Western Europe’s overdue payments amount to 53% of total value of invoices

New research by credit insurer, Atradius has highlighted increasing insolvency risks in customer markets within Western Europe. The report has indicated that for Western Europe as a whole, overdue payments amounted to 53% of the total value of invoices, an increase on last year’s 47%. The percentage of write-offs increased from 7% to 10% of…

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Restaurant insolvencies rise by 31%

A cashflow crisis brought on by the pandemic lockdowns has resulted in a 31% increase in restaurant insolvencies over the three-month period to September, compared to the previous quarter. The number of UK restaurant insolvencies has jumped 31% to 296 in the last quarter, up from 226 in the previous quarter*, our research shows. The…

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Fifth of businesses unable to repay government-backed Covid borrowing

A fifth of UK businesses is unable to repay government-backed Covid borrowing according to business and financial advisers Kreston Reeves. The research also found that. a third of UK owner-managed businesses report lower cash reserves now than when going into the Covid pandemic The research published today in a report Shaping your future is based on…

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Third of global businesses lost over £1m to financial crime

A recent white paper published by Themis and Encompass Corporation, the leading provider of Know Your Customer (KYC) and Anti-Money Laundering (AML) software HAS revealed new insight into the ‘cost’ of not adhering to financial crime compliance. The whitepaper, titled Financial Crime Compliance: The Cost of Getting it Wrong, analysed recent case studies and 2020…

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One in three businesses see late payment as biggest threat to survival

Late payments are threatening the survival of British businesses, analysis by alternative finance provider, Time Finance has revealed. The research found that challenges with cashflow and unfulfilled growth ambitions were the greatest knock-on effects holding businesses back. For 70% of SMEs, late payments are a recurring issue leading to more severe consequences with over 40%…

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Scottish business insolvencies rise by 58%

18th November 2021 Business | #business debt

The number of business insolvencies (liquidations and receiverships) in Scotland rose by 58% in October 2021 when compared with October 202 according to latest Accountant in Bankruptcy (AiB) figures. In October 2021 there were 68 company insolvencies registered in Scotland, 58% higher than in October 2020 but 18% lower than in October 2019. This comprised…

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Business insolvencies fell by 3% in October

18th November 2021 Business | #business insolvencies

Latest figures from the Insolvency Service has shown that the number of businesses in England and Wales that business insolvencies fell by 3% in October to a total of 1,405 compared to September’s total of 1,449, and increased by 63.6% compared to October 2020’s figure of 864. The increase in company insolvencies compared to October…

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Businesses predict strong festive trading period as payments volumes rise

British SMEs are starting to feel more confident about the performance and resilience of their own businesses, despite challenges in the wider economy, according to the latest quarterly Barclaycard Payments SME Barometer. Over half (54 per cent) of UK SMEs are expecting revenues to increase in Q4, compared with performance in Q3 2021. Yet concerns…

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HMRC intensifies efforts to claw back fraudulent pandemic payouts

HMRC has ramped up efforts to recoup £1 billion from fraudulent or incorrect furlough pay-outs, with more than 26,500 investigations into potentially fraudulent pandemic support claims launched over the past eight months. The level of fraud and error in the benefit system almost doubled during the pandemic from what was already the highest rate since…

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Danske Bank reprimanded over Bounce Back loans

15th November 2021 Business Lending | #business lending

Danske Bank has been reprimanded by the Competition and Markets Authority (CMA) over the treatment of some small businesses applying for Coronavirus Bounce Back loans, having required up to 205 firms to open business accounts to access a loan. The CMA said this meant the firms faced new fees, warning that the practice restricts customer…

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Late payments by retailers at highest-recorded levels

Late payments by UK retailers are at the highest-recorded levels, according to research by Sidetrade. The analysis found that almost a quarter (23%) of UK retail company invoices were deemed overdue in October. The research revealed that the proportion of invoices left unpaid* by UK retail companies in October 2021 hit an all-time high since…

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SMEs urged to talk about money

New research from GoCardless, has revealed a quarter (25%) of British small business owners feel uncomfortable talking to their customers and suppliers about money in a business context, rising to 32% for women. Almost four in ten (38%) SME decision-makers say they feel awkward chasing customers for late payments and one in ten (10%) believe…

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High energy costs predicted to increase construction business failures

10th November 2021 Business | #business insolvencies

New research from CompanyDebt has predicted an incoming wave of business failures among the UK’s construction sector. The report says that supply and demand in the global energy market have pushed prices to a record high this month in what industry pundits are called a ‘perfect storm.’ Energy prices are now over 250% higher than…

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