Scottish business insolvencies increase by 63%

19th January 2022 Business | #business insolvencies

The number of business insolvencies (liquidations and receiverships) in Scotland increased by 63% according to latest Accountant in Bankruptcy (AiB) figures. In December 2021 there were 93 company insolvencies registered in Scotland, 63% higher than December 2020 and 4% higher than in December 2019. This was comprised of 17 compulsory liquidations, 73 CVLs and three…

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Northern Irish business and personal insolvency numbers fall

19th January 2022 Business | #business insolvencies

Latest statistics from the Insolvency Service have shown that Northern Irish personal and business insolvencies decreased in December in the latest monthly figures. In December 2021 there were 81 individual insolvencies in Northern Ireland, 48% lower than in December 2020, and 42% lower than December 2019. This consisted of 63 IVAs, 11 DROs and seven…

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Number of small businesses falling behind on loan repayments increases

A survey of lenders by the Bank of England shows that the number of small businesses falling behind on their loan repayments rose in the three months to the end of November. The analysis shows that fewer medium-sized businesses defaulted on corporate debt repayments in the period, while the number of large companies defaulting remained…

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Asset finance market grew by 5% in November

New figures released by the Finance & Leasing Association (FLA) show that total asset finance new business (primarily leasing and hire purchase) grew in November 2021 by 5% compared with the same month in 2020. In the eleven months to November 2021, new business was 16% higher than in the same period in 2020. The…

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Money worries top concerns of small business workers

As Blue Monday approaches on 17th January 2022, a new survey of the employees of the UK’s small businesses by Purbeck Personal Guarantee Insurance has found that 25% feel more stressed and anxious than prior to the pandemic, 18% feel isolated, 18% are not sleeping well and 16% feel more depressed.  More people (20%) feel worried…

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Business insolvencies predicted to rise 33%

13th January 2022 Business | #business insolvencies

Brexit combined with the coronavirus pandemic has created a double-edged sword for businesses with its full-scale impact yet to be realised with Economists from Atradius predicting that insolvencies will rise by 33%. As the UK marks its first anniversary of the Brexit withdrawal, Atradius reports that the true ramifications of Brexit have been overshadowed by…

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CFOs optimistic about 2022 outlook

A Deloitte survey of CFOs found persistent labour shortages, the pandemic, climate change and higher inflation were seen as the leading risks to their businesses in the year ahead. However, some 37% said that increasing capital expenditure was a priority for 2022. This is the highest figure recorded by Deloitte since it first asked the…

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Losses at large restaurant groups increase ahead of spending squeeze

Losses at the country’s largest restaurant groups rose by 174% to £673m in the year to September, according to analysis by UHY Hacker Young. The lockdown and social distancing rules meant that the restaurant sector was one of the hardest hit by the pandemic. Lost sales cost the hospitality sector around £200 million a day…

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Omicron curtails optimism with businesses approaching the new year with caution

Business optimism and output growth across the UK fell in December, reflecting a cooling in economic activity as firms grapple with the effects of the Omicron COVID-19 variant, according to the latest Business Trends report from accountancy and business advisory firm BDO, The BDO Optimism Index slipped by 0.46 points to 103.81, driven largely by the…

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Managing cashflow is key to business survival

The Office of the Small Business Commissioner (OSBC) has welcomed the clarity provided by a report from the Federation of Small Businesses (FSB) on payment problems faced by small businesses.The OSBC says that the current economic situation is causing increasingly difficult challenges for small businesses. Many are having to choose between paying their bills, in order…

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440,000 companies threatened by late payment as costs surge

The Federation of Small Businesses (FSB) is warning that a worsening of the UK’s late payment crisis, high inflation and mounting admin for firms that trade internationally will cause the business community to further shrink in size if left unaddressed, as it releases fresh findings from its quarterly Small Business Index (SBI). The new study…

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Payment delays and insolvencies expected to impact motor sector

4th January 2022 Business | #risk

Credit risk in the automotive industry is set to deteriorate with an increase in payment delays and insolvencies according to new research by trade credit insurer Atradius. The report reveals several challenges facing the industry which stem from supply issues, decreased consumer demand and rising costs.  Combined, these have led to the insurance company rating…

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Businesses write off £8 in every £100 as uncollectible

Businesses are reporting that they are losing £8 for every £100 billed in the last year due to the non-payment of invoices, according to the research by trade credit insurer Atradius. The research barometer reveals nearly half (44%) of the total value of UK B2B sales were reported overdue this year and a further 8%…

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