Credit, Collections & Insolvency News
Commercial debt solutions provider, Azzurro Associates has announced the appointment of Stefan Acklam as Finance Director. Acklam has more than 20 years’ expertise in Financial Services in the UK and US, having recently been Finance Director for a well-known Challenger Bank, supporting the business through its Prudential Regulation Authority (PRA) approvals and successful multi-million-pound fund…
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One in 10 businesses have admitted they are at risk of insolvency due to the pandemic. The figure is revealed in the latest business impact of coronavirus survey from the Office for National Statistics (ONS) which shows 10 per cent said their enterprise is at ‘moderate risk of insolvency’ and one per cent put the…
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Eight in ten Chief Financial Officers (CFOs) fear their businesses are ill-prepared to handle a decrease in sales volumes as the full impact of Covid-19 begins to be felt on the UK economy, according to research from Euler Hermes. The findings come from its The Finance Leader of Tomorrow survey, which profiles European finance directors’…
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Barclaycard Payments’ quarterly SME Barometer has indicated that small and medium businesses (SMEs) have exceeded their revenue predictions for Quarter 2 (Q2). At the start of April, SMEs predicted a 28 per cent decline for the quarter, but now that Q2 is in the books, the research reveals the average reported loss of 14 per…
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New country reports have been published on Russia and Poland by trade credit insurer Atradius with the report indicating that certain industries in Poland have been severely impacted by the economic downturn and are likely to experience an increase in insolvencies. Atradius’ Russia Country Report has revealed that the Russian economy is under strain due…
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The majority (55%) of UK SMEs are being paid later as a result of the pandemic in a trend that is threatening the economic recovery, according to research by Bibby Financial Services (BFS). More than a third (36%) of SMEs have seen payment times increase by more than three weeks, while 28 per cent have…
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The Insolvency Service has published its latest figures which indicate that in July 2020 that there were ten company insolvencies in Northern Ireland down from 21 in July 2019, this consisted of seven CVLs, one CVA, one administration and one compulsory liquidation, the first compulsory liquidation in Northern Ireland since the implementation lockdown on the…
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Trade credit insurer Atradius has analysed the impact of the coronavirus pandemic on five Asian markets in its latest series of country reports. The new reports detail the economic impact within India, Japan, Indonesia, Thailand and Vietnam, revealing economic contraction, sharp swings in export rates and a rise in business insolvencies. As part of the…
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The Insolvency Service has published its latest figures which indicates that in July business insolvency numbers in England and Wales increased by 29% when compared to June 2020 but are 34% lower than in July 2019. The figures show that there were 955 company insolvencies in July 2020. comprising of 590 creditors’ voluntary liquidations (CVLs),…
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The Insolvency Service has published its latest figures which indicate that in July 2020 there were 52 company insolvencies in Scotland, a reduction of 46% in comparison to July 2019. This comprised of 20 compulsory liquidations, 28 CVLs and four administrations. There were no company voluntary arrangements or receivership appointments. Historically the volume of company…
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The UK economy shrunk by a fifth and fell into its deepest recession on record in the second quarter. Official data released by the ONS confirmed a 20.4% fall in GDP quarter on quarter. The contraction followed a 2.2% dip in the first quarter, sending the country into a technical recession. In Germany, GDP fell…
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The COVID-19 pandemic is expected to see business lending grow by 14.4% this year – the highest level in 13 years – according to an EY ITEM Club Interim Bank Lending Forecast. Additional bank finance (including government-backed loans) has been crucial to UK corporates and SMEs during the pandemic, and it is predicted that firms…
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In July the following administration notices have been issued and advertised in the London Gazette for the following companies: 1ST CHOICE SCAFFOLDING (ISLE OF WIGHT) LTD 4-14 SPURSTOWE TERRACE LLP AERO TECHNICS AVIATION LTD AERO TECHNICS LTD AERO TECHNICS SERVICES LTD AIRBASE INTERIORS LTD AL REALISATIONS LTD ALBANY BRENT LTD ALPHA TECHNOLOGY (INT) LTD AMCO…
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