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 18% in August 2020 compared with the same month in 2019. In the first eight months of 2020, new business decreased by 30% compared with the same period in 2019. The…
Read more
Business decisioning data specialist Dun & Bradstreet has announced that it has entered into a definitive agreement to purchase the outstanding shares of Bisnode Business Information Group, a European data and analytics firm for $818 million, Uaid Anthony Jabbour, Chief Executive Officer at Dun & Bradstreet said “We are pleased to bring Bisnode into the…
Read moreThe Government has announced new plans for laws that will require mandatory independent scrutiny of pre-pack administration sales where connected parties, such as the insolvent company’s existing directors or shareholders, are involved in the purchase. The new laws will improve confidence and transparency in pre-pack administration sales, giving the general public and creditors reassurance that…
Read more
An analysis of the government loan scheme for struggling small businesses by the National Audit Office (NAO) has suggested that criminals could have stolen more than £1.9 billion from taxpayers. The report also found that the Bounce Back Loan Scheme succeeded in quickly supporting small businesses, but the government faces a potential loss of £15…
Read more
Latest figures from UK Finance have indicated that gross lending of £34.5 billion in the second quarter was, in a single quarter, 50 percent more than the annual total in 2019. Figures also showed that ,more than a million businesses had applications approved for finance under Government schemes by the end of June. Un-utilised overdraft…
Read more
A fully-charged fintech sector can drive SME growth after Bounce Back Loan scheme closes according to business lender Iwoca. The CEO of the business lender has outlined the need for the fintech industry to be strengthened so it can support the growth of small and micro-businesses after the Bounce Back Loan scheme closes at the…
Read more
The UK’s mid-sized businesses, responsible for one-third of UK jobs and £1.4tn in revenues, risk having their Brexit plans side-lined as they deal with a second wave of the COVID-19 pandemic, according to new research from accountancy and business advisory firm BDO. The third monthly Rethinking the Economy poll of 500 mid-sized businesses leaders, published…
Read more
The Government has launched a new consultation that aims to protect small businesses with action on late payments. The Consultation launched aims to give Small Business Commissioner more power to support businesses and resolve late payment issues. The proposed new powers include ordering businesses to pay in good time and issuing fines if they do…
Read more
Trade credit insurance company, Euler Hermes Group has announced that Wilfried Verstraete, Chief Executive Officer (CEO) and Chairman of the Board of Management, has decided to step down from his operational duties after twelve years in the role. Clarisse Kopff will succeed Verstraete as CEO and Chairperson of the Board of Management in January 2021.…
Read more
EY announces seven senior promotion in Turnaround and Restructuring teams (TRS). The seven new EY TRS team partners collective experience includes; creditor and debtor advisory, distressed corporate advisory, debt restructuring, solvent restructuring, pensions strategy and insolvency. Henry Beech, who specialises in advising creditors in challenging restructurings has been promoted to equity Partner along with fellow…
Read more
The British Chambers of Commerce’s Quarterly Economic Survey (QES) – the UK’s largest independent survey of business sentiment and a leading indicator of UK GDP growth – found that business conditions remained weak in the third quarter of 2020, despite much of the economy reopening. The bellwether survey of 6,410 firms, employing over 580,000 people…
Read more
The Covid-19 crisis is making a big impact on the efficiency of the UK’s finance departments, with 66% of financial professionals reporting that they are working more efficiently since the onset of the pandemic in March of this year. The results from a recent survey into the impact of the pandemic on the sector by…
Read more
Companies House has set out its new strategy for 2020-25 which outlines a commitment to tackling economic crime and driving confidence in the UK economy. The announcement follows the publication of the government response to the corporate transparency and register reform consultation. As well as setting out its. purpose and vision for the next 5…
Read more