Credit, Collections & Insolvency News
It’s over a year since regulations requiring large companies and limited liability partnerships (LLPs) to report on their payment practices came into force. However, 30 July 2018 marks the first reporting deadline for many of these large companies – those with December year ends. So now is a good time to highlight what this reporting…
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Late payments blight cause major issues at small businesses across the UK, disrupting growth plans and potentially putting companies at risk. The numbers don’t lie – Dun & Bradstreet research shows UK SMEs are owed more than £63,800 in late payments on average, with 11 per cent owed more than £100,000. Even worse, FSB research…
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A CVA is a process used by a company to compromise liabilities with its creditors. The company proposes the CVA to its creditors and if the required majority vote in favour, the CVA is implemented by the directors under the supervision of an insolvency practitioner. As long as the required majority vote in favour, the…
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Construction giant Carillion plc has gone into liquidation, and unfortunately many of those companies that are owed money won’t now last much longer. These domino effects put a spotlight on the diligence of these companies – but there are measures that we can all put in place to negate these effects as far as possible.…
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Society has witnessed the spread of automation across financial services in the last decade, driven by the rise of digital technology and its capability to shape the way consumers and businesses interact. The use of application programming interfaces (APIs) – enabling connectivity and data sharing across different software platforms and systems – has heralded much…
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The introduction of a new data protection law earlier this year has had a significant impact on businesses across the UK, including in the collections and purchase sector. The General Data Protection Regulation (GDPR) and the UK’s Data Protection Act 2018 have brought in new and expanded requirements for companies handling personal data. CSA member…
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Is your bank balance keeping you awake at night? You should know you’re not alone! A 2017 study from Barclaycard showed that a whopping 63% of SME decision-makers worry about their business’ cash flow. That’s a lot of sleepless people. Cash is king in any business. We hear this expression over and over again but what…
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Is it possible to spot a late payment before it happens? I certainly think so. And, with small to medium-sized businesses owed £14bn in late payments, these early indicators could enable you to spot the problem before it occurs and help to protect your cash flow. So, here are 15 signs that could suggest that…
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The recent introduction of new GDPR regulations has impacted on nearly all of us. Who hasn’t been deluged with emails from every company they have ever interacted with online? Wading through this plethora of messages from companies desperate not to fall foul of the new regulations, I was reminded of a similar frenzy in the…
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If you’ve attended any recent conferences or industry events, you’ve probably heard a lot about artificial intelligence, or AI. Claims about AI seem to be everywhere! None other than Sundai Pichar, Google’s CEO, has called it ‘one of the most important things humanity’s working on. It’s more profound than… electricity or fire.’ As far as…
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With high street names such as Mothercare, New Look, Carpetright, and now Poundworld turning to rescue options, Company Voluntary Arrangements are big news at the moment. But what exactly are they? What is a Company Voluntary Arrangement (CVA)? Essentially a CVA is almost like a debt consolidation plan where not all the debt is repaid. This…
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It is easy to think that Europe and the U.S have long led the way on mobile payments, with all major high street banks offering mobile apps for consumers to manage their money. Third-party apps such as ApplePay and AndroidPay, allow for quick transactions on the go, while other providers such as PaySafe and ING…
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Debt recovery in the utility sector has an image problem. There is a considerable public concern across the globe about rising energy prices, with some governments stepping in to address the fuel poverty debate. As a result, utility companies receive little sympathy as they attempt to resolve unpaid energy bills. All of this against a background where bad debt in…
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