The Institute of Directors (ioD) has welcomed the reinstatement of a key insolvency protection for company directors, the suspension of liability for so-called ‘wrongful trading’, through a statutory instrument laid before parliament. In June, the Government introduced emergency coronavirus legislation to facilitate a time-limited suspension of director liability for ‘wrongful trading’ applying from 1 March…

Late payments have escalated since the onset of the coronavirus pandemic, according to the latest UK Payment Practices Barometer by trade credit insurer Atradius.. The new report reveals that nearly half the value of Business to Business (B2B) bills are being paid late, while half of the businesses surveyed have been hit by revenue loss…

The repercussions of the Covid-19 pandemic on the global economy could have an impact on Business to Business (B2B) payment behaviour worldwide, and knowledge of country-specific practices and legislation regarding debt collections is necessary to increase recoveries and minimise write-offs. according to Atradius. The latest economic research by the company forecasts a 26% increase in…

Around one in seven UK companies say they were at risk of collapse, according to a new report from the Office for National Statistics (ONS). The study saw 14% of UK companies say they have “low or no confidence” that they will survive the next three months. While 40% had moderate confidence that their business…

Latest HM Treasury figures have revealed that nearly 1.5 million businesses across the country are now supported by the UK’s banking and finance industry with a total of £65.5 billion in lending through government-backed Coronavirus lending schemes. Almost 1.4 million smaller businesses have now accessed financing as part of the Bounce Back Loan Scheme, with…

The winners of the 2020 Credit & Collection Technology Awards have been announced following a live interactive virtual awards broadcast yesterday (Thursday 19th November). The awards are the flagship event for innovational technological professionals working in credit and collections and the fourth annual event honoured the UK’s technological innovators, celebrating outstanding achievement across nineteen hotly…

ICAEW’s Business Confidence Monitor (BCM) for Q4, has found that the proportion of companies struggling from a lack of demand had increased from more than a third in Q4 2019 to half this quarter. Late payments were a rising concern for a third of businesses, indicating financial distress in the market as customers were either…

As we approach the end of an unpredictable and tough year for businesses, Barclaycard Payments’ latest SME Barometer has found that two-thirds (66 per cent) of small and medium-sized enterprises in England feel more prepared for the current national lockdown than they did for the first lockdown in March. The top reasons given for this…

One million UK freelancers have been pushed into debt since the pandemic hit, according to a report released by IPSE (the Association of Independent Professionals and the Self-Employed) and digital bank, Starling. The research, undertaken to assess the impact that COVID-19 has had on the UK’s self-employed, found that one in four (23%) freelancers have…

Latest figures from the Insolvency Services have shown that corporate insolvencies decreased to 856 in October 2020 compared to September’s figure of 925, and remained well below October 2019’s figure of 1,485. The overall number of company insolvencies decreased by 42% in October 2020, when compared to the same month last year. This was primarily…

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