Think Tank has been created as an online event platform so that collections professionals can specifically discuss the role of the technology as we move into the ‘new normal’ way of working as consumers…

The Insolvency Service has published its latest business insolvency statistics for England & Wales which have revealed that the overall numbers of business insolvencies numbers continue to fall. Corporate insolvencies fell to 778 in August 2020 compared to the previous month’s figure of 961 and are significantly lower than they were in August 2019 (1,369).…

The Insolvency Service has published its latest figures which indicate that in August 2020 Scottish company insolvencies decreased by 43%. There were 44 company insolvencies in Scotland, a reduction of 43% in comparison to August 2019. This comprised of 19 compulsory liquidations, 21 CVLs, three administrations and one CVA. There were no receivership appointments. Historically…

A study by Onward has found that around 20% of British businesses are only making enough profit to cover their debt interest payments. High levels of corporate debt built up by companies during the COVID-19 pandemic has pushed 4.3% of firms into technical insolvency, the report estimates. In the new research paper titled ‘Paying it…