Up to 58% of SMEs in need could be excluded from Recovery Loan Scheme according to research by Purbeck Personal Guarantee Insurance. The company warns that many SMEs could find themselves excluded from the Recovery Loan Scheme, with little option other than to access finance through personal guarantee backed loans – putting their home and…

Bounce Back Loan Scheme (BBLS) fraud, where companies apply for multiple government-backed loans to exceed lending caps, could be far lower than anticipated and points to the success of the scheme and creditor checks, according to data from the latest Equifax Market Pulse series. Previous estimates of how much the BBLS could lose to fraud…

Danske Bank has agreed to refund around 305 small businesses that it charged to set up business accounts when they applied for bounce-back loans. The Competition and Markets Authority (CMA) says that the bank will refund around £16,450 for breaking rules Danske Bank has agreed to write to the 305 affected SME customers to apologise…

The Insolvency Service has launched new guidance for Official Receivers and has made it available for the wider insolvency profession. As part of efforts to increase support and share knowledge with the insolvency profession, the Insolvency Service has published brand new guidance for Official Receivers when acting as Liquidator or Trustee. Following feedback from stakeholders…

The Government has announced that it will extend a number of temporary measures brought in by the Corporate Insolvency and Governance (CIG) Act, which were due to expire on 30th April until the end of June. The measures being extended till the end of June 2021: Statutory demands and winding-up petitions will continue to be…

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…

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…

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…

Almost 10,000 chain stores disappeared from UK retail locations in 2020. In total, 7,655 shops opened, compared to 17,532 closures, a net decline of  9,877, according to PwC research compiled by the Local Data Company (LDC). Although a decline was to be expected in a pandemic this is the worst ever seen with an average…

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