Credit, Collections & Insolvency News
A new report from the Hospitality and Tourism APPG has highlighted the acute impact of the COVID-19 crisis on businesses in the UK’s coastal and lakeside communities. The Coasts and Waters report shows that the impact of the crisis has been more pronounced on coastal and lakeside regions due to their reliance on tourism, which generates 50%…
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Following a concentrated period of uncertainty, new research from Hitachi Capital Business Finance found a significant proportion of small businesses are considering finance to enact their plans for 2021, as confidence gradually returns. Looking ahead to 2021, just over half (56%) of small business owners said they were considering taking finance for some of the…
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The demand for the government-backed CBILS loans is set to soar by UK businesses as their Bounce Back Loans dwindle and cash flow dries up, according to the latest MarketFinance business insights. The company says that of the businesses that applied for a Bounce Back loan (up to £50k) during the summer, they now have…
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Sir Philip Green’s Arcadio retail group is on the brink of collapse with around 15,000 jobs at risk. The Arcadia Group, which runs the Topshop, Dorothy Perkins and Burton brands, is expected to appoint Deloitte as administrators within days. The group has more than 500 retail stores across the UK with the majority of these…
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Nucleus Commercial Finance has revealed that a quarter (23%) of SMEs in the UK had little or no savings before the pandemic hit earlier this year, including 42% of sole traders, according to new research. The research showed that many UK SMEs are deeply concerned about the lasting effects of COVID-19 on their business, with…
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The Institute of Directors (ioD) has welcomed the reinstatement of a key insolvency protection for company directors, the suspension of liability for so-called ‘wrongful trading’, through a statutory instrument laid before parliament. In June, the Government introduced emergency coronavirus legislation to facilitate a time-limited suspension of director liability for ‘wrongful trading’ applying from 1 March…
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Late payments have escalated since the onset of the coronavirus pandemic, according to the latest UK Payment Practices Barometer by trade credit insurer Atradius.. The new report reveals that nearly half the value of Business to Business (B2B) bills are being paid late, while half of the businesses surveyed have been hit by revenue loss…
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Credit Connect has announced its annual Credit & Collections Technology company power list for 2020. The section edition of the power list is a round-up of the most prominent innovating companies within credit and collections technology. Credit Connect has identified the top 20 ‘Premier’ innovators highlighting the achievements and successes of the top-performing companies.The list…
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The repercussions of the Covid-19 pandemic on the global economy could have an impact on Business to Business (B2B) payment behaviour worldwide, and knowledge of country-specific practices and legislation regarding debt collections is necessary to increase recoveries and minimise write-offs. according to Atradius. The latest economic research by the company forecasts a 26% increase in…
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Pub and hospitality trade bodies UKHospitality, the British Institute of Innkeeping and the British Beer & Pub Association have revealed the grim results of their latest sector-wide survey today. The findings, from this second survey of members of all three trade associations conducted by hospitality market research company CGA, paint a catastrophic picture, as the…
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Around one in seven UK companies say they were at risk of collapse, according to a new report from the Office for National Statistics (ONS). The study saw 14% of UK companies say they have “low or no confidence” that they will survive the next three months. While 40% had moderate confidence that their business…
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Latest HM Treasury figures have revealed that nearly 1.5 million businesses across the country are now supported by the UK’s banking and finance industry with a total of £65.5 billion in lending through government-backed Coronavirus lending schemes. Almost 1.4 million smaller businesses have now accessed financing as part of the Bounce Back Loan Scheme, with…
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The winners of the 2020 Credit & Collection Technology Awards have been announced following a live interactive virtual awards broadcast yesterday (Thursday 19th November). The awards are the flagship event for innovational technological professionals working in credit and collections and the fourth annual event honoured the UK’s technological innovators, celebrating outstanding achievement across nineteen hotly…
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