Credit, Collections & Insolvency News
Cash management platform Satago has announced that it has partnered with Lloyds Bank with an aim to transform access to short-term finance for its business customers. The agreement builds on the existing partnership, extending the use of Satago’s technology to help Lloyds Bank customers get access to cash against invoices due. It will power a…
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Irish Government pandemic support has saved at least 4,500 Irish companies from going bust according to research by PwC. The figures represent an average of 50 companies saved every week during the pandemic. PwC examined 18,000 business failures over the past 17 years and measured the correlation between key economic indicators and other trends with…
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Three in five (58 per cent) small or medium enterprises (SMEs) across the UK are currently waiting on late payments from customers, according to research from Barclays surveying 500 small business owners. For medium sized enterprises with 50 to 249 staff, those waiting on late payments rises to more than nine in ten (94 per…
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Five high profile companies Diageo Scotland, Diageo Global Supply IBC, Diageo Northern Ireland, Diageo Great Britain and Unilever UK have been formally removed from the Prompt Payment Code (PPC) after failing to honour their commitments. The voluntary code requires companies to pay 95% of invoices within 30 days to their small suppliers and pay 95%…
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Research by Sage shows that more than three-quarters of SMEs expect to return to pre-pandemic levels of profitability in the next 12 months. The poll by the accounting and payroll technology provider also found that two in five smaller businesses expected to hire more people in 2022, with half of those planning to increase their…
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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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