Credit, Collections & Insolvency News
International SME funder, Bibby Financial Services (BFS), and regional accountancy and specialist SME business advisory firm, Azets, have announced a strategic partnership to provide whole-turnover invoice finance facilities. The agreement will see BFS become Azets’ preferred partner for funding facilities up to £250,000, enabling its network of 3,500 accountancy and advisory specialists to access working…
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New figures released by the Finance & Leasing Association (FLA) show that total asset finance new business (primarily leasing and hire purchase) fell in February 2022 by 2% compared with the same month in 2021. In the first two months of 2022, new business was 5% higher than in the same period in 2021. The…
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Digital fraud checks could have significantly reduced the £11.8 billion pounds now estimated to have been lost by the government to fraudulent and erroneous applications for Covid-19 support, according to anti-money laundering specialist, SmartSearch. New figures from the House of Commons library show that fraud and errors involving coronavirus support schemes such as furlough and…
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STAR Asset Finance Group Has appointed Paul Slapa as its Group Commercial Director. Slapa was previously a founder and commercial director at Praetura Enterprise Finance and brings over 15 years of experience to the STAR Asset Finance Group. While at Praetura, Slapa was focused on creating partnership style relationships with customers, helping ease their cashflow…
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PKF Smith Cooper has announced the appointment of Harnil Motivaras as Corporate Finance Senior Executive. Motivaras joins from PwC where he worked alongside large corporate clients, as well as SME’s and owner-managed businesses, operating across a range of industries. Commenting on the appointment James Ward, Corporate Finance Director based in the Nottingham office said “I am…
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New figures released by the Finance & Leasing Association (FLA) show that total asset finance new business (primarily leasing and hire purchase) grew in January 2022 by 11% compared with the same month in 2021. In the twelve months to January 2022, new business grew by 16% compared with the same period in 2021. The…
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Cash management platform Satago has announced that it has partnered with Lloyds Bank with an aim to transform access to short-term finance for its business customers. The agreement builds on the existing partnership, extending the use of Satago’s technology to help Lloyds Bank customers get access to cash against invoices due. It will power a…
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New research by the British Business Bank has indicated that lending to small businesses has returned to pre-pandemic levels. The Small Business Finance Markets Report 2022 found that 2021 was a year of contrast between debt and equity smaller business finance markets. Bank lending returned to pre-pandemic levels while equity investment in smaller businesses reached…
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More than two thirds (67%) of small and medium sized enterprises (SMEs) globally have been unable to secure sufficient, or any, funding on at least one or more occasions, according to a new report from cloud banking platform Mambu. The ‘Small business, big growth’ report surveyed over 1,000 SME owners globally, who set up their…
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United Trust Bank (UTB) has announced that it has recruited experienced underwriter Rob Irving to its asset finance credit team. Irving is a highly experienced asset finance professional with a career in commercial banking spanning nearly 20 years. He joins UTB as senior underwriter from Wesleyan Bank and has previously held positions with Haydock Finance…
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The UK Government could lose as much as £16 billion to fraud and error across the Covid-19 emergency loan schemes, according to a report from the Public Accounts Committee described the losses as ‘unacceptable’ and said the Treasury should outline exactly what it intends to recover. The furlough scheme is estimated to have suffered the largest…
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A student who took out Bounce Back Loan faces 9-years of bankruptcy restrictions after he abused government support available for businesses during the pandemic. Kurt Barkhuizen applied for and received a £50,000 Bounce Back Loan in June 2020. Barkhuizen was not running a business at the time and was not eligible for any funding through…
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New figures released by the Finance & Leasing Association (FLA) show that total asset finance new business (primarily leasing and hire purchase) fell in December 2021 by 2% compared with the same month in 2020. In 2021 as a whole, new business grew by 14% compared with 2020 to £31.3 billion but remained 12% lower…
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