Credit, Collections & Insolvency News
New figures released by the Finance & Leasing Association (FLA) show that total asset finance new business (primarily leasing and hire purchase) fell by 11% in September 2020 compared with the same month in 2019. In the nine months to September 2020, new business was 27% lower than in the same period in 2019. The…
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On average, sole traders and small businesses expect to receive the payment that they are due 15 days after completing work, new research has revealed. Tide commissioned YouGov to survey small business decision makers, including sole traders, to discover their payment terms, how often they experience late payments, and the actual duration before invoices were…
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The Covid-19 pandemic will cause firms to borrow over five times the amount in 2020 than in 2019, with many unlikely to start repaying until 2022 with total stock of bank lending to businesses forecast to close 2020 at £493bn, an 11% year on year increase, due to firms borrowing heavily through the pandemic. EY…
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The government has announced that it is increasing its support to the self-employed over the coming months. Chancellor of the Exchequer Rishi Sunak said “So far we’ve provided £13.7 billion of support to self-employed people through the crisis – and I’ve always said we will continue to do everything we can to support livelihoods across…
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The Treasury has announced that applications for the Bounce Back Loan Scheme (BBLS), Coronavirus Business Interruption Loan Scheme and Coronavirus Large Business Interruption Loan Scheme will now be open until the end of January. The extension, which carries support before the previous end point of 30th November, also applies to the Future Fund, an initiative…
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The Insolvency Services has published the latest business insolvency figures for Q3 2020 which indicate a 39% fall in number to 2,672, down 9% on Q2 2020, and down 39% on Q3 2019. The fall in corporate insolvencies was driven by a decrease in Creditors’ Voluntary Liquidations (CVLs), though Administrations slightly increased (by 2%) and Company…
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The Insolvency Service has published its latest figures which indicate that in Q3 2020 Scottish company insolvencies decreased by 44%. The Accountant in Bankruptcy, Scotland’s Insolvency Service, administers company insolvency in Scotland showed that In Q3 2020, there were 139 total insolvencies in Scotland, a fall of 44% on the same quarter of 2019. This…
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The Insolvency Service has published its latest figures for Northern Ireland which indicate that in Q3 2020 there were 410 insolvencies, down 43% from the same quarter of 2019. This comprised 325 IVAs, 66 DROs and 19 bankruptcies. Company insolvency figures in the region showed that there were 24 company insolvencies in Northern Ireland in…
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County Court Judgments (CCJs) against businesses in England and Wales fell 58 percent in Q3 2020, compared to the same quarter in 2019, according to new figures by Registry Trust. The number of CCJs against businesses decreased from 37,589 in Q3 2019 to 15,970 in Q3 2020. The total value of CCJ debt owed by…
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The number of decrees against Scottish businesses fell, by 35 percent, from 805 to 525 in Q3 2020 according to Registry Trust’s latest figures. The total value fell by 43 percent from over £3.6 million to just over £2 million. Both the average and median values dropped by 13 percent. The average value fell from…
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The number of debt judgments registered against Northern Ireland businesses in the third quarter (Q3) of 2020 saw a very large fall according to the latest Registry Trust figures. The number of judgments registered in Q3 2020 was just 73, compared to 461 in Q2 last year, a fall of 84 percent. The total value…
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The number and total value of judgments registered against Irish businesses saw a huge fall in the third quarter (Q3) of 2020 compared to the same quarter last year, new figures released by registrar Irish Judgments show. Judgments against Irish businesses fell from 192 to 78, a decrease of 59 percent. The total value registered…
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Business decisioning data and analytics specialist Dun & Bradstreet, has announced the launch of D&B Lending Intelligence. The company says that the new online solution enables lenders to make quicker credit decisions for small and medium enterprises (SMEs) by providing real-time access to a wider range of data, combining new UK commercial credit data from…
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