Credit, Collections & Insolvency News
Quantuma has announced it will acquire Manchester-based specialist insolvency and advisory firm Bell Advisory following a period of significant growth in Manchester. Bell Advisory has two team members, Gary Bell (founder) and Paul Llewellyn, both of whom will join the business advisory firm as restructuring and insolvency director and manager respectively. Bell Advisory will operate…
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A survey by the British Chambers of Commerce (BCC) has found that 62% of businesses have only enough cash to keep operating for the next three months, while 18% said they had sufficient capital to cover their outlay for only a month. The survey found that companies were planning to put large numbers of workers…
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Restaurant chain Carluccio’s has entered administration. The company has 71 UK restaurants meaning that 2,000 employees at now at risk of losing their jobs. FRP Advisory have been appointed as the administrators. Geoff Rowley, Partner at FRP, said “We are operating in unprecedented times and the issues currently facing the hospitality sector following the onset…
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The Association of Accounting Technicians (AAT) is calling on the government and large employers to take stronger action on payment of suppliers on time, to help support small and medium-sized businesses during the ongoing Covid-19 (coronavirus) pandemic. Following the actions of large employers such as Morrisons, which is paying all its small suppliers immediately rather…
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Sidetrade is to offer it’s Artificial Intelligence (AI) company revenue and cashflow platform free of charge to small and medium-sized enterprises. Sidetrade said that businesses in a range of industries are working to get SMEs through the emergency. Lengthening of B2B credit terms, inability to post or receive invoices and reminder letters, unreachable debtors due…
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The HM Revenue & Customs ‘Time To Pay’ (TTP) support has been welcomed by Duff & Phelps. The company says that the growing scale of economic disruption amid volatility in financial markets as a result of the coronavirus (COVID-19) means that urgent steps are required to restore business confidence. As a result, businesses should welcome…
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Struggling companies undergoing a rescue or restructure process will be allowed to continue trading, giving them breathing space to avoid insolvency. New government measures mean that the change involves temporarily suspending wrongful trading provisions retrospectively from 1st March for three months for company directors so they can keep their businesses going without the threat of…
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Dun & Bradstreet has published its country insight report into the United Kingdom, which looks at the adverse effects of the coronavirus on the country’s business environment. The report has downgraded the UK’s country risk rating by two quartiles to DB3b (a new all-time low) as the coronavirus pandemic continues to adversely impact opportunities for…
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The Government has announced a raft of new measures for self-employed workers. These included: Self-employed people will be able to apply for a grant worth 80% of their average monthly profits over the last three years, up to £2,500 a month. At least half their income needs to have come from self-employment as registered on…
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The Institute of Directors (IoD) is calling for emergency insolvency measures to prevent widespread company collapses. Under current laws, the board of directors has a strict duty to cease trading if the company is facing insolvency, and may face personal financial or legal liabilities at a later date if they seek finance instead of doing…
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A new free guide to help small businesses manage their cashflow during the current COVID-19 crisis has been published by the Chartered Institute of Credit Management (CICM). ‘Managing Credit in a Crisis’ gives practical advice on how to keep the cash coming in, encouraging businesses to review their invoicing processes given that invoices might now…
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UK small business’ previous positivity about their future performance is being overshadowed by stress, anxiety and sleepless nights over access to finance according to research from fintech specialist, Liberis. While an encouraging 61% of small businesses in the UK questioned before the Coronavirus outbreak were confident of success in 2021 and beyond, mental health and…
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With coronavirus already affecting businesses, new research from Nucleus Commercial Finance reveals that prior to the virus having an impact, nearly half of SMEs (47%) predicted their finances would keep them running for a month if they were suddenly and unexpectedly unable to trade. This means that 2.67m small businesses may already be struggling with…
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