Credit, collections & insolvency news
The UK economy unexpectedly failed to grow for the second month running in July with quarterly growth of 0.5% after also flatlining in June, according to the Office for National Statistics (ONS). The monthly result reflects a modest rise in services output which was more than offset by declines in both Production and Construction Anna…
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Flint Bishop prepares for further growth with the strategic appointment of a new Chief Information Officer Law firm Flint Bishop has announced appointed Paul Tennant as its new Chief Information Officer (CIO), as it looks to make further significant investment in innovation and technology to enhance the delivery of its services, support clients’ objectives and…
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Ahead of the Autumn Budget, the Institute of Directors has written to the Chancellor of the Exchequer summarising the policy changes that it believes would have the greatest positive impact on the rate of sustainable economic growth in the UK. In its Budget submission, the IoD has set out key recommendations for the Chancellor in the following…
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Commercial finance brokers are seeing a significant rise in client requests to support more complex projects, latest survey data from Asset Advantage has revealed Nearly a third of brokers have seen an increase in funding requests for soft or tricky assets, while 29% of brokers report a rise in projects involving negative balance sheets, but…
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New research from Novuna Business Finance has indicated a resurgence in small business confidence with 68% considering new projects for growth, up from 66% earlier this year. New research hints at renewed small business confidence since the installation of the new Government. The Novuna Business Finance study of 1,000 small business owners and senior management…
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The British Chambers of Commerce (BCC) has warned that the UK economy is set to grow at a slower pace, with gross domestic product (GDP) expected to decline to 0.4% in the third quarter and 0.2% in the final quarter of the year. The BCC expects the UK economy to grow by 1.1% for 2024,…
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SMEs’ confidence is growing according to new research by Shawbrook wth nine in ten (86%) SMEs reportedly feeling confident about their business prospects, with a quarter (27%) saying they felt extremely confident. In comparison just 4% admitted to not feeling confident at all. The research also highlighted economic uncertainty and political uncertainty as top worries,…
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Over 3.6 million (72%) small and medium-sized enterprises (SMEs) have some form of outstanding late payment from customers, leaving them £96,772 out of pocket on average, according to new research from Aldermore’s SME Growth Index. The total value of late payments has increased from the end of 2023, up 41% from £68,715 with outstanding balances…
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International debt recovery and credit-control provider 4D Contact has announced the launch of AI voice-bot technology, 4D Contact says that with the power of human intuition and interactions, the end-to-end voice-led service will maximise cash flow and also maintain and strengthen customer relationships. Mark Smith, CEO of 4D Contact said “We have been investigating how…
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New research hints at renewed small business confidence since the installation of the new Government. The Novuna Business Finance study of 1,000 small business owners and senior management reveals that the proportion of enterprises considering new projects to secure future growth has risen to 68%, after a dip to 66% at the start of the…
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Nearly a third (31%) of commercial finance brokers have seen a growing shift among clients towards business loans to secure funding, new survey data from Asset Advantage can reveal. For nearly a quarter of brokers (24%), the biggest driver among clients towards business loans is more complex projects which require flexible funding routes. Nearly two-in-ten…
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Forbes Solicitors has appointed Laura Docker in the newly created role of Debt Recovery Team Leader. Docker’s arrival follows the appointment of two paralegals to the team during the past 12 months and is in response to growing demand from North West SMEs for payment dispute advice and commercial debt recovery services. A Chartered Legal…
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The sole director of a data processing and equipment sourcing business has been disqualified for the maximum period allowed under law after obtaining £145,000 in Covid support scheme funds his business was not entitled to. Richard Oliver was the director of Exact Data Trading Co. Ltd when it falsely secured a total of £95,000 from…
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