Credit, Collections & Insolvency News
UK faces a liquidity gap of £570 million according to predictions by Allianz Trade. The research says that the recent banking crisis has drawn into sharp focus other weak spots within the global economy and concentrated minds of businesses leaders to protect themselves against further contagion. But with forecasts predicting that the $30trn global liquidity…
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The UK is set to be one of the world’s worst-performing major economies this year, according to a forecast from the International Monetary Fund (IMF). The report says the UK economy’s performance in 2023 will be the worst among the G7, predicting that the economy will shrink by 0.3% in 2023 and then grow by…
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A new report from accountants at Mazars has found that the top 20 building merchants are increasingly turning to winding up petitions against contractors who fail to pay on time. Builders merchants have applied for winding up petitions against 185 constructors compared with just 44 in the previous year to the end of January 2023,…
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New research published by Bibby Financial Services (BFS) has revealed the extent to which the UK’s small and medium sized enterprises (SMEs) are exposed to substantial debt stress with the average bad debt amongst UK SMEs jumping by 61 percent. The average level of debt has risen from £10,329 in Spring 2022, to £16,641. Currently,…
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Welsh firms had more than 495,000 overdue invoices on their books this winter, new research from insolvency and restructuring trade body R3 has revealed. R3’s analysis of data provided by Creditsafe shows 495,843 invoices were overdue in Wales over the winter months – with 171,798 in December, 162,185 in January and 161,860 in February. Over…
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Research by Nucleus Commercial Finance has found that most SMEs find the current cost-of-living crisis more of a burden than the pandemic lockdowns. The research found that around two-thirds of those surveyed said the current cost-of-living crisis is proving more of a burden on their business than the pandemic lockdowns, with nearly 70 per cent…
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The UK economy proved to be more resilient than expected at the end of 2022 but the squeeze on household real incomes and the impact of past interest rate increases will likely derail short-term momentum, with UK growth expected to be negative this year at -0.3% and only 0.6% in 2024 according to the latest…
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New data from Time Finance has revealed the worsening challenge of late payment debt as it finds SMEs are owed on average quarter of a million pounds in outstanding invoices. In a recent survey, the alternative finance provider to UK SMEs, uncovered that one in three businesses are forced to wait between 60 and 120…
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The digital revolution is in full swing! Perhaps we are so engaged and invested on a daily basis that we fail to recognize how powerful the present developments are and how they transform firms and their connections with their business partners. Credit management is involved in all aspects of a commercial relationship, from the initial…
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Scottish firms had over 1.2 million overdue invoices on their books this winter, new research from insolvency and restructuring trade body R3 has revealed. R3’s analysis of data provided by Creditsafe shows 1,231,703 invoices were overdue in Scotland over the winter months – with 416,856 in December 2022, 400,272 in January 2023 and 414,575 in…
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Trade credit insurer, Atradius, has reported a 79% increase in claims for late and failed payments in the food sector amid national supply shortages of products like eggs and some vegetables. The analysis shows that the agriculture sector also saw claims more than double (119% increase) last year. Atradiius says that the rise in claims…
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A new report by the Federation of Small Businesses (FSB) has found that 52% of small businesses experience late payment delays. The FSB says the report lays out the failure of current measures in place to hold late payers to accounts and demands small businesses are given better protection. The survey found that 25% of…
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Latest market analysis by Octane Capita has revealed that the monthly average level of outstanding lending within the construction industry fell by 4% in 2022, the first annual decline seen since 2019, with residential construction the only sub-sector to see growth at 9.2%. The analysis of Bank of England lending data shows that £35.8 billion…
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