Credit, Collections & Insolvency News
The Bank of England’s Financial Policy Committee (FPC) has warned that the growth of new lending to already indebted firms, through leveraged-loans, has parallels to the subprime mortgage boom which ended with the global financial crisis in 2008. Minutes from the FPC’s latest meeting also reveal warnings over the rise in loans with weaker covenants…
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The Financial Conduct Authority (FCA) has confirmed plans to extend access to the Financial Ombudsman Service (FOS) to more small and medium-sized enterprises (SMEs). The changes will mean that SMEs with an annual turnover below £6.5m and fewer than 50 employees, or an annual balance sheet below £5m will now be able to refer unresolved…
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Sales across UK business rose by 1.5% in the last three months, the equivalent of £99.8bn, according to the latest figures from the Creditsafe Watchdog Report. This follows two consecutive quarters in the year to date of falling sales and rising company failures. The quarterly Watchdog report, which analyses financial data across 12* UK business…
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The number of complaints made by non-household customers about retailers to the Water Watchdog has fallen for the first time since the market opened. New figures show the Consumer Council for Water (CCWater) received 766 complaints during the first quarter of 2018/19 – a 21 per cent reduction on the 968 received during the final…
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Law firms Breeze & Wyles and Taylor Rose TTKW have announced that we will merge. Taylor Rose TTKW are a top 200 law firm. In a company statement Breeze & Wyles said “Our clients will continue to receive the same high level of service managed by the same dedicated teams, however, we will no longer be known…
Read moreNew 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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