Credit, Collections & Insolvency News
A new set of professional standards that defines the unique skills and contribution that credit and debt collection professionals deliver in protecting and growing business and the economy has been launched by the Chartered Institute of Credit Management (CICM). CICM says that the new professional standards will establish a benchmark and help demonstrate the enormous…
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Businesses choosing to voluntarily close has reached a new high as the long-term impact of coronavirus restrictions and concerns over imminent tax hikes hits business owners. Research by Price Bailey shows that a record 14,526 businesses in Britain voluntarily appointed liquidators last year, with this marking a 7% increase on the previous record set in…
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A new global survey has found that businesses using spreadsheets for cash management are twice as likely to have a high number of overdue invoices according to new research by Sidetrade. The research revealed that 42% of finance teams still heavily reliant on spreadsheets reported a high ratio of late payments overall (15%). Conversely, this…
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Credit management and debt recovery company Credit Style says demand for legal services has increased sharply over the past 12 months and is showing no sign of slowing down. The company says that the average number of legal actions they have commenced on behalf of clients has grown significantly from just over 13,000 cases to…
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Almost 100,000 Self Assessment customers have used online payment plans to spread the cost of their tax bill into manageable monthly instalments since April 2021, HM Revenue and Customs (HMRC) has revealed. Once a customer has filed their 2020 to 2021 Self Assessment tax return, they can set up a Time to Pay arrangement for up to…
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More than £4.3 billion of Covid loans that may have to be written-off by The Treasury due to fraud and highlighted by the recent resignation of Lord Agnew, could be eclipsed by businesses failing to repay their CBILs and BBLs Covid support loans according to new analysis by regional accountancy and business advisor, Azets. Azets…
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The Treasury Committee has called for additional Government action to combat fraud and scammers as it publishes its report on Economic Crime. The report, which was unanimously agreed by the cross-party Committee of MPs, urges the Government to legislate against online fraudulent adverts and seriously consider whether online giants should reimburse those who fall victim…
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Over half a million businesses are struggling financially amid soaring inflation and the rollback of government Covid-19 support according to Begbies Traynor’s Red Alert analysis. A total of 589,168 businesses reported financial distress in the final quarter of 2021, a five per cent jump compared to the previous three months. Begbies says that the data…
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Water retailers will be required to return customers’ credit balances and make them aware of the risks associated with advanced payment schemes, in the event of a retailer failure, under new rules. Water regulator Ofwat approved the change to the non-household water retail code to add protections for business customers. The Consumer Council for Water (CCWater),…
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Arrow Global, has announced that it has secured mandates from three UK banks to act as collections and recoveries partner across their ounce Back Loan Scheme (BBLS) and Coronavirus Business Interruption Loan Scheme portfolios. The servicing mandates, which will be managed by Arrow’s Drydensfairfax platform in Leeds, build on Arrow Global’s presence as the leading…
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New research by Taulia has found that 38% of its suppliers take early payments monthly in 2021, up from 19% in 2017. There has been growing interest from suppliers in regularly receiving early payment once an invoice is approved as an alternative source of finance. In 2021, one-fifth (22%) of suppliers were interested in receiving…
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Credit applications and approvals hit seven-year low amid fears lenders will replicate approach to last recession, according to latest Small Business Index (SBI) by the Federation of Small Businesses (FSB). The research indicated that most small firms plan to grow over the coming 12 months but are being held back by struggles to recruit, increasing…
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County Court Judgments (CCJs) against businesses in England and Wales rose by 13 percent in 2021, compared to 2020, according to the latest figures released by Registry Trust. The number of business CCJs increased from 77,134 in 2020 to 87,441 in 2021. The total value of CCJ debt owed by businesses rose by 12 percent,…
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