Credit, Collections & Insolvency News
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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The number of decrees and total amount of debt registered against Scottish businesses in 2021 declined when compared to 2020, according to figures released by the Registry Trust. The number of decrees against incorporated businesses also fell, by 13 percent, from 1,687 to 1,472. The total value saw even larger falls, down 21 percent, from…
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The number of debt judgments registered against Northern Ireland consumers in 2021 was 3,263, a small rise of two percent from the 3,207 in 2020, according to latest figures released by the Registry Trust. The Registry Trust says it is worth noting that numbers are still well below the highs seen before Covid struck. The…
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The number of business insolvencies (liquidations and receiverships) in Scotland increased by 63% according to latest Accountant in Bankruptcy (AiB) figures. In December 2021 there were 93 company insolvencies registered in Scotland, 63% higher than December 2020 and 4% higher than in December 2019. This was comprised of 17 compulsory liquidations, 73 CVLs and three…
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Latest statistics from the Insolvency Service have shown that Northern Irish personal and business insolvencies decreased in December in the latest monthly figures. In December 2021 there were 81 individual insolvencies in Northern Ireland, 48% lower than in December 2020, and 42% lower than December 2019. This consisted of 63 IVAs, 11 DROs and seven…
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A survey of lenders by the Bank of England shows that the number of small businesses falling behind on their loan repayments rose in the three months to the end of November. The analysis shows that fewer medium-sized businesses defaulted on corporate debt repayments in the period, while the number of large companies defaulting remained…
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New figures released by the Finance & Leasing Association (FLA) show that total asset finance new business (primarily leasing and hire purchase) grew in November 2021 by 5% compared with the same month in 2020. In the eleven months to November 2021, new business was 16% higher than in the same period in 2020. The…
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As Blue Monday approaches on 17th January 2022, a new survey of the employees of the UK’s small businesses by Purbeck Personal Guarantee Insurance has found that 25% feel more stressed and anxious than prior to the pandemic, 18% feel isolated, 18% are not sleeping well and 16% feel more depressed. More people (20%) feel worried…
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Brexit combined with the coronavirus pandemic has created a double-edged sword for businesses with its full-scale impact yet to be realised with Economists from Atradius predicting that insolvencies will rise by 33%. As the UK marks its first anniversary of the Brexit withdrawal, Atradius reports that the true ramifications of Brexit have been overshadowed by…
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