Credit, Collections & Insolvency News
Scottish chartered accountancy practice Wylie & Bisset has expanded its business recovery and insolvency department with the appointment of the senior management team from MLM Solutions. The company has appointed former MLM Solutions Managing Director Maureen Leslie as a consultant while Barry Mochan joins on 1st February as Director and Personal Insolvency Practitioner and, in…
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Judgments against Irish businesses fell from 234 to 62, a drop of nearly three quarters (74%), figures released by registrar Irish Judgments show. The total value registered against businesses fell by 62 percent, from €3.4 million to just €1.3 million. The average value of business judgments rose by 41 percent from €14,525 to €20,536. Mick…
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The number of companies going into administration fell to historic lows during 2020, as the array of government Covid-19 support measures continue to provide a lifeline for those businesses who have been adversely affected by the pandemic. Analysis of notices in The Gazette by KPMG’s Restructuring practice showed that 1,112 companies went into administration over…
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Around 630,000 businesses were experiencing significant financial distress in the last quarter of 2020, ahead of the current lockdown, according to research by the restructuring firm Begbies Traynor. The latest research for Q4 2020 recorded the largest numerical quarterly leap (73,000) in financially distressed companies since Q2 2017. This 13% increase (from 557,000 in Q3…
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Experian has announced the launch of its economic and commercial portfolio webinar series. The webinar series aims to help companies navigate the challenges that they face in 2021. Experian says that in the months since the Coronavirus first hit the headlines we’ve seen and experienced seismic shifts in the way we live, work and spend.…
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New data published by the British Business Bank has revealed the regional distribution of loans under the Coronavirus Business Interruption Loan Scheme (CBILS) and the Bounce Back Loan Scheme (BBLS). More than 1.4 million loans have supported businesses and protected jobs across all sectors. The figures show that the retail and construction sectors have benefitted…
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An overhaul of the Prompt Payment Code (PPC) to crack down on delayed invoices owed to small businesses has been announced by the Government. Under new reforms, companies that have signed up to the Prompt Payment Code will be obliged to pay small businesses within 30 days – half the time outlined in the current…
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The number of company insolvencies in England and Wales rose to 1,228 in December, data from the Insolvency Service has revealed. The figures are up by 9.2% on December 2019 and mark the first increase since February, with Government support rolled out amid the coronavirus crisis helping prevent a number of company failures – with…
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Scottish business insolvencies in December 2020 fell by almost half compared with December 2019 numbers. The figures released by Accountant in Bankruptcy (AIB), Scotland’s Insolvency Service which administers company liquidations and receiverships in Scotland showed that there were 57 company insolvencies registered in Scotland, 36% lower than in December 2019. This comprised of 21 compulsory…
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Northern Irish personal and business insolvency numbers remained low according to the latest figures published by the Insolvency Service. In December 2020 there were 156 individual insolvencies in Northern Ireland which was 17% lower than December 2019. The figures consisted of 132 IVAs, 15 DROs and nine bankruptcies. Overall, the numbers of individual insolvencies have…
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Tens of thousands of businesses will receive insurance payouts covering losses from the first national pandemic lockdown. The ruling from the Supreme Court has delivered its judgment in the Financial Conduct Authority’s (FCA)’s business interruption insurance test case. The Supreme Court has substantially allowed the FCA’s appeal on behalf of policyholders. This completes the legal process for impacted…
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The coronavirus pandemic has exacerbated the late payments burden hitting UK businesses, new survey figures from the Institute of Directors (IOD) reveal. Over a third of company directors polled by the IoD said they had faced an increase in late payments during the pandemic, with almost one in ten reporting they had experienced significantly more…
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After a challenging 12-months, small businesses resilience has not wavered as we start a New Year. Nationally, 83% of small firms say they have a fresh set of goals in place to secure the growth for the year ahead, according to new Business Barometer research from Hitachi Capital Business Finance. At a time when the…
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