Credit, Collections & Insolvency News
Insolvency specialist, Begbies Traynor Group has announced that it has completed the acquisition of CVR Global in a deal worth a potential £20.8 million. The deal represents the largest insolvency acquisition that the Begbies Traynor Group has undertaken to date delivering a significant expansion of the group’s scale in London and the South of England…
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The number of company insolvencies in England and Wales rose to 1,228 in December, data from the Insolvency Service has revealed. The figures are up by 9.2% on December 2019 and mark the first increase since February, with Government support rolled out amid the coronavirus crisis helping prevent a number of company failures – with…
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Scottish business insolvencies in December 2020 fell by almost half compared with December 2019 numbers. The figures released by Accountant in Bankruptcy (AIB), Scotland’s Insolvency Service which administers company liquidations and receiverships in Scotland showed that there were 57 company insolvencies registered in Scotland, 36% lower than in December 2019. This comprised of 21 compulsory…
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Northern Irish personal and business insolvency numbers remained low according to the latest figures published by the Insolvency Service. In December 2020 there were 156 individual insolvencies in Northern Ireland which was 17% lower than December 2019. The figures consisted of 132 IVAs, 15 DROs and nine bankruptcies. Overall, the numbers of individual insolvencies have…
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Tens of thousands of businesses will receive insurance payouts covering losses from the first national pandemic lockdown. The ruling from the Supreme Court has delivered its judgment in the Financial Conduct Authority’s (FCA)’s business interruption insurance test case. The Supreme Court has substantially allowed the FCA’s appeal on behalf of policyholders. This completes the legal process for impacted…
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The coronavirus pandemic has exacerbated the late payments burden hitting UK businesses, new survey figures from the Institute of Directors (IOD) reveal. Over a third of company directors polled by the IoD said they had faced an increase in late payments during the pandemic, with almost one in ten reporting they had experienced significantly more…
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A survey of SME workers has found that close to 2 out of 3 people (65%) have suffered from mental health issues as a direct outcome of the pandemic, with women suffering marginally more than men. The survey by Purbeck Insurance Services found 66% of women have suffered from issues such as poor sleep, feelings…
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Finance leaders expect a return to growth in 2021 with optimism rising to a record high, according to Deloitte’s latest CFO survey. Despite the surge in business optimism, half of CFOs do not expect demand for their own businesses to recover to pre-pandemic levels until the last quarter of 2021 or later. The Deloitte CFO…
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The Government has extended the eviction ban, which was due to end on Monday 11th January (today), The Government says that renters will continue to be supported during the new national restrictions, with an extension to the ban on bailiff evictions for all but the most egregious cases for at least 6 weeks –until at least…
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At least 250,000 UK small businesses set to fold without further help, a new study has warned. The Federation of Small Businesses (FSB) Small Business Index (SBI) has shown that confidence at the second-lowest ebb in the report’s ten-year history with one in five firms reduced headcounts in three months to December with one in…
Read moreA new report by the Credit Services Association (CSA) says that taxpayers could be saved huge sums if debt collectors are allowed to take on a bigger role in collecting unpaid coronavirus loans. The trade body is calling for an investment in BBL Engagement Scheme and use of professional collections agencies to ensure fair and…
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New data from UK Finance has revealed that gross lending to SMEs in the first three quarters of 2020 amounted to more than double the annual total for 2019, reaching £54 billion. The data, released as part of the quarterly Business Finance Review, shows that the UK banking and finance industry has delivered an unprecedented…
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Almost 30,000 job losses were recorded across restaurants and casual dining firms in 2020, with the coronavirus crisis driving a 163% jump in job cuts as restrictions designed to fight the spread of the virus hit the sector according to new figures compiled by The Centre for Retail Research. The research highlighted major closure proposals…
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