Credit, Collections & Insolvency News
Vehicle credit management specialist, Anglia UK has announced it has appointed Keith Hayward as its new Sales Director. Hayward brings a wealth of experience in banking and vehicle finance, having spent the majority of his working life within the RBS group. Prior to joining Anglia, he led Lombard’s Wholesale Funding division for 10 years, managing…
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North Wales debt recovery agency specialist CCI Credit Management (CCICM) has announced that it has earnt its first prestigious Chwarae Teg FairPlay Employer Award for workforce inclusivity and gender equality. CCICM was awarded top-level ‘Leading’ status by Chwarae Teg – the foremost equality charity in Wales – for diversity best practice in 10 areas of…
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The announcement by Chancellor Philip Hammond that HM Revenue and Customs (HMRC) would revert to secondary preferential creditor status for taxes collected on its behalf in all insolvency situations will likely have a significant negative impact on lending to UK Plc, according to analysis by Duff & Phelps. In a return to the pre-Enterprise Act…
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HMRC is continuing its campaign of targeting restaurants and takeaways as financial stress makes tax evasion more tempting for smaller operators in the sector, says the accountancy and business advisory firm, BDO. According to BDO, restaurants and takeaways account for 26% (200 of 775)* of businesses ‘named and shamed’ by HMRC as ‘deliberate tax defaulters’ since…
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A report detailing the major economic and political updates of North American markets has been published by global trade credit insurer Atradius. The Atradius North American Country Report is a free publication for any business that is trading, or seeking to trade, within the region. Richard Reynolds, head of Strategic Accounts for Atradius UK, said…
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New research by fraud investigation technology provider HooYu has identified loopholes at Companies House that enables individuals to register as a director, to run businesses and to enable fraud and money laundering, even after they have been struck-off from holding company directorships. The analysis also uncovered over 500 so-called “chameleon” directors who have been disqualified…
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The latest statistics from the Valuation Office Agency’s ‘Check, Challenge, Appeal’ business rates system show a 97% drop in the number of businesses challenging their rates bills in the last two years in England, compared to the two years following the previous revaluation. Responding to the figures, Federation of Small Businesses (FSB) National Chairman Mike…
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Credit Insurance specialist Euler Hermes has issued its annual review and forecast of global average Days Sales Outstanding (DSO), based on a sample of 25,000 listed companies across 20 sectors and 36 countries. Days Sales Outstanding (DSO) is a measure of how long it takes companies to collect cash from customers. Euler Hermes’ study shows…
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There was a 12 percent increase in the number of county court judgments against all businesses in England and Wales in the first quarter of 2019, according to figures released by the Registry Trust. The total value of the 35,779 business CCJs was £107.2million, a rise of six percent compared to the same period of…
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New analysis from KPMG UK finds the rising prominence of so-called ‘zombie firms’ is threatening to cause a significant drag-effect on the UK economy. KPMG’s analysis looks at the last three annual accounts of listed UK companies (FTSE and AIM) reveals that 8% of UK companies currently display zombie-like symptoms. But based on the latest…
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The Insolvency Practitioners Association (IPA), the membership body and regulator for those specialising in insolvency practice, has appointed Carrie-Ann James as its new President for the coming year. James takes office with immediate effect, and for the coming 12 months will serve as a key representative of the association and Chair of its board of…
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Commenting on the Appointment Administrations from April 2019 Insolvency analyst Geoff Swire from geoffswire.co.uk said “Without any one month being exceptional the Q1 2019 produced the highest number of Administrations (428) since 2014. Members Voluntary Liquidations (MVLs) and Creditors’ Voluntary Liquidations (CVLs) have both seen their usual uptick at this time of the year but…
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Winding up Petitions (Companies) have been issued and advertised in the London Gazette for the following companies: 1ST CHOICE PROPERTIES (SRAL) LTD 2 ALL OCCASION SA CATERS LTD 38 WILTON LTD A1 MEAT SUPPLIES LTD ABBEY FIRE EXTINGUISHERS LTD ACA ASPVM GROUP LTD ACCESS CORPORATE LTD ACREMANS TIMBER LTD AIM PERSONNEL LTD AJH TAVERNS LTD…
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