Credit, Collections & Insolvency News
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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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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