Credit, Collections & Insolvency News
New research from Metro Bank has shown that only four in ten (39%) SMEs have witnessed an increase in revenue since the easing of lockdown on 17th May. With the Government’s 100% business rate relief ending on 1st July, many small businesses are calling for an extension to the deadline The 100% business rate relief…
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Analysis of official data by real estate advisers Altus Group shows that companies owe English local authorities almost £2.5 billion in unpaid business rates, with the pandemic and subsequent restrictions driving up debt piles. The increase in rates arrears comes despite the Government offering retail, leisure and hospitality companies a rates holiday since the onset…
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In its report published today the Public Accounts Committee warns that Government ‘significantly increased’ taxpayer exposure to fraud and error by its twin decisions to drop basic fraud and error checks in paying out Covid 19 loans, and to support people and businesses that it had no prior relationship with. The Department for Business (BEIS) estimates…
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Intrum has published its latest European Payment Report with the analysis showing that half of the companies surveyed stating that they think they are lucky to have survived 2020. At the same time, reality did not turn out as gloomy as expected, partially due to government support, but also with new, digital business models gaining…
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Credit Connect’s hosted its first-ever Online Commercial Credit & Collections Conference last week which saw trade credit, insolvency, business change and technology discussed by eighteen leading credit, collections and insolvency professionals. Commenting on the event, event panel speaker Liam Bell. Director at Memery Crystal said “As a solicitor, it is easy to get caught up…
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The Insolvency Service is taking action against businesses abusing Covid-19 pandemic financial support with a Director disqualified for 12 years and five other companies wound up in the public interest after fraudulently claiming COVID-19 business support. Raashid Khan has been disqualified as a company director for 12 years after fraudulently claiming £50,000 through the Bounce…
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SMEs believe access to finance could become harder over the next three years, with the late payment of invoices flagged as an area of concern. A study by MBH Corporation found that while 40% of SME leaders believe applying for funding will become more difficult, just 10% expect the process to become easier. The study…
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The Federation of Small Business (FSB) is leading calls for a new strategy to help bolster ailing hospitality and tourism sector. Research by FSB has highlighted the devastating impact of the pandemic on the UK’s tourism and hospitality sector and its supply chain, and outlines what small firms, which make up the majority of the…
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The Government has announced that a ban on landlords evicting firms for unpaid commercial rent is being extended for another nine months. The ban, which stops landlords from taking tenants to court for non-payment, was due to end on 30th June. The Government says that the extension to the order will give places such as…
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The Government has announced the extension of temporary insolvency measures which includes the restrictions on issuing of winding up petitions and statutory demands. The change to the regulations will mean restrictions on statutory demands and winding up petitions will remain for a further three months until 30th September 2021. The measures were introduced in the…
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Nearly half of companies have said that they were lucky to have survived 2020 according to new research by Intrum. The research as part of Intrum’s sixth UK edition of the European Payment Report 2021 also found that companies have also taken the opportunity to tighten payment terms and focus on liquidity. However, most businesses…
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Half of all business to business (B2B) credit sales in Asia are overdue, according to the latest Payment Practices Barometer from trade credit insurer Atradius. Many Asian businesses polled in the region are feeling the pinch of the global pandemic recession with around 40% of respondents pessimistic about the outlook for their Days Sales Outstanding…
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Latest figures from the Insolvency Service have indicated an 8.8% increase in business insolvencies in England and Wales when compared to April’s figure of 929, and increased by 6.9% compared to May 2020’s figure of 946. The figures show that business insolvencies increased to 1,011 in May 2021 compared to April’s figure of 929, and increased…
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