Credit, Collections & Insolvency News
Nearly 45,000 retailers are in financial trouble this Christmas as rising inflation and the squeeze on household budgets are having an impact on high street spending. There has been a 22 percent increase in retailers facing ” significant financial distress”, according to a survey by the advisory company, Begbies Traynor. The furniture chain Multiyork collapsed…
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A new corporate supply chain finance platform has launched, which aims to improve credit management and provide additional transparency, security and flexibility for banks and their corporate customers. The new platform is called Monimove, and aims to enable banks to create new revenues and be able to track approved funds, optimising their liquidity management in…
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The government has annnounced that it has launched a complaint handling service of the Small Business Commissioner to ensure fair payment practices for small businesses. This follows the appointment of Paul Uppal to the role of Small Business Commissioner. Regulations made by Small Business Minister Margot James mean the Commissioner can now handle complaints from small…
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Winding up Petitions (Companies) have been issued and advertised in the London Gazette for the following companies: 10141715 LTD 2028 X LTD 53 CAPITAL TRADE LTD A F REPROGRAPHICS LTD A-B-A-C-U-S FRANCHISING COMPANY LTD A1 SOUTH LTD ACE SCAFFOLDING SERVICES LTD ACH GROUP MANAGEMENT LTD ACORNFORD ESTATES (NORTHERN) LTD ACQUISITION 395445642 LTD ACTONVILLE CONSULTANTS LTD…
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The Supreme Court handed down a judgment in the case of Tiuta International Limited (in Liquidation) v De Villiers Surveyors. The question before the Supreme Court was: can a lender recover all its loss on a refinance loan from a negligent valuer, or is the lender limited to the “top up” advanced after the existing…
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Less than 1% of hotels are now deemed to be at significant risk of going insolvent as the weakened pound as a result of Brexit has helped attract high volumes of tourists to the UK. Data from the Insolvency Service show that there has been an 18% fall in the number of hotel insolvencies in…
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Businesses in the construction sector are continuing to suffer from steadily increasing delays for their invoices to be paid, according to online business supermarket Funding Options. Funding Options says that its analysis of 13,213, UK construction businesses shows that they now face an average wait of 69 days for their invoices to be paid in…
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Research reveals internal processes and a lack of automation are top causes of late payments to suppliers, above cash flow constraints. Slow internal processes and a lack of automation are among the biggest challenges for businesses when it comes to paying their suppliers on time, according to new research by Tungsten Network and the Institute of…
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Automated financial service specialist, Rimilia, has announced a series of appointments as the company structures itself for growth. The new appointments are on the back of a $25 million investment by Kennet Partners and Eight Roads Ventures in July 2017 The new hires span product development, customer support, sales and marketing, and operations. Marie-Christine Duda, a project analyst and…
Read moreDebt Collection Agency (DCA) Controlaccount has announced it has maintained its ISO certifications for their procedures and systems for the 4th year running. ISO 9001 and ISO 27001 are internationally recognised certifications which outline strict standards that organisations must meet for Quality Management and Information Systems procedures. Controlaccount, based in Stoke Prior, Worcestershire has successfully demonstrated,…
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Employee spend management specialist Concur, has released a major report examining the UK’s late payment culture, which is putting job creation at risk. The report, entitled Invoice Utopia, includes detailed YouGov polling of 1,233 British businesses and sheds new light on the consequences of poor invoice processes. The report highlighted the consequences of late invoice payments, with…
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The number of county court judgments (CCJs) registered against businesses in England and Wales rose during the third quarter of 2017, compared with the same period a year ago, according to latest figures released by Registry Trust. During Q3 2017, there were 24,698 CCJs against businesses in England and Wales, 27 percent more than the…
Read moreThe number of debt decrees registered against businesses in Scotland fell during the third quarter of the year, according to figures released today by Registry Trust. There were 561 decrees against all businesses in the third quarter 2017, down 43 percent compared with the same quarter a year ago. The total value of all business…
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