Credit, Collections & Insolvency News
New measures to end the problem of late payments to small businesses by large companies who abuse their position in the market have been unveiled by the Small Business Minister Kelly Tolhurst as she launches a call for evidence. Nearly a quarter of UK businesses report that late payments are a threat to their survival.…
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The late payment crisis is getting so bad for UK small businesses that 17% of business owners say they are forgoing paying themselves a wage so they can pay their staff on time. This rises to 27% of small businesses that say they are already struggling to survive. New research from Hitachi Capital Business Finance…
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Over 2,700 construction firms enter insolvency in the last year – 6% rise following Carillion liquidation according to market analysis by Moore Stephens. 2,764 construction firms entered insolvency in 2017/1, jumping 6% in just a year from 2,608 in 2016/17. The significant rise in insolvencies follows Carillion’s liquidation in January 2018, which caused knock-on effects…
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Winding up Petitions (Companies) have been issued and advertised in the London Gazette for the following companies: 365 CATERING LTD A & E CIVIL ENGINEERING LTD A D TOOL HIRE LTD A L C (MIDLANDS) LTD A PRITCHARD LTD ACE BODYSHOP LTD ACHOM AND PARTNERS LTD AD2ONE LTD ADELAAR LTD AELLA LTD AFA PRESS UK…
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Administration notices have been issued and advertised in the London Gazette for the following companies: ACTION SPORTS MEDIA LTD AEGIS DATA PROPERTIES LTD AMEY BIRMINGHAM HIGHWAYS HOLDINGS LTD ARMATUS RISKS HOLDINGS LTD ARTIES MILL LTD AVANTI JEWELLERY LTD AZZURRI HOLYWOOD LTD BEDARO LTD BERTINALEY CARE LTD BESTIVAL GROUP LTD BESTIVAL LTD BLAIR INSTALLATIONS LTD BMAC FOOD…
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The Government’s Business Secretary Greg Clark’s has made an announcement on a package of measures to safeguard small firms from late payments. Reacting to the news Federation of Small Businesses (FSB) National Chairman Mike Cherry said “Late payment is the biggest challenge affecting small businesses and it is good to see the Government getting serious about…
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Enforcement specialist JBW have announced have acquired Phoenix Commercial. The agreement will create the UK’s second largest enforcement company. The deal follows an acquisition of the shares in Phoenix by JBW, with funding provided by OUTSOURCING Inc OUTSOURCING Inc. is a Japanese listed company with headquarters in Tokyo and has expanded its operations internationally in Asia,…
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The vast majority (85%) of small firms that operate within European supply chains report being paid late, according to research from the Federation of Small Businesses (FSB). The FSB’s report, ‘Pay it Forward: Lessons and recommendations for Europe from the UK payment landscape’, reveals that despite positive steps, like the introduction of the Late Payment…
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Less businesses in Eastern Europe are offering credit to customers, a report by trade credit insurer Atradius has found. The 2018 edition of the Atradius Payment Practices Barometer for Eastern Europe, reports that the proportion of B2B credit sales in Eastern Europe has decreased from an average of 40.3% in 2017 to 36.9% this year. Businesses in…
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Taunton-based debt recovery team at national law firm Clarke Willmott has made a series of new appointments. Joe Hampson, Darren Brooks, and Lisa Cornelius start new positions as caseworkers and Shannon Robinson joins the IT support team. Phil Roberts who jointly leads the debt recovery team together with Kat Quinton. said “Following a number of promotions earlier this year…
Read moreNew research from Dun & Bradstreet has revealed that UK businesses prompt payments deteriorated in the three months to June (Q2). On average, less than a third (31.5%) of payments were made on time compared to 31.3% in the previous quarter. The average payment delay in the UK is around 15 days, two days higher than…
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The impact of prolonged Brexit negotiations is taking its toll upon the UK automotive sector, warns trade credit insurer Atradius. A new economic report by Atradius highlights that economic uncertainty has led to a 6% drop in new car registrations in the first half the year and a significant decline in investment; from £1.7bn in 2016…
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The winners of the second annual 2018 Credit & Collections Technology Awards have been revealed. There were sixteen winners from the eighteen Awards categories which are covered by four main headings of Credit, Collections, Credit & Collections services and Innovation. The awards ceremony was held at Credit Services Association’s (CSA) annual Gala dinner at the…
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