Credit, Collections & Insolvency News
The Treasury Committee launches a new inquiry into Business Rates to scrutinise how Government policy has impacted business. The Committee examines how Business Rates policy has changed, including Business Rates retention, alternatives to property-based taxes, such as the proposed digital services tax, and how changes to Business Rates could impact businesses. Commenting on the launch…
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The number of businesses in ‘significant’ financial distress now stands at 481,000, leaping by 15,000 during Q4 2018, after a winter of uncertainty, according to the latest Red Flag Alert research from Begbies Traynor. The hardest hit sector was real estate and property, which not only saw a 7% (3,134) increase in the number of…
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Latest figures from the Insolvency Service for Northern Ireland show that there were 73 company insolvencies between October and December. 34 were compulsory liquidations while 26 were creditors’ voluntary liquidations. There were also eight administrations and five company voluntary arrangements. That total of 73 was 19.8 percent lower than the same quarter in 2017 and…
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The Insolvency Service has published the latest business insolvency statistics for England and Wales for Quarter 4 2018 (October to December 2018) which show that that the underlying number of company insolvencies increased in 2018 to 16,090, the highest level since 2014. Seasonally adjusted corporate insolvencies fell by 9% in Q4 2018 compared to Q3 2018…
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Scotland’s largest non-domestic water supplier, Business Stream, has bought the customer base of its competitors Yorkshire Water Business Services (YWBS) and Three-Sixty, both part of the Kelda Group, doubling its market share and cementing its position as one of the top three retailers in the UK water market. The acquisition which will take effect this…
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Accountant in Bankruptcy (AiB) today released official statistics reporting personal and company insolvencies in Scotland for the third quarter (October to December 2018) of 2018-19. Scottish corporate insolvencies were up slightly on the same period a year ago with 209 recorded for the third quarter this year, eight more than the same quarter in 2017-18.…
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Research out today from SAP Concur has revealed that 31 per cent of UK businesses consider growth during 2019 to be critical. Almost all respondents (99 per cent) stated that growth had some level of importance to their business over the next few years. In addition, 96 per cent reported that their company is planning…
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There’s no denying Automated Intelligence within the context of Credit Management is an emotive subject, which provokes highly charged reactions depending on where within the Credit Management hierarchy you operate. Coming ready or not; AI is headed to a workspace near you. For CFOs and Senior Credit Management professionals, understanding how to assess, introduce and…
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Strengthening the Prompt Payment Code, adopting Project Bank Accounts, and assigning Non-Executive Directors for the supply chain, are vital reforms needed to protect small suppliers against another Carillion payment practices scandal. One year on from the collapse of the construction giant, the Federation of Small Businesses (FSB) is urging the Government to implement a three…
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The number of UK business insolvencies is set to rise by 9% this year, even if a deal is agreed with the EU before the Brexit deadline, according to trade credit insurer Euler Hermes. The company’s latest Global Insolvencies Index reveals a further 23,660 businesses are expected to become insolvent in 2019 compared to last…
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A new industry careers site for the credit industry and collections industry has been launched by Credit Connect Media. The website is a careers platform which aims to connect the UK’s top credit and collections industry talent with the best career options. Credit-connection.co.uk is an industry careers website sharing the latest job vacancies and a training course…
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A new report from Euler Hermes has warned that company’s need to prepare for another year of rising insolvencies with based upon the collateral damage of low growth and tightening financial conditions. The report says that in 2018, global insolvencies confirmed an upward trend which started in 2017 after seven consecutive years of sizable declines.…
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The number of retailers entering into administration in 2018 was 125 – compared to 118 in 2017, a marginal increase of 6% according to Deloitte’s latest insolvency figures. In addition, the number of retailers entering into Company Voluntary Arrangements (CVAs) increased by 52%, from 25 in 2017 to 38 in 2018. Deloitte’s research shows the…
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