Credit, Collections & Insolvency News
Latest figures released by the Accountant in Bankruptcy (AIB) have indicated that Scottish business insolvencies continued to remain low in March 2021. The number of corporate insolvencies (liquidations and receiverships) in Scotland fell by 31% in January-March 2021 compared with October-December 2020, and fell by 63% compared with January-March 2020. In March 2021 there were…
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Latest statistics from the Insolvency Service have shown that Northern Irish personal and business insolvencies continue to remain low in comparison to previous years. In March 2021 there were 184 personal insolvencies in Northern Ireland, this was 82% higher than March 2020 but 19% lower than March 2019; this consisted of 140 IVAs, 36 DROs and 8…
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New research commissioned by commercial data and analytics provider Dun & Bradstreet has found 45% of 250 UK-based CFOs and finance leaders surveyed are embracing new technologies to increase efficiencies and 43% plan on improving their data quality as they look to increase their ability to manage disruption in 2021. The survey focused on strategies…
Read moreIn February the following administration notices have been issued and advertised in the London Gazette for the following companies: 03597107 LTD 111 INVEST LTD AGLE ROOFING (UK) LTD BAM PROPCO LTD and other companies BAXTER HOARE TRAVEL LTD BEERONOMY (BAR) LTD BLACK COUNTRY ROCK LTD BRADBURY’S OF EXETER LTD BRADSHAW LEGAL LTD BROAD BEAN EVENTS…
Read moreIn March, Winding Up Petitions (Companies) have been issued and advertised in the London Gazette for the following companies: 11712283 LTD 3G TELEKOM LTD 6T9 LTD BALGOWNIE WHOLESALE DISTRIBUTION SERVICES LTD BARDEN GLOBAL LTD BIOSYSTEM LABORATORIES LTD BRIOCHE DOREE LTD BUCKSTONE ROOFING (SCOTLAND) LTD DB SCOT LTD DS BUILDING SUPPLIES LTD DWD CONTRACTING LTD ELDUFGAR…
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Businesses must take measures to protect themselves from the impact of unpaid bills as global insolvency rates are forecast to surge according to trade credit insurer Atradius. The company’s Insolvency Forecast reveals the likely extent of business failures in the wake of the coronavirus pandemic. Entitled ‘2021: A turn of the tide in insolvencies’, the…
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The impact of the pandemic is exacerbating late payments, with new data indicating that almost half (48%) of organisations in the UK have seen late payments increase substantially since the start of the Covid-19 pandemic. New data from cloud-based credit management platform, Know-it highlights that late payments remain an ever-present challenge for business owners, damaging cash flow,…
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A new broker index has identified cash flow as a key reason for SMEs applying for finance. iwoca’s new SME Index, which covers a four-week period in January has revealed that 41% of brokers said the most requested reason for applying for unsecured finance was to ‘manage the day to day cash flows’. One in…
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UK Finance has released a new guide to help SMEs who will need to face to change in benchmark interest rate. LIBOR (London Interbank Offered Rate ) is the most common interest rate benchmark in the UK, the transition to alternative rates will impact a significant proportion of UK businesses. It can be found in…
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A new report from the insurance provider Simply Business suggests the cost of the coronavirus pandemic to SMEs is set to exceed £126.6 billion, nearly double the £69 billion initially projected a year ago. The study revealed that on average, SMEs have lost £15,673 each so far in earnings due to the pandemic and subsequent…
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The Government has confirmed the passing of new legislation on pre-pack administrations. The new pre-pack legislation will take effect from the end of April 2021, introduces mandatory independent scrutiny of pre-pack administration sales where connected parties are involved. Under it, an administrator will be unable to make a ‘substantial disposal’ of company property (including hiring…
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A new automated collections platform has announced its launch. itsettled says that its new automated collections process is legally compliant and easy-to-use. The company is also confident in their product that they provide a guarantee for all customers that if their process has been followed and payment has not been made, they guarantee that their…
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Around 26% of SMEs have said poor cashflow is their biggest financial concern of the pandemic, according to a Business Challenges report, carried out by card payments company Takepayments. The report found that these businesses are constantly chasing late payments during the pandemic with businesses in the insurance and pensions sector (46%) and charity and…
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