Credit, Collections & Insolvency News
A survey from Deloitte has shown that CFOs do not expect businesses to see a quick bounce back from the coronavirus crisis, with many saying demand is unlikely to recover until the second half of 2021. The survey saw 49% of finance bosses say they do not expect demand at their firm to return to…
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New research from Santander has revealed that a third (32%) of the UK’s SMEs who implemented changes plan to make their Covid-19 pandemic adaptations a permanent feature post-pandemic as almost half found they not only survived, but actually grew their customer base during Covid-19. The study – which polled 2,050 senior leaders in UK SMEs…
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Almost one third (30%) of European businesses have been forced to cut staff or wages to survive during the pandemic, with business finances set to be further stretched when government support winds down, according to a new survey from accountancy and business advisory firm BDO. In total, two thirds (65%) of European businesses polled by…
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New figures released by the Office for National Statistics annual Crime Survey for England and Wales (CSEW) have revealed that the total number of estimated fraud incidents were 3.7 million for the year ending March 2020. The figures remain consistent with the previous year. Whilst Statistics from the National Fraud Intelligence Bureau (NFIB) which includes…
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A Recruitment director has been banned from managing companies for six years after paying himself a £150,000 bonus just before his company entered into liquidation. The investigation found that on 15th July 2020, Roy Davies from Rochdale, Lancashire, is banned for six years from acting as a director or directly or indirectly becoming involved, without…
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It is feared that up to 780,000 firms employing three million could go bust in the next year if they cannot defer repayments on government-backed loans. The figures highlight the risks if urgent action to tackle the projected £35bn of unsustainable debt from Covid-19 loans is not taken according to a new report by The…
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Emerging from the Covid-19 lockdown has not alleviated concerns about the future viability of small and medium sized businesses (SMEs), or eased the stresses they are under, reveals the latest ACCA UK and The Corporate Finance Network (The CFN) SME Recovery Tracker. The survey features insights from accountants representing more than 15,530 SME clients, and…
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The Covid-19 pandemic crisis is affecting the European payments landscape with businesses facing unparalleled uncertainty according to late insight research by European credit management specialist Intrum. The report indicates sharp drops in GDP across Europe are now pushing down revenues for businesses, restricting cash flow while increasing pressure on businesses to manage their cash and…
Read moreBritish businesses have called for urgent Government action to support a technology-led recovery, as a new report from Sage reveals that 1.4 million SME jobs are at risk. The research revealed that 62% of small and medium-sized enterprises (SMEs) have made or are planning to make redundancies following the Covid-19 pandemic. This equates to 1.4…
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The Finance & Leasing Association (FLA) has published its recovery plan for the economy – Shaping the UK’s future prosperity: recognising the opportunities for recovery – which recommends a phased approach of short, medium and long-term measures that will ultimately position the UK to meet the Government’s key objectives of achieving a net-zero, low carbon…
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The overall number of company insolvencies in England and Wales decreased by 50% in June 2020, when compared to the same month last year. This was primarily driven by a decrease in the numbers of CVLs and compulsory liquidations which fell by 45% and 78% respectively. Additionally, there was a 60% decrease in the numbers…
Read moreMore than 1.1 million businesses backed by £46 billion through Covid-19 lending schemes according to the latest HM Treasury figures. The figures show that the banking and finance industry has approved £46.3 billion to over 1.1 million businesses so far through government-backed coronavirus lending schemes with Almost 1.05 million small and micro businesses have received…
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The latest figures from the Insolvency Service have shown that business insolvencies decreased in Scotland in June 2020 Company insolvencies decreased by one-third when compared with the same month last year (June 2019. Figures from the Accountant in Bankruptcy (AIB), Scotland’s Insolvency Service, administers company liquidations and receiverships in Scotland show there was 46 company…
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