Credit, Collections & Insolvency News
Nearly 12,000 licensed premises have closed in the UK since December 2019, at an average of around 30 per day, the highest rate on record according to new research released by CGA and AlixPartners. The figures indicate the full toll of pandemic and lockdowns on hospitality. While 4,170 new sites have been recorded since December…
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New HM Treasury figures have revealed that the banking and finance industry has approved another £2 billion of business loans over the past month, with the figure now rising to almost £73 billion to almost 1.6 million businesses so far through government-backed coronavirus lending schemes. Almost 29,500 Bounce Back Loans have been approved over the…
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Cerberus Receivables Management (CRM) has announced that it has made three new appointments and significant investment in a new Salford HQ, IT infrastructure and brand identity and website. To accommodate business growth, CRM has moved into a new larger North West HQ. Significant investment has also been made in the installation of a new IT…
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Latest statistics from the Insolvency Service have shown that business insolvencies in England & Wales decreased by 39.1% to 752 in January 2020 compared to December’s figure of 1,235, and were 50.4% lower than January 2020’s figure of 1,515. Overall, numbers of registered company insolvencies have remained low since the start of the first UK…
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Scottish business insolvencies in January 2021 fell by 68% when compared with January 2020 numbers. The figures released by Accountant in Bankruptcy (AIB), Scotland’s Insolvency Service which administers company liquidations and receiverships in Scotland showed that there 23 company insolvencies this 68% lower than in January 2020. The insolvencies comprised of 12 compulsory liquidations and…
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New research from Sage, has highlighted the impact of the Covid-19 pandemic with the average SME business now burdened with £173,000 additional debt per year. Ahead of the UK’s 2021 Budget and Economic Recovery Plan, the research highlights the tough conditions that will be facing small and medium-sized businesses (SMEs) well into the second half…
Read moreResearch by Moody’s has found that the UK has the highest number of distressed companies in Europe. Across the continent, there were 113 companies with a B3 negative rating or lower in December, with the UK accounting for the highest proportion with 28 distressed companies. The number of distressed EMEA companies on Moody’s latest B3N…
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The government has announced a new extension to breathing space measures that will be used to protect businesses from insolvency during the coronavirus (Covid-19) pandemic. The government announced it intends to extend the power (granted through the Corporate Governance and Insolvency Act) to make temporary amendments or modify the effects of corporate insolvency and governance…
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Small businesses will be able to use a new, free and independent service to help them resolve disputes with their banks, in a boost for SMEs with the launch of the Business Banking Resolution Service (BBRS). The BBRS is a dispute resolution service set up to resolve disputes between eligible small and medium-sized businesses and…
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Latest figures from the Business Distress Index by Real Business Rescue have revealed the number of SMEs in significant distress now stands at 620,000 an increase of 76,000 in Q4 2020, putting 2.8 million jobs under threat. The Index has discovered that since lockdown, 118,000 more SMEs have been plunged into distress, a 23% increase…
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A new report by the Resolution Foundation has highlighted that unprecedented Government support has helped firms to increase their cash holdings during the current crisis, but further support will be needed in the Budget to ensure they can drive Britain’s recovery The report says that while overall corporate debt levels are not a major concern,…
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The United States of America (USA) can anticipate a robust economic rebound in 2021, with political uncertainty decreasing and an injection of fiscal stimulus reveals the latest report from leading trade credit insurer Atradius. The new Country Report anticipates a more positive outlook for the USA following the change of administration but cautions that downside…
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Credit insurance specialist, Coface has predicted an uneven recovery form the global pandemic across countries, sectors of activity, and income levels in its latest quarterly report. The company says that although the performance of China and other Asian economies is boosting global growth, the main mature economies will not return to their pre-crisis GDP levels…
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