Credit, Collections & Insolvency News
One-fifth of self-employed sole traders don’t survive one year, and the majority don’t survive five according to new analysis of HMRC tax records by researchers at the Institute for Fiscal Studies, funded by the Office for National Statistics through the Economic Statistics Centre of Excellence (ESCoE) and the Economic and Social Research Council. The findings also…
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Hotels, pubs, and restaurants in Scotland have seen their levels of elevated insolvency risk fall slightly or hold steady since the start of the year, according to insolvency and restructuring trade body R3. The proportion of hotel companies based in Scotland deemed by R3’s research to be at greater than usual risk of insolvency in…
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More than eight in ten (83%) Chief Finance Offices (CFOs) ) say they expect the long-term business environment to deteriorate as a result of the UK leaving the EU, according to Deloitte’s latest Q2 CFO Survey. This is the highest reading since the referendum in June 2016. Meanwhile, the percentage of CFOs who think that…
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In June, the following administration notices have been issued and advertised in the London Gazette for the following companies: A G BAKER FENCING LTD ACI FINANCIAL LTD AFFINITY CORPORATION LTD AGS SUPPORT LTD AIM HIRE GLOBAL LTD AMICUS RENEWABLES LTD ATLANTIC FINANCE (UK) LTD BATMART INTERNATIONAL LTD BEAMISH TRANSPORT LTD BENNETT MANUFACTURING SERVICES LTD BOOTH…
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Winding up Petitions (Companies) have been issued and advertised in the London Gazette for the following companies: BACK TO BACK CARE LTD BALLYCOLM CONTRACTS LTD BANDENIA FIDUCIARY MANAGEMENT LTD BANGOR CITY FOOTBALL CLUB LTD BCS MEDICAL (SHACKLETON) LTD BEAT STREET MANCHESTER LTD BEAT TV LTD BECKLEY DESIGN & CONSTRUCTION LTD BEST ELECTRICAL EUROPE LTD BEVERLY…
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New research has revealed late payment problems have worsened for 27% of the UKs SMEs in the last 12 months, according to research conducted by Purbeck Insurance Services. The study also shows that 29% are experiencing worsening cash flow problems and 30% have found that access to finance has become harder. The findings also show…
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CCI Credit Management (CCICM) has been voted the ‘Best Global Supplier of Recovery Services’ – following expert panel analysis by industry leaders and a poll among up to 108,000 finance magazine readers worldwide – after being the UK’s ‘Best International’ agency in 2018. CCICM is based near Porthmadog in Gwynedd, recovers hundreds of millions of…
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The majority of CFOs (65%) expect digital transformation to significantly reduce the number of jobs in the financial services industry, according to the results of the 2019 FinTech Barometer, an annual survey conducted by order-to-cash specialist Onguard. CFOs are also concerned about their own job security. In fact, 38% of them believe their job will no longer exist…
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The number of business failures in 2018 in the Scottish construction sector was the highest annual figure since 2014 and this year looks on target for a similar number according to new analysis of the sector by leading accountants and business advisers French Duncan LLP. In 2018 202 businesses in the construction sector went through…
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A new report from Dun & Bradstreet reveals businesses are missing revenue opportunities and losing customers due to bad data practices. Almost 20 percent of businesses have lost a customer due to using incomplete or inaccurate information about them, with a further 15 percent saying they failed to sign a new contract with a customer…
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There are likely to be many more Company Voluntary Arrangements (CVAs) for retailers following the recent agreement for the Arcadia group as the sector’s problems continue according to a leading insolvency practitioner. Eileen Blackburn, head of Restructuring and Debt Advisory at French Duncan LLP, said that the issues which led to the Arcadia CVA persist…
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Company boards will now be held accountable for payment practices to small businesses within their companies in a drive to increase transparency and accountability on late payments. Measures will force Audit Committees to report payment practices in company annual reports. The government will consult on strengthening the powers of the Small Business Commissioner to hold…
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Half of Irish firms polled (50%) do not negotiate payment terms – the highest among all European countries polled, where the average is 21% whilst companies around Europe predict increased bad debt losses, later B2B payments and higher debt risks are ahead. The findings are part of a European Payment Report from pan-European credit management…
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