Credit, Collections & Insolvency News
Eight in ten Chief Financial Officers (CFOs) fear their businesses are ill-prepared to handle a decrease in sales volumes as the full impact of Covid-19 begins to be felt on the UK economy, according to research from Euler Hermes. The findings come from its The Finance Leader of Tomorrow survey, which profiles European finance directors’…
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Jaywing has completed its work with Starling Bank to deliver an IFRS 9 modelling framework for the calculation of IFRS 9 Expected Credit Losses on the Coronavirus Business Interruption Loan portfolio. Following the appointment in June, Jaywing has built a data-driven model with flexibility, pragmatism and expert judgement to facilitate the provision of government-backed loans…
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Barclaycard Payments’ quarterly SME Barometer has indicated that small and medium businesses (SMEs) have exceeded their revenue predictions for Quarter 2 (Q2). At the start of April, SMEs predicted a 28 per cent decline for the quarter, but now that Q2 is in the books, the research reveals the average reported loss of 14 per…
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New country reports have been published on Russia and Poland by trade credit insurer Atradius with the report indicating that certain industries in Poland have been severely impacted by the economic downturn and are likely to experience an increase in insolvencies. Atradius’ Russia Country Report has revealed that the Russian economy is under strain due…
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Latest figures from the HM Treasury have shown that almost £53 billion of credit has been issued through the Government’s emergency coronavirus lending schemes, with more than 1.23 million businesses benefitting. Around £35.5 billion has been approved through the bounce back loan scheme for small companies, with £13.7 billion provided to over 60,400 businesses through…
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The majority (55%) of UK SMEs are being paid later as a result of the pandemic in a trend that is threatening the economic recovery, according to research by Bibby Financial Services (BFS). More than a third (36%) of SMEs have seen payment times increase by more than three weeks, while 28 per cent have…
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The Insolvency Service has published its latest figures which indicate that in July 2020 that there were ten company insolvencies in Northern Ireland down from 21 in July 2019, this consisted of seven CVLs, one CVA, one administration and one compulsory liquidation, the first compulsory liquidation in Northern Ireland since the implementation lockdown on the…
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Trade credit insurer Atradius has analysed the impact of the coronavirus pandemic on five Asian markets in its latest series of country reports. The new reports detail the economic impact within India, Japan, Indonesia, Thailand and Vietnam, revealing economic contraction, sharp swings in export rates and a rise in business insolvencies. As part of the…
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The Insolvency Service has published its latest figures which indicates that in July business insolvency numbers in England and Wales increased by 29% when compared to June 2020 but are 34% lower than in July 2019. The figures show that there were 955 company insolvencies in July 2020. comprising of 590 creditors’ voluntary liquidations (CVLs),…
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The Insolvency Service has published its latest figures which indicate that in July 2020 there were 52 company insolvencies in Scotland, a reduction of 46% in comparison to July 2019. This comprised of 20 compulsory liquidations, 28 CVLs and four administrations. There were no company voluntary arrangements or receivership appointments. Historically the volume of company…
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A survey by the ICAEW of 800 senior finance executives at UK companies has found 40% expect to cut jobs in the next six months as a result of the coronavirus slowdown. The ICAEW says that the future prospects for employment levels looked bleaker: a third of respondents have already made staff redundant, and two…
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The UK economy shrunk by a fifth and fell into its deepest recession on record in the second quarter. Official data released by the ONS confirmed a 20.4% fall in GDP quarter on quarter. The contraction followed a 2.2% dip in the first quarter, sending the country into a technical recession. In Germany, GDP fell…
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New data released by the Treasury has revealed that £51.7 billion was lent to businesses via the Government’s emergency coronavirus loans funding schemes. Lending under the bounce back loan scheme accounted for £34.96bn, with a total of 1,404,726 applicants and 1,157,296 approvals; under the coronavirus businesses interruption loan scheme (CBILS), lending hit £13.41bn, with 121,669…
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