Credit, Collections & Insolvency News
The Scottish retail sector had its highest ever quarter for insolvencies in the first three months of 2019 according to new analysis of the sector by leading accountants and business advisers French Duncan LLP. In Q1 28 retailers were made insolvent which is already over 40% of the entire figure for 2018 when 68 retailers…
Read moreRetailers are being encouraged to work with insurers to enable informed and accurate trade credit decisions, according to credit insurer Atradius. In its latest Market Monitor report focusing on the retail sector, Atradius highlights the importance of real-time information and close-working relationships with retailers as imperative to credit risk analysis. The advice comes as Atradius…
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Ofgem has announced its strategic review of the microbusiness energy market to better understand and address the issues faced by microbusinesses. Ofgem’s analysis shows that market information is often inaccessible, resulting in customers paying high prices and struggling to make informed decisions. Microbusinesses play a central role in the UK economy. According to government data,…
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The Insolvency Service has published its annual plan 2018-19 business plan outlining targets and priorities Inspector General and Chief Executive,Sarah Albon said that the Insolvency Service is handling the largest and most complex insolvency in the agency’s history. “Through its sheer size and scope, Carillion is touching all corners of the agency, from the official…
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More than 1,000 businesses are flouting the law by not reporting how long they take to pay suppliers, according to an analysis of government data by the Chartered Institute of Procurement & Supply (CIPS). According to CIPS, on average large businesses pay almost a third of their invoices late with 15 per cent taking longer…
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New research from Begbies Traynor, the UK’s leading independent insolvency firm, reveals there are now 484,000 UK businesses in significant financial distress, with the property sector particularly affected, giving rise to concerns that the UK could suffer a broader economic slowdown. The Red Flag Alert data for Q1 2019, which monitors the financial health of…
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Leeds legal firm Clarion has appointed Daniel Carlton as Manager in its growing debt recovery team. Carlton has more than 20 years’ experience advising and developing debt collection and credit control services for a variety of clients from sole traders to PLCs. Over the last 10 years, he has specialised in advising the leisure industry…
Read moreThe Insolvency Service has published its latest insolvency statistics which indicate that the underlying number of business insolvencies increased in England & Wales. Total underlying company insolvencies increased in Q1 2019. Creditors’ voluntary liquidations, administrations and company voluntary arrangements (CVAs) all increased in Q1 2019, while compulsory liquidations decreased. In addition, administrations increased to the…
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HMRC has spent over £140 million on private debt collectors in the last decade, according to new analysis by UHY Hacker Young, the national accountancy group. UHY Hacker Young says HMRC has come under pressure to maximise revenues in recent years which has led to it adopting an increasingly aggressive approach to collecting unpaid tax.…
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Latest figures released by the Registry Trust shows that the number of business debt judgements declined in Ireland during Q1 2019. The number, total value and average value of judgments registered against businesses in Ireland in Q1 2019 were the lowest on record for a first quarter-year, with 112 judgments registered, eight fewer than the…
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A report from trade credit insurer Atradius has revealed that payment delays and insolvencies are expected to weigh heavily on the construction industry this year. The Atradius Construction Market Monitor warns of a negative insolvency outlook for 2019, following an already troubled period since 2017. A catalogue of issues has combined to form a perfect…
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Action on companies who fail to meet the standard of the Prompt Payment Code (PPC) has seen 17 companies removed or suspended from the Code during the past quarter, the Chartered Institute of Credit Management (CICM) has announced. Thousands of companies who sign up to the Code, administered by CICM on behalf of the Government,…
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Escalating business rates are continuing to put pressure on London’s hotel industry according to latest figures from Colliers International, Hotel companies are facing new bills for the year ahead which show the third set of rises since the 2017 Revaluation, with many bills double what they were three years ago. Such bills will need to…
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