Credit, Collections & Insolvency News
Despite the plethora of innovative new software on the market, nearly half (49%) of financial professionals are still using Excel spreadsheets to log information and updates on customer payments into their business according to research by Visma | Onguard. The figure represents a slight increase on 2021 levels (46%), highlighting that the industry’s reliance on…
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Business outsourcing specialist Sigma Connected has been awarded a contract by business energy and water operator Yu Energy to provide contact centre support for outbound collections. The results Sigma Connected has delivered has already seen the team increase by 50% in order to handle more accounts. The contract is being operated by Sigma Connected from…
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Coface’s 2022 Asia Corporate Payment Survey has highlighted the credit risks in the Asia-Pacific region. The report found that improved economic conditions in 2021 contributed to a notable fall in the duration of payment delays across Asia-Pacific, dropping from 68 days on average in 2020 to 54 days in 2021, the lowest level in 5…
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New analysis by Thomson Reuters has found that over 200 of the UK’s biggest companies have underpaid VAT by an average of £13.4 million each, leaving HMRC £2.7 billion short. Thomson Reuters says that the £13.4 million figure relates to tax under consideration, which is an estimate of the amount of VAT HMRC believes has…
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The number of UK sectors reporting a fall in output doubled in May, as inflation continued to drive down demand for goods and services, according to the latest Lloyds Bank UK Sector Tracker. Six out of the 14 sectors monitored by the Tracker saw overall output contract, compared to three in April. This was the…
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Credit Connect’s hosted its second Online Commercial Credit & Collections Conference last week which saw trade credit, insolvency, business change and technology discussed by sixteen leading credit, collections and insolvency professionals. Commenting on the event, event panel speaker Charles Mayhew CEO from Global Debt Recovery and Litigation said “I was delighted to be on the…
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Intrum’s annual European Payment Report (EPR), a survey of 11,000 companies across 29 European countries, shows that businesses are expecting late payments to grow significantly in the coming months, following the rising inflation and interest rates with UK businesses less likely than their European peers to make growth a priority. Across Europe, growth is slowing…
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HMRC has announced that interest rates for late payments will be revised following the Bank of England interest rate rise to 1.25%. The Bank of England Monetary Policy Committee voted on 16 June 2022 to increase the Bank of England base rate to 1.25% from 1%. HMRC interest rates are linked to the Bank of England…
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Data from PwC show the number of UK firms filing for insolvency in the first quarter was broadly similar to the same period in 2021. However, the analysts show that when the smallest firms and companies that were liquidated when solvent are stripped out, the figures show those filing while insolvent more than doubled in…
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New research from Aldermore has found that over half (54% or 2.1 million) of all UK small and medium-sized enterprises (SMEs) have been impacted by the ongoing supply chain crisis in the last 12 months. Persistent supply chain problems have continued to plague businesses, as a result of a number of factors including labour shortages,…
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Businesses in Northern Ireland had more than 93,000 overdue invoices on their books in April according to new research by R3. The report found that while the north recorded strong start-up numbers in 2022, there are signs of trouble ahead. Analysis of the data from business intelligence provider Creditsafe, show almost 3,000 new businesses were…
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Businesses are paying their suppliers even later, despite admitting that they have a responsibility to smaller firms, according to early findings from Intrum’s 2022 European Payment Report. The annual report by credit management services company Intrum surveyed more than 11,000 businesses in 29 countries. It found the business landscape under pressure from new uncertainty, while…
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Small businesses had to wait an average of 29.9 days to be paid in April according to the latest figures from Xero. Average late payment days increased by 1.8 days to 7.7 days. This is the longest small businesses have had to wait to be paid since September 2020. Xero says tougher economic conditions caused…
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