Credit, Collections & Insolvency News
The Government has announced a new scheme that will see energy prices for non-domestic energy customers such as businesses, charities and public sector organisations cut – protecting them from rising energy costs. Through a new Government Energy Bill Relief Scheme, the Government will provide a discount on wholesale gas and electricity prices for all non-domestic…
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New Prime Minister Liz Truss has announced that businesses will get help with their energy bill with prices capped for six months. Responding to the announcement, National Chair of the Federation of Small Businesses (FSB) Martin McTague said “It’s a huge relief for millions of small businesses to hear confirmation they will be part of…
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European small and medium enterprises (SMEs) are suffering from significant payment issues, but lack a thorough understanding of the processes involved, new research Vodeno. The company commissioned an independent survey among 2,004 senior decision-makers in SMEs across the UK (504), Belgium (500), France (500) and the Netherlands (500). It found that just 37% of respondents…
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The average amount owed to small businesses with at least one overdue invoice has risen 6% year on year to £22.7k in May 2022, up from £21.4k the previous year – which is 65% of the average small business’ typical monthly turnover according to new data from the Intuit QuickBooks Late Payments Bulletin. The research has…
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Ofgem has announced the energy price cap will increase to £3,549 per year for dual fuel for an average household from 1st October 2022. The increase is up 80% from the current cap of £1,971, and up 178% from the £1,277 cap in March this year. The Federation of Small Business (FSB) says that energy…
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Business confidence in the UK has plunged into negative territory as companies grapple with a crisis from the rising cost of doing business according to the ICAEW. The research found that business confidence falls into negative territory after record peak last year with the cost of doing business now pushing UK closer to recession amid…
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A survey of 885 UK-based retail investors has revealed how investors are managing their portfolios in light of high inflation, low growth, subsequent recession risks and the Conservative leadership contest new research commissioned by HYCM has found. The survey found that the majority (62%) of investors believe the UK will enter a recession before the…
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Data analysed by Mazars show the number of struggling firms striking Company Voluntary Arrangements (CVAs) with creditors has fallen 47% in the past year since a 2020 change to the law made HMRC a preferred creditor when firms go bust. CVAs, in which struggling firms strike agreements with their creditors to pay off debts, have…
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Hospitality bosses are calling for an emergency VAT cut as the sector deals with soaring energy bills. New research has suggested that most bars and restaurants are dealing with “significant” energy cost hikes whilst a majority are also seeing dramatic increases in their food and drink costs. The new data also reveals that supply chain…
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The value of overdrafts used by small and medium-sized enterprises (SMEs) has grown 18% from £8.3 billion in May 2021 to £9.8 billion in May 2022 as the financial stress in small businesses rises according to research by UHY Hacker Young. UHY Hacker Young says that the rise in overdraft use is concerning as overdrafts…
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One in three UK small and medium enterprises (SMEs) say their survival is dependent on accessing finance by the end of the year, new research from NerdWallet has revealed. The company surveyed 500 senior decision-makers within UK SMEs. It found that 33% fear their business will collapse if they are unable to access finance (such…
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The UK Services sector is responsible for the biggest month-to-month spike in overdue invoices last month according to new analysis by Sidetrade. UK Services companies saw the biggest month-to-month leap from June to July 2022 with over a quarter (26.8%) of supplier invoices issued to them being deemed overdue last month, compared to one-fifth (20.6%)…
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The number of companies in ‘critical financial distress’ has increased by 37% in the past year, insolvency specialists Begbies Traynor has warned. The latest Begbies Traynor Red Flag Alert report has revealed the financial strain continuing to be faced by thousands of British businesses. The research found that the number of companies rated as being…
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