Credit, Collections & Insolvency News
The Government has announced its commitment to end late payment culture as part of its Spring Statement. Responding to the news the Federation of Small Businesses (FSB) National Chairman Mike Cherry, said “The Chancellor has sent a clear message to UK boardrooms today by committing to ending the late payment crisis that destroys 50,000 businesses a year. We…
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A new report by Coface has indicated that here was an 8.3% drop in the number of French business insolvencies to 53,414 cases over one year in January 2018, which is the lowest since October 2008. Their cost to the economy is experiencing a double-digit drop: -15.2% for supplier debt (3.2 billion euros) thanks to…
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Pre-pack administrations are continuing to side-step measures to stop the abuse of the current insolvency system, according to new research by Moore Stephens. Just 23 pre-pack sales were referred for scrutiny in 2017 by the Pre-Pack-Pool, the independent review body designed to help stamp out abusive pre-packs – down from 49 in 2016. A pre-pack…
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Businesses in England and Wales faced the first rise in adverse County Court Judgements (CCJs) in eight years during 2017, according to figures released today by Registry Trust. In 2017, 105,633 CCJs were registered against businesses in England and Wales, up 30 percent on 2016 and the first year-on-year increase since 2009. The rate of…
Read moreBritain’s small and medium-sized enterprises remain deeply anxious about the prospects for their businesses, new research from Close Brothers reveals, with few firms confident they will grow during the course of 2018. Their nervousness reflects concern about the outlook for slower growth from the UK economy, as well as barriers that threaten to hold their…
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Winding up Petitions (Companies) have been issued and advertised in the London Gazette for the following companies: 19 THE MURRAY SQUARE LTD 1ST 4 CONSTRUCTION LTD 1ST STOP TICKETING LTD 3G TRANSPORT LTD 4D CONTRACT FLOORING LTD 5 EURO’S LTD A C CONSTRUCTION (ELLON) LTD A J BUILDERS (CONTRACTS) LTD ABODE (CLAPHAM) LTD ABSEC TECHNOLOGIES…
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Trade credit insurance specialist Euler Hermes has warned that future export market may prove to be a bad debt risk after Brexit. The findings come from Euler Hermes annual Collection Complexity Scores and Rating report, which measures the challenges of international debt collection procedures in 50 of the largest economies involved in global trade. The report…
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Judge and Priestley LLP (J&P) has announced that it has recently gained Financial Conduct Authority (FCA) authorisation. This comes in addition to its traditional authorisation and regulation by the Solicitors Regulation Authority (SRA). The move to seek FCA authorisation came in response to increasing client demands for J&P Credit Solutions (J&P CS), the debt recovery…
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New research by Moore Stephens has shown that restaurant insolvencies have risen by 20% in the past year. The research shows that restaurant businesses insolvency jumped 20% to 984 in the last year, up from 825 in the previous year*. The figures come on the back of one of Britain’s biggest sandwich chains, EAT, announcing this…
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Commercial debt recovery specialist Yuill & Kyle has announced that it will become part of the MacRoberts Group. MacRoberts LLP is one of Scotland’s oldest and most established independent commercial law firms. With 42 partners and over 180 staff working in offices in Glasgow, Edinburgh and Dundee, their legal specialisms include banking and finance, construction,…
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The number of debt judgments recorded in the Four Courts of Ireland fell to a historic low during 2017, according to figures released today by Registry Trust. There were 2,157 judgments registered against consumers in 2017, two percent fewer than the previous year and a record low. The mean average consumer judgment’s value fell 11…
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Business finance company MarketInvoice has announced a partnership with credit trade specialist Euler Hermes. The agreement will see Euler Hermes provide credit insurance policies to customers of MarketInvoice in safeguarding their businesses. With Euler Hermes credit insurance, MarketInvoice customers who use invoice finance solutions will have the assurance that they are protected in the event…
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Clarke Willmott has announced a series of promotions within their debt recovery team. Phil Roberts has been promoted from Senior Associate to Partner in recognition of his contribution to the firm and the team. Phil, along with Partner Kat Quinton, will be responsible for jointly leading the team. Senior Associate Stuart Hoysted has also been…
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