Credit, Collections & Insolvency News
With the third national lockdown already involving an extension until 8th March, new research from Nucleus Commercial Finance has revealed that at least three in 10 (30%) SMEs will be forced to close for good by the end of the year if it is extended until the end of March.1 This equates to just under…
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The British Business Bank has announced that businesses will have greater flexibility to repay Bounce Back Loans, including the ability to extend the term from six to ten years and take a one-off payment holiday of up to six months, as further details of the Pay As You Grow facility. The Bank has set out…
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The number of decrees and total amount of debt registered against Scottish businesses also fell, by 28 percent, from 2,804 to 1,996 according to figures released by Registry Trust. The total value fell 24 percent from nearly £16 million to just over £12 million. The average value rose by six percent from £5,692 to £6,057.…
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The number of debt judgments registered against Northern Irish businesses fell by 59 percent, from 1,308 to 539. according to figures released by Registry Trust. The total value of judgments against businesses also fell, by 29 percent from £3,203,652 to £2,279,151. The average value of business judgments rose steeply, from £2,449 to £4,228, up 73 percent.…
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The number and total value of judgments registered against Irish businesses saw large falls in 2020 compared to 2019, figures released by registrar Irish Judgments show. Judgments against Irish businesses fell less, by 33 percent, from 676 to 455. The total value registered against businesses fell by 51 percent, from €13.3 million to just €6.4…
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The number of County Court Judgments (CCJs) registered against businesses in England and Wales fell 39 percent from 126,731 in 2019 to 77,139 in 2020, according to figures released by Registry Trust. The total value of CCJ debt owed by businesses fell by nearly 20 percent, from just under £401 million to £322 million. The…
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The Competition and Markets Authority (CMA) has stopped Clydesdale Bank from forcing small business customers to open a business current account with it to get a Covid-19 Bounce Back Loan. The CMA found that Clydesdale was in breach of legal undertakings that prohibit it, along with seven other of the UK’s largest banks, from requiring…
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Experian has launched the newest version of its fraud prevention platform to help businesses dealing with the rapid surge in demand for digital services and the growth of online accounts. The company says that due to the digital acceleration instigated by Covid-19, online retailers, businesses, and their customers are at risk of the growing threat…
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Analysis by Purbeck Insurance Services shows that owners of SMEs have more than £1.2 billion of personal liabilities linked to emergency pandemic support loans, with 1,587 directors agreeing to such terms when taking on credit through the Coronavirus Business Interruption Loan Scheme (CBILS). The report, which comes after a Freedom of Information request from the…
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A new survey by the Finance and Leasing Association (FLA) has indicated that the asset finance, consumer finance and motor finance industry sees opportunities for growth over the next year despite the heightened uncertainty caused by the latest restrictions to deal with the Covid-19 pandemic. The association surveyed its members with respondents divided on the…
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New research from Mental Health UK carried out in partnership with small business lender iwoca has revealed that four in five small business owners report experiencing common symptoms of poor mental health at least a few times a year. Inability to focus (66%) is most commonly reported by small business owners, followed by anxiety (64%)…
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New data from insurance specialist Euler Hermes has predicted that 2021 is likely to bring a flood of corporate insolvencies throughout the world’s largest economies. The company points out that Q4 in Europe is likely to be the time when the surge in business insolvencies reaches its zenith. Whilst insolvencies in the US will rise…
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Creditors Voluntary Winding-Up – Appointment of Liquidators notices have been issued in the London Gazette for the following companies in January: 365 PRODUCTIONS (UK) LTD 55 PIXELS LTD A & C MOTOR SERVICE LTD A B FOOD TECHNOLOGY SERVICES LTD A J CONTRACTS AND DEVELOPMENTS LTD A MCCULLEY CONSTRUCTION & CONTRACTING LTD A.R.G. (MANSFIELD) LTD…
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