Credit, Collections & Insolvency News
Late payments are hitting the mental health of small business owners, according to research published by Pay.UK, which runs the Bacs Direct Credit and Direct Debit payment services. The research has found that ,ore than a quarter (26 per cent) of SME business owners stress about late payments even when they are not at work;…
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Business sentiment has surged to an all-time high, according to Deloitte’s latest CFO survey. The Q4 2019 survey, which took place immediately after the December UK general election, showed the largest increase in confidence in its 11-year history. The Deloitte CFO Survey gauges sentiment amongst the UK’s largest businesses. 119 CFOs participated in the latest…
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One in five UK businesses are financially stressed, with more than 1,000 companies in situations of acute distress, according to new research from KPMG. KPMG’s Restructuring practice analysed the filings of all UK businesses with revenues in excess of £10m over a five year period to the end of 2018 – a population which grew…
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The number of UK retailers entering administration in 2019 was 124 compared to 125 in 2018, a marginal decrease of 1%, according to Deloitte’s latest insolvency figures. This came despite December seeing a significant year-on-year increase in retail administrations with 11 taking place in December 2019, compared to seven in 2018 – a 57% surge.…
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New research published by digital business banking platform, Tide has revealed that SMEs across the country are chasing more than £50 billion worth of late payments. Tide surveyed 1,000 CEOs, founders directors and senior management staff at SMEs in December to analyse their use of time during their working day. The study found that the…
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In December, the following administration notices have been issued and advertised in the London Gazette for the following companies: 151617 LTD ACEGOLD LTD ACORN SCAFFOLDING (YORKSHIRE) LTD ACTIVE SECURITIES LTD ADDITION MANUFACTURING TECHNOLOGIES U.K. LTD AG RETAIL CARDS LTD AKAAL CONSTRUCTION LTD ALEXANDER WADDINGTON LTD ALPINE WINDOW AND DOOR SYSTEMS LTD AMG ELECTRONICS LTD AQUAFLAME…
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In December, Winding Up Petitions (Companies) have been issued and advertised in the London Gazette for the following companies: 1ST PLATINUM INVESTMENTS LTD 78 MCT LTD ABFIT LTD ABR RESCUE LTD ABSOLUTE CONTRACT CLEANERS LTD ACE BUILDINGS AND MAINTENANCE SERVICES LTD ACORN EAST ANGLIA LTD ACTWELL INC LTD ADEPT FULFILMENT LTD ADVANCED CONSTRUCTION AND MASONRY…
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Insolvencies in the UK steel sector are forecast to rise by 5% in 2020, according to a report from trade credit insurer Atradius. The Atradius annual Market Monitor on the steel sector highlights ongoing challenges for the UK steel industry, which are driving a deterioration in profit margins. Energy costs for British steel producers –…
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The Government has welcomed an independent review that recommends changes to the Loan Charge, while also confirming that it was a ‘necessary’ response to the tax avoidance schemes it was designed to tackle. The Review, led by Sir Amyas Morse, was commissioned to look at the impact of the charge, which was introduced to tackle…
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UK hotel insolvencies hit a five-year high last year, rising by 60% to 144* (year to September 30 2019) from 90 the year before, according to research by UHY Hacker Young The rise in insolvencies is driven in part by a slowing UK economy, which has caused businesses to cut back on conferences and ‘away…
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Kier Construction has been reinstated to the Prompt Payment Code following a sustained period of improvement in its payment practices governed by the Chartered Institute of Credit Management (CICM). The reinstatement follows the implementation of its action plan, which was approved by the CICM and focuses on supplier engagement & compliance, process simplification, guidance &…
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Around one in three (33.8%) Scottish-registered companies had a higher than usual risk of insolvency in December, according to new research from insolvency and restructuring trade body R3 in Scotland. The equivalent figure for the UK overall is higher, at over two in five (41.1%), while the South East of England is the region with…
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The Queens Speech has received the backing of small businesses welcoming the announcement to tackle late payments with the government saying it will ‘clampdown on late payment more broadly and strengthen the powers of the Small Business Commissioner to support small businesses that are exploited by their larger partners.’ In response to the announcement, the…
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