Credit, Collections & Insolvency News
The Business Banking Resolution Service (BBRS) consultation for a new business complaints service has reflected a high level of demand for the new service following an exercise with stakeholder organisations. The work has been undertaken to ensure the service is developed in line with the needs of its customers – for both historical and contemporary…
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The Government is risking a substantial increase in company collapses by not extending a key insolvency measure, the Institute of Directors (IOD)has warned. In its Winter Economy Plan last week, the Government failed to renew the suspension of ‘wrongful trading’ rules for company directors. Under normal circumstances, directors have a strict duty to cease trading…
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Insolvency Practitioners (IPs) could potentially face huge fines for non-deletion and management of data belonging to the insolvent companies they act for according to IT asset disposal DSA Connect. The company says that unless the data has been permanently removed from the technology hardware the IP’s could well be legally exposed under GDPR. The company…
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UK firms are slashing costs, reducing debt and cutting headcount in a bid to survive as customers struggle to pay on time and in full according to new research by credit management group Intrum. The company’s new European Payment Report focuses on the negative financial disruption caused by the Covid-19 pandemic. Research carried out before…
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The Credit & Collections Technology Awards, which recognises technological innovation in the credit and collections industry for companies and individuals who have done the most outstanding work in the past year is set to announce the winners via an online webinar ceremony on Thursday 19th November. This year’s online Awards ceremony will replace the face-to-face…
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The Government has announced a new extension to breathing space measures which will be used to protect businesses from insolvency during the coronavirus (COVID-19) pandemic. A raft of changes to protect businesses from insolvency were introduced in the Corporate Insolvency and Governance Act and were due to expire on 30th September 2020. The new temporary…
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Chancellor, Rishi Sunak has outlined additional government support to provide certainty to businesses and workers impacted by coronavirus across the UK. Delivering a speech in Parliament, the Chancellor announced a package of measures that will continue to protect jobs and help businesses through the uncertain months ahead as we continue to tackle the spread of…
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The ICAEW has called for the government to reduce the business rates multiplier, in its response to the first stage of HM Treasury’s review of business rates. The ICAEW says that the Government must act swiftly to help struggling companies by reducing business rates after the holiday in some sectors. ICAEW’s call followed the end…
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Over £100 billion in support from banks and the government has been received by UK firms through coronavirus stimulus initiatives, with lenders distributing more than £58 billion and companies claiming £39.3 billion under the furlough schem. Figures from HM Treasury published today reveal that UK lenders have supported over 1.33 million businesses across the country…
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The Federation of Small Businesses (FSB) National Chairman Mike Cherry, has responded to Boris Johnson’s speech in the Commons in which he outlined fresh restrictions for businesses in England as the pandemic figures for COVID-19 grow into a potential second wave. Cherry said, “We’ve already suffered from six months of disruption linked to this virus,…
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Trade body UKHospitality has said 900,000 jobs would be at risk if the sector was forced to close again without financial support. The trade body has called on the Government to offer a sector-specific package of employment support that helps businesses retain valuable workers. Giving evidence to the House of Lords Economic Affairs Committee, Chief…
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The Government has announced that Companies House will be reformed to clamp down on fraud and money laundering, with directors unable to be appointed until their identity has been verified. The changes aim to increase the reliability of the data showing who is behind each company so that businesses have greater assurance when they are…
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Despite the end of the Eat Out to Help Out scheme and rules on social distancing still in place, diners are spending more in restaurants than they were this time last year, customer card spending data from Lloyds Bank has shown The first seven days of September saw restaurant spend up 14% on the same…
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