Credit, Collections & Insolvency News
The number and total value of judgments registered against Irish businesses have risen in the first half of 2020 compared to the same period last year, figures released today by registrar Irish Judgments show. Judgments against Irish businesses actually rose from 250 to 315, a rise of 26 percent over the period. But, the total…
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A new automated credit control app has been launched. The new app, Itsettled provides an automated, legally compliant process for SME’s to chase their outstanding invoices. The app has been launched by credit industry veteran Glen Morgan, who has recently acted as an advisor to the UK Government’s Parliamentary Review and Leadership council on late…
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The European Commission has approved, under EU state aid rules, a UK guarantee scheme to support the trade credit insurance market in the context of the COVID-19 pandemic outbreak. Trade credit insurance protects companies supplying goods and services against the risk of non-payment by their clients. Given the economic impact of the pandemic, the risk…
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The Insolvency Service has published its latest which indicates that the overall number of company insolvencies decreased by 23% in Q2 2020 compared with 3,848 in Q1 2020 to 2,974 in Q2 2020), and by 33% when compared with Q2 2019 (4,425). Commenting on the figures Colin Haig, President of R3, the insolvency and restructuring…
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Sharp distinctions in approaches to managing cashflow and business continuity planning by SMEs and the corporate world have been revealed in the latest edition of the ACCA UK and The Corporate Finance Network (The CFN) SME Recovery Tracker. Closing on the 29 July, the results show that 86% of accountants in the corporate sector have…
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Small and medium-sized (SME) business leaders have issued a warning that late payments have reached new heights since the COVID-19 pandemic crisis and it is putting their recovery at risk. New research from Intuit QuickBooks has revealed that while chasing late payments has always been a challenge for SMEs, one in five (21%) believe the…
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New figures have revealed that over 1.17 million businesses in the UK have received finance from lenders through the government-backed coronavirus lending scheme. The banking and finance industry has now provided over 1.1 million small and micro businesses with £33.7 billion through the Bounce Back Loan Scheme (BBLS). The Coronavirus Business Interruption Loan Scheme (CBILS)…
Read moreCommercial finance provider, Independent Growth Finance (IGF)has appointed Adam Bradbury as ABL Business Development Director. Bradbury joins IGF after two years at BNP Paribas Commercial Finance, as Business Development Manager. Bradbury joins the business to support IGF’s growth in the North of England, with a specific focus in Manchester. He will be working alongside commercial director…
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The Government has announced that consumers who pay for goods in advance will now be protected if retailers go insolvent under new proposals. Under existing rules, if a company becomes insolvent, goods paid for in advance that are still in its possession may be considered as assets belonging to the business. These goods can be…
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Latest research by Red Flag Alert for Quarter 2 (Q2) 2020 has recorded seven consecutive quarters of increased financial impairment resulting in a record 527,000 businesses in significant financial distress at the end of June 2020 – an increase of 33,000 since the beginning of the year. The research also finds that this represents a…
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Small business expectations of future performance are increasingly polarised, according to the latest quarterly SBI from Federation of Small Business (FSB), which shows that a sizeable share of firms have already had to let staff go. Over a fifth (23%) of the 1,400 business owners surveyed for the study expect their performance to be “much…
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R3, the insolvency and restructuring trade body, has hit out at changes to HMRC’s creditor status, which were confirmed after the Finance Bill received Royal Assent earlier this week. Under the legislation, HMRC will become a preferential creditor in insolvencies from 1 December, which means it will be paid in full before a number of…
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Audit, tax and consulting firm RSM has called on Government to urgently consider extending the temporary Covid-19 regulatory relief – the Corporate Insolvency and Governance Act, to three months beyond the date on which it is currently set to end. The firm says an extension will allow consumer-facing businesses more time to bolster their debt…
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