Credit, Collections & Insolvency News
The Insolvency Service has released its latest statistical release on business insolvency. The statistics show: In the last Quarter of 2017 Company insolvencies increased because of a bulk insolvency event, but the underlying number of company insolvencies decreased. The underlying number of company insolvencies increased in 2017, driven by a rise in creditors’ voluntary liquidations. All…
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Four out of five finance professionals have said that their department is not keeping pace with the rest of the organisation’s digital transformation plans, leaving them struggling with productivity, cost and efficiency issues, according to new UK research among senior finance and IT executives. IT which most commonly leads digital transformation said finance was the…
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The Government should extend the use of project bank accounts for all major public projects to ensure that businesses are protected against catastrophes, like Carillion’s collapse, happening again.In a letter to David Lidington, Minister for the Cabinet Office, the Federation of Small Businesses (FSB) has urged the Government to adopt the practice which would see money for…
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More than a quarter of all invoices are being paid late, according to new official statistics, leaving small businesses struggling for cash. The average reported time to pay was 38.97 days with just over half (51.71%) paid within 30 days. A third (33.02%) were paid between 31 and 60 days, and 15.25% were paid later…
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The number of Scottish companies going out of business also continued to fall with total corporate insolvencies also down by 3.8% according to latest figures from Accountant in Bankruptcy (AIB). Total corporate insolvencies dropped from 210 to 202 compared to the same quarter a year ago. The figure for Q3 of 2017-18 is made up…
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Accountant in Bankruptcy (AIB) has published its latest figures which have shown a drop in numbers of sequestrations in the third quarter of 2017-18. Fewer Scots have been made bankrupt in comparison to a year ago. In the third quarter of 2017-18 – between October and December 2017 – there were 1,089 awards of bankruptcy, a…
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New research by Dun & Bradstreet has highlighted that late payments are having an adverse affect on British enterprise, with 11 percent owed more than £100,000. In a survey of more than 500 managers at companies ranging from two to 250 employees, The research found it is putting the future at risk for 58 percent…
Read moreUK sales recorded four consecutive quarters of growth in 2017, rising by 24.91% or £1.77 trillion worth of sales in the last three months of the year. Bad debt also dropped to its lowest point at the end of 2017, with UK businesses chasing an average of £193,014 worth of unpaid invoices in Q4 2017,…
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PwC has been appointed as the special managers to troubled outsourcing giant Carillion, which has announced it is going into compulsory liquidation with immediate effect, putting thousands of jobs and major government infrastructure projects, including the new HS2 high-speed rail link, at risk This weekend saw crisis talks between the company, key financial stakeholders and…
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Britain’s complex tax system has caused a rise in the number of companies collapsing because of their debts to HMRC, according to a report. HM Revenues & Customs has emerged as the largest single creditor in 65% of cases where a business has been liquidated, a Freedom of Information request by Enterprise Tax Consultants has…
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The Federation of Small Businesses (FSB) has warned an EU-wide ban on preventing credit card charges from being passed on to customers presents a “double-edge sword” for small businesses and called on policymakers and businesses to work together to bring down the charges. UK companies will no longer be able to pass on the fees…
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The late payment culture knows no borders according to new research by MarketInvoice. The research shows that the proportion of UK invoices being paid late – and the amount of time taken to settle them by EU and USA firms – has risen dramatically between 2016 and 2017. The findings also reveal that 73% of…
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New research from Deloitte has indicated that retail administrations have increased for the first time in 5 years. The research showed that: 118 retailers went into administration during 2017, up 28% from 92 in 2016 There was a significant increase (55%) in the number of large retailers that have gone into administration Total administrations across…
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