Credit, Collections & Insolvency News
Latest figures from the Insolvency Service has shown that the number of businesses in England and Wales that business insolvencies rose by 18.7% in November 2021 to a total of 1,674 compared to October 2021’s total of 1,410, and increased by 87.9% compared to November 2020’s figure of 891. For the first time since the start…
Read moreThe number of business insolvencies (liquidations and receiverships) in Scotland doubled in November. In November 2021 there were 104 company insolvencies registered in Scotland, more than twice the number in November 2020 and 18% higher than in November 2019. The insolvencies comprised of 21 compulsory liquidations, 76 CVLs and seven administrations. There were no CVAs…
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Law firm Wright Hassall has named announced the appointment of a new Managing Partner. Phil Wilding has been appointed to the role after Sarah Perry, who has been in the position for the past six years, announced her decision to step down from the firm. Wildling has been with the firm for ten years as…
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New research commissioned by Dun & Bradstreet has found that over half (52%) of European businesses surveyed don’t think they will survive without relevant, up-to-date and compliant business data. The findings, of the ‘The Future of Data’ report, revealed that two-thirds of business leaders agree that data is the most useful tool for their organisation…
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Almost a fifth (18%) of small business owners have identified late payments as the key barrier to their growth, behind only competition as the biggest barrier, according to new research by Superscript. The research, part of a report titled ‘Supercharging small business growth, highlights the struggles that small businesses face with late payments’ found that…
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New research from Experian, which analyses 2.2 million UK businesses, has revealed that, on average, businesses’ credit scores are recovering well from the impact of the pandemic. Business credit score levels were back up to the pre-pandemic average of 44 by September 2021, compared to a score of 40 throughout most of lockdown. A business…
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A new report by Atradius for Eastern Europe indicates a promising future for businesses that have maintained the status-quo, despite the challenges faced during the second year of the pandemic. Key metrics, including the percentage of write-offs and total volume of overdue Business to Business (B2B) invoices, show little year-on-year change. Write-offs averaged 5% of…
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A report from the National Audit Office (NAO) says the Government only put basic anti-fraud checks on the Bounce Back Loan Scheme (BBLS) for small firms once more than £28 billion had already been paid out. Checks to ensure that a company was not applying for more than one bounce back loan were not put…
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New research by credit insurer, Atradius has highlighted increasing insolvency risks in customer markets within Western Europe. The report has indicated that for Western Europe as a whole, overdue payments amounted to 53% of the total value of invoices, an increase on last year’s 47%. The percentage of write-offs increased from 7% to 10% of…
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A cashflow crisis brought on by the pandemic lockdowns has resulted in a 31% increase in restaurant insolvencies over the three-month period to September, compared to the previous quarter. The number of UK restaurant insolvencies has jumped 31% to 296 in the last quarter, up from 226 in the previous quarter*, our research shows. The…
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A fifth of UK businesses is unable to repay government-backed Covid borrowing according to business and financial advisers Kreston Reeves. The research also found that. a third of UK owner-managed businesses report lower cash reserves now than when going into the Covid pandemic The research published today in a report Shaping your future is based on…
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A recent white paper published by Themis and Encompass Corporation, the leading provider of Know Your Customer (KYC) and Anti-Money Laundering (AML) software HAS revealed new insight into the ‘cost’ of not adhering to financial crime compliance. The whitepaper, titled Financial Crime Compliance: The Cost of Getting it Wrong, analysed recent case studies and 2020…
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Late payments are threatening the survival of British businesses, analysis by alternative finance provider, Time Finance has revealed. The research found that challenges with cashflow and unfulfilled growth ambitions were the greatest knock-on effects holding businesses back. For 70% of SMEs, late payments are a recurring issue leading to more severe consequences with over 40%…
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