Credit, Collections & Insolvency News
Sir Philip Green’s Arcadio retail group is on the brink of collapse with around 15,000 jobs at risk. The Arcadia Group, which runs the Topshop, Dorothy Perkins and Burton brands, is expected to appoint Deloitte as administrators within days. The group has more than 500 retail stores across the UK with the majority of these…
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Nucleus Commercial Finance has revealed that a quarter (23%) of SMEs in the UK had little or no savings before the pandemic hit earlier this year, including 42% of sole traders, according to new research. The research showed that many UK SMEs are deeply concerned about the lasting effects of COVID-19 on their business, with…
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Late payments have escalated since the onset of the coronavirus pandemic, according to the latest UK Payment Practices Barometer by trade credit insurer Atradius.. The new report reveals that nearly half the value of Business to Business (B2B) bills are being paid late, while half of the businesses surveyed have been hit by revenue loss…
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Credit Connect has announced its annual Credit & Collections Technology company power list for 2020. The section edition of the power list is a round-up of the most prominent innovating companies within credit and collections technology. Credit Connect has identified the top 20 ‘Premier’ innovators highlighting the achievements and successes of the top-performing companies.The list…
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The repercussions of the Covid-19 pandemic on the global economy could have an impact on Business to Business (B2B) payment behaviour worldwide, and knowledge of country-specific practices and legislation regarding debt collections is necessary to increase recoveries and minimise write-offs. according to Atradius. The latest economic research by the company forecasts a 26% increase in…
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Around one in seven UK companies say they were at risk of collapse, according to a new report from the Office for National Statistics (ONS). The study saw 14% of UK companies say they have “low or no confidence” that they will survive the next three months. While 40% had moderate confidence that their business…
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Latest HM Treasury figures have revealed that nearly 1.5 million businesses across the country are now supported by the UK’s banking and finance industry with a total of £65.5 billion in lending through government-backed Coronavirus lending schemes. Almost 1.4 million smaller businesses have now accessed financing as part of the Bounce Back Loan Scheme, with…
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The winners of the 2020 Credit & Collection Technology Awards have been announced following a live interactive virtual awards broadcast yesterday (Thursday 19th November). The awards are the flagship event for innovational technological professionals working in credit and collections and the fourth annual event honoured the UK’s technological innovators, celebrating outstanding achievement across nineteen hotly…
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ICAEW’s Business Confidence Monitor (BCM) for Q4, has found that the proportion of companies struggling from a lack of demand had increased from more than a third in Q4 2019 to half this quarter. Late payments were a rising concern for a third of businesses, indicating financial distress in the market as customers were either…
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Latest figures from the Insolvency Services have shown that corporate insolvencies decreased to 856 in October 2020 compared to September’s figure of 925, and remained well below October 2019’s figure of 1,485. The overall number of company insolvencies decreased by 42% in October 2020, when compared to the same month last year. This was primarily…
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The Insolvency Service has published its latest figures which indicate that in October 2020 Scottish company insolvencies decreased by 47%. The figures show that. In October 2020 there were 44 company insolvencies in Scotland, a reduction of 47% in comparison to October 2019. The insolvency figures comprised of 11 compulsory liquidations, 27 CVLs, five administrations…
Read moreNorthern Irish personal insolvencies fell by over a half (51%) according to the latest Insolvency Service figures which indicate that in October 2020 there were 114 individual insolvencies in Northern Ireland, down 51% from October 2019. The figures consisted of 77 IVAs, 18 DROs and 19 bankruptcies. Meanwhile, company insolvency numbers showed that there were…
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A new report from Barclays Corporate Banking has revealed that since the start of the pandemic, the disruption faced by businesses across the UK has been unprecedented with the retail and wholesale sectors suffering extreme changes in its supply chains and consumer demand. Before the pandemic, the average supply chain took five weeks from start…
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