Credit, Collections & Insolvency News
ICAEW’s Business Confidence Monitor (BCM) for Q4, has found that the proportion of companies struggling from a lack of demand had increased from more than a third in Q4 2019 to half this quarter. Late payments were a rising concern for a third of businesses, indicating financial distress in the market as customers were either…
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As we approach the end of an unpredictable and tough year for businesses, Barclaycard Payments’ latest SME Barometer has found that two-thirds (66 per cent) of small and medium-sized enterprises in England feel more prepared for the current national lockdown than they did for the first lockdown in March. The top reasons given for this…
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Invoice finance provider and fintech firm Optimum Finance has appointed two regional Sales Directors across three UK regions alongside the promotion of Lynn-Marie Jameson to Commercial Director. Kelvin Thomas joins the business as Regional Sales Director for Wales and the West and Iain Hendry as regional Sales Director for the South East. Thomas and Hendry…
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Latest figures from the Insolvency Services have shown that corporate insolvencies decreased to 856 in October 2020 compared to September’s figure of 925, and remained well below October 2019’s figure of 1,485. The overall number of company insolvencies decreased by 42% in October 2020, when compared to the same month last year. This was primarily…
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The Insolvency Service has published its latest figures which indicate that in October 2020 Scottish company insolvencies decreased by 47%. The figures show that. In October 2020 there were 44 company insolvencies in Scotland, a reduction of 47% in comparison to October 2019. The insolvency figures comprised of 11 compulsory liquidations, 27 CVLs, five administrations…
Read moreNorthern Irish personal insolvencies fell by over a half (51%) according to the latest Insolvency Service figures which indicate that in October 2020 there were 114 individual insolvencies in Northern Ireland, down 51% from October 2019. The figures consisted of 77 IVAs, 18 DROs and 19 bankruptcies. Meanwhile, company insolvency numbers showed that there were…
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A new report from Barclays Corporate Banking has revealed that since the start of the pandemic, the disruption faced by businesses across the UK has been unprecedented with the retail and wholesale sectors suffering extreme changes in its supply chains and consumer demand. Before the pandemic, the average supply chain took five weeks from start…
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Accountancy firm RSM has called on the Chancellor to urgently consider a twelve-month delay to the introduction of HMRC’s preferential creditor status. This change, due to come into effect on 1st December 2020, will have the dual effect of limiting funding and restructuring options for businesses, which RSM believes will undermine the current rescue culture…
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Research by PwC and the Local Data Company has indicated that up to 5,552 retail outlets that closed in March have not managed to reopen over the summer, leaving over one in eight shops in limbo. A total of 36,209 of the 43,766 shops across Britain reopened after the lockdown, whereas more than 2,000 closed…
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In October the following administration notices have been issued and advertised in the London Gazette for the following companies: AEQUITAS INVESTMENTS LTD ANDREW’S HOMES (ABERDEEN) LTD APEX ENGINEERING SOLUTIONS LTD APPAREL GROUP LTD ARL 011 LTD ARL O09 LTD ARMONDI UK LTD BAYLEAF CLEANING LTD BE THE HOUSE LTD BERKELEY ASSET FINANCE LTD BIOMECANN PLC…
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In October, Winding Up Petitions (Companies) have been issued and advertised in the London Gazette for the following companies: ALL ENGLAND GAS SERVICES LTD ALPHA CONTRACTORS LTD ANDERSON MECHANICAL SERVICES LTD ANIMAL HEALTH TRUST ASERGIS TELECOM LTD BARROCHAN LT BB5 LTD BHB PARTNERSHIP LTD BIG SKY PRINT LTD. BLACK ISLE BUILDING SERVICES LTD BLOCKSOURCE LTD…
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Over £1.1 billion of suspected fraud via the government’s bounce back loan scheme has been prevented by lenders so far, an indication of how criminals have aggressively targeted the scheme. Estimates from the British Business Bank provided to the Commons public accounts committee said lenders had rejected 26,933 bounce-back loans over concerns they could be…
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Eight out of ten accountants say that the SMEs they represent are not fully aware of their funding requirements and financial risk over the next six months, according to the latest ACCA UK and The Corporate Finance Network (The CFN) SME Recovery Tracker. The results, from a survey of accountants representing 2,840 businesses across the…
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