Credit, Collections & Insolvency News
UK firms have racked up around £70 billion worth of unsustainable debt, according to a new report from The City UK, with more than £20 billion of that coming from government-backed coronavirus loan schemes. TheCityUK’s Recapitalisation Group (RCG), supported by EY, has published updated projections for levels of unsustainable debt faced by SMEs. The report…
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More than four in five small business owners (81%) have made key changes to their business and services in order to prepare for the economic uncertainty in the months ahead, according to new research from Hitachi Capital Business Finance. The poll of 1,447 explored what small businesses were doing nationally to adapt – with a…
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The Ministry of Housing, Communities & Local Government (MHCLG) has announced that it has extended support to prevent business evictions until the end of 2020. The new measures mean that businesses will be protected from the threat of eviction until the end of year, providing commercial tenants with greater security and protecting vital jobs, The…
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The Turkish economy is forecast to bounce back in 2021 as it recovers from the effects of the coronavirus pandemic according to a new report by Atradius. Turkey’s economy grew just 0.9% in 2019. In 2020, while the economy had a strong start and saw the recovery of credit growth, this rebound was abruptly halted…
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The Insolvency Service has published its latest business insolvency statistics for England & Wales which have revealed that the overall numbers of business insolvencies numbers continue to fall. Corporate insolvencies fell to 778 in August 2020 compared to the previous month’s figure of 961 and are significantly lower than they were in August 2019 (1,369).…
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The Insolvency Service has published its latest figures which indicate that in August 2020 Scottish company insolvencies decreased by 43%. There were 44 company insolvencies in Scotland, a reduction of 43% in comparison to August 2019. This comprised of 19 compulsory liquidations, 21 CVLs, three administrations and one CVA. There were no receivership appointments. Historically…
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North American firms more bullish about growth prospects (73%), compared to businesses in Asia (67%) and EMEA (63%) 35% of businesses say COVID-19 has made them even more determined to expand into new markets according to research by Intertrust. Three out of five business leaders worldwide (61%) predict growth over the next twelve months. Intertrust,…
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RSM’s UK Brexit Stress Index nudged up for the first time since the early days of the Covid-19 lockdown, ushering in the first signs in nearly seven months that the risk of no-deal trade talks with the EU is generating increased nervousness within business. This week the pound also saw its worst performing week against…
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A study by Onward has found that around 20% of British businesses are only making enough profit to cover their debt interest payments. High levels of corporate debt built up by companies during the COVID-19 pandemic has pushed 4.3% of firms into technical insolvency, the report estimates. In the new research paper titled ‘Paying it…
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The process for companies that have applied to be struck off the Companies House register has now resumed (from Thursday 10th September 2020) following changes to temporary measures announced in April 2020. Due to the coronavirus (COVID-19) outbreak, Companies House paused all strike off activity to relieve the burden on businesses and to protect creditors…
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The Covid-19 pandemic has caused an increase in finance professionals dealing with outstanding invoices from customers, according to nearly half (48%) of respondents surveyed by fintech company, Onguard. Cash flow problems were cited by nearly two-thirds (65%) as being the most common reason why customers are failing to pay on time. This represents an increase…
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Results from a BCC poll, conducted in partnership with banking group TSB has revealed that many firms have taken on debt during the pandemic and require flexible repayment solutions to rebuild their revenues and avoid an unsustainable debt crisis. The report also suggests that businesses that haven’t taken on debt but may yet need to, favour flexible business banking services…
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The Institute of Directors is has called for an extension to emergency insolvency measures to prevent company collapses and job losses. Under normal circumstances, directors have a strict duty to cease trading if their company is facing insolvency and may face financial or legal liabilities if they seek finance instead of doing so. In June,…
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