Credit, Collections & Insolvency News
Metro Bank has announced the appointment of Kevin Craven as Head of Invoice Finance. Craven joins the bank from Bibby Financial Services. Richard Saulet, Director of Invoice and Asset Finance at Metro Bank said: “I’m delighted to welcome Kevin to the growing team. Kevin brings with him extensive experience and a real desire to do the…
Read moreUltimate Finance has appoint Andrew Casey to it’s asset finance as Regional Director. Andy Ribbins Managing Director of Ultimate Asset Finance said “These are really exciting times for Ultimate and Andrew is a great addition to help us build our presence in the East of England. He joins us with an excellent reputation in the area, amongst…
Read moreThe National Association of Commercial Finance Brokers (NACFB) has launched it’s annual report. Despite the backdrop of political and economic uncertainty surrounding the EU Referendum, small business lending hit an all-time high over the past 12 months. Lending has increased by almost 30% (29.8%) to £20.7billion. The figures are based on business written by NACFB brokers between July…
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Research from Funding Options has announced that the number of businesses whose assets were seized by the HMRC in order to settle outstanding debts grew sharply in the last year is up 145%, from 649 in 2014/15 to 1,592 in 2015/16. Funding Options adds that HMRC seized assets to recover £42.6m of outstanding debt in the last…
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The construction sector saw the highest number of company insolvencies in the first quarter of the year, despite numbers falling year-on-year, latest data from the Insolvency Service has shown. In total 672 construction firms went bust in England and Wales between January and March, outstripping other sectors such as the ‘wholesale and retail trade; repair…
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Figures released by the British Business Bank following a Freedom of Information request by the Press Association has found that a third of the public money lent to start up businesses has become bad debt. The Start Up Loans scheme has seen £72.4 million worth of loans written off or fall into default since the programme was launched…
Read moreThe British Bankers’ Association (BBA) has added Just Loans Group to it’s associate membership. Just Loans becomes the first alternative commercial lender to join the association. Just Loans Group Chief Executive Officer John Davies said “I don’t believe that traditional banks and alternative lenders are in competition with each other as they share the common aim…
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The Asset Based Finance Association (ABFA) has reported that the total amount of lending UK businesses secured through invoice finance has passed the £20.3 billion barrier, up 5% from £19.3 billion last year. The amount of Invoice Finance and Asset Based Lending secured by UK businesses has risen by over a quarter (27%) over the…
Read moreResearch by Barclays Business has found that up to £550 million is lost every year by SMEs forgetting to pay in or losing cheques written to their business. Of those that have lost or forgotten to deposit a cheque, two in five (38%) admit to doing it only on one occasion, however one in five…
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United Trust Bank has appointed Richard Murley as its new Chairman
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IGF has appointed Richard Spielbichler as ABL Director for the North West whilst Jeff Greenfield joins as ABL Director for North London and the Home Counties.
Read morehttp://www.cityam.com/248074/small-businesses-lost-6bn-last-year-not-chasing-bad-debts
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Peer to peer lender ThinCats has launched a new two-tiered grading system for all loans on the platform’s primary market. The new system will allow investors to quickly determine two key factors that determine the quality of a loan: credit quality and security quality. Credit quality, the ability of a company to service its loan obligations, will…
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