Credit, Collections & Insolvency News
Delayed payments and insolvencies are predicted to rise in the consumer durables retail sector this year, reveals leading trade credit insurer Atradius. In its latest Industry Trends report on the retail sector, Atradius emphasises the importance of maintaining close working relationships with retailers, and acquiring real-time insight, as the key to navigating the next six months. Increasing…
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Credit information provider, CRIF has announced that it has partnered with invoice financing provider Penny to utilise open banking to enable invoice payments. The new service utilises CRIF’s Credit Passport®, which uses open banking data to provide a real-time, secure way of speeding up the decisioning process for lenders and providing transparency and advice for…
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The value of UK business loans written off by banks nearly doubled in the last quarter of 2021, rising 87% from £190 million in the third quarter to £356 million in the fourth quarter according to new research by ACP Altenburg Advisory. The research report found that write-offs of loans were subdued throughout Covid but…
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Over a quarter (26%) of UK small or medium-sized enterprises (SMEs) have seen the number of late payments they receive increase since the cost of living has gone up, according to new research from Barclays. The new findings indicate that rising prices have started to impact payments between businesses, as 16% of SMEs said that…
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New findings from quarterly Small Business Index (SBI) has warned that banks ‘are pulling up the drawbridge’ to small firms will further stifle economic growth as its new SBI study shows successful finance applications plunging over the first quarter of this year. Fewer than one in ten (9%) small firms applied for finance in Q1…
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The value of UK business loans written off by banks nearly doubled in the last quarter of 2021, rising 87% from £190 million in the third quarter to £356 million in the fourth quarter according to research by debt advisory specialists ACP Altenburg Advisory. Altenburg explains that write-offs of loans have been subdued throughout the…
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New research by Bibby Financial Services has found that 2.1million SMEs are ‘just about breaking even’ and face myriad of challenges that threaten to impact the UK’s economic recovery. The report says that SMEs are ambitious for the opportunity to regain lost ground post-pandemic, but risk being held back by a myriad of mounting pressures…
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New figures from the Registry Trust have revealed a significant rise in business County Court Judgments (CCJs)in UK & Ireland, for Quarter 1 (Q1). The figures revealed that there were 230,239 new monetary judgements processed overall in Q1 2022, which is a 10% decrease compared to the Q1 2021 total of 256,404. However, there was…
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Responding to this year’s Queen’s Speech the Federation of Small Businesses (FSB) has urged the need for late payment reform. Federation of Small Businesses (FSB) National Chair Martin McTague said “A worsening late payment crisis is currently threatening the futures of more than 400,000 small firms. The Audit Reform Bill creates space to take forward…
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The Financial Stability Board (FSB) has published a Thematic Review on Out-of-Court Corporate Debt Workouts. The objective of the peer review is to support Covid-19 response and recovery efforts by examining FSB member jurisdictions’ practices, experiences and lessons from out-of-court workouts as a less costly and more flexible alternative to full, formal insolvency proceedings. The…
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New data from Sidetrade has found that the UK and Ireland are among the top five worst in Europe for payment delays. The company statistics are based on the payment behaviour of 20.7 million buying companies worldwide. The data reveals the best and worst markets and industries for late payments over the last three years…
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Begbies Traynor has reported a 19% rise in businesses in critical financial distress compared to the start of 2021. The research found that 1,891 firms were now in critical financial distress, in the first quarter of 2022, which is almost a fifth higher than the same period last year. The company says that the 19%…
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New analysis of over 8 million invoices sent to the top 100 construction firms in the UK reveals that 10 percent are routinely being rejected, resulting in serious payment delays which are hindering the financial recovery of construction product and service suppliers across the sector. The research by Causeway Technologies looked at a sample of 8,052,300 invoices…
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