Credit, Collections & Insolvency News
ACCA (the Association of Chartered Certified Accountants) has joined with champions of small business to call for more help for the troubled sector in the wake of Covid-19. The call came in a roundtable discussion hosted by ACCA with the Forgotten campaign, which supports small limited company directors affected by the coronavirus; the Corporate Finance…
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Leonard Curtis has made a senior hire to its Manchester team with the appointment of Hilary Pascoe as Director. Pascoe joins the Business Rescue and Recovery division and is based at Riverside House, in the city – one of the company’s 19-strong office network that spans the UK and Channel Islands. Her arrival at the…
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Atradius has announced that it has appointed James Burgess as Head of UK Commercial. Burgess, who has been with Atradius since February 2014, joins the UK & Ireland Commercial Management Team under the leadership of recently appointed Regional Director Stuart Ramsden. In his new role, Burgess will assume overall responsibility for account teams and sales…
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The boss of a UK Challenger Bank is urging business owners to ‘recoup what they are owed’ with the help of a free Government-appointed support service. Gary Wilkinson, Chief Executive Officer and Co-Founder of Redwood Bank, recommends that small business owners tackle late payment issues with help from the Small Business Commissioner (SBC). The SBC…
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Large companies have made no progress in improving the prompt payment of their suppliers over the last five years, according to latest research by accountants Moore. The research has found that suppliers are currently waiting an average of 41 days to be paid, the same length of time as in 2015 with no progress in…
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The Business Banking Resolution Service (BBRS) has released a report, ‘Live Pilot Perspectives’. The report captures a panel discussion among four of the key individuals working on the development of its service, currently in a ‘Live Pilot’ phase, during which the BBRS has been reviewing over 40 real cases and how they can be resolved.…
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Late payments have soared in the North America continent as businesses are squeezed by the impact of COVID-19, according to latest research by trade credit insurer Atradius. The annual Payment Practices Barometer analyses the payment behaviours and sentiment of businesses in the United States, Mexico and Canada (USMCA). This year’s survey results reveal compromised cashflows…
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New government data has indicated that UK firms have received £30.93 billon worth of Bounce Back Loans to help support them following the impact of COVID-19. The figures from the Treasury show that 1.01 million of loans have been made. Businesses have benefitted from 53,536 loans worth over £11.4 billion through the Coronavirus Business Interruption…
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Members of the insolvency and restructuring professional trade body R3 expect corporate insolvency numbers to increase over the next year. More than half (56.1%) of the respondents to R3’s member survey who work in corporate insolvency said they expected corporate insolvency numbers to be significantly higher than in 2019, while 37.6% think they will be…
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One in ten small firms making redundancies as lockdown takes its toll with the Federation of Small Businesses (FSB) calling for a ‘jobs first’ approach from the government as a new study shows a substantial share of smaller firms forced to let employees go The research found that two thirds (67%) of UK small firms…
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Payment holidays – while supporting some businesses through the current crisis – may be the death knell for those that have offered them according to research by the Chartered Institute of Credit Management (CICM). The research suggests that of the 83% of firms who had offered a payment holiday, two thirds (66%) said there would…
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The proportion of small business leaders that cite barriers to growth has jumped from 75% to 91% in the last six months, according to Hitachi Capital Business Finance. This correlates to the sharp fall in the percentage of small businesses that predict growth (falling from 39% to 14% in the last three months). A…
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Business volumes in the financial services sector declined at the quickest rate on record, according to the latest CBI/PwC Financial Services Survey. Profitability and employment also saw sharp declines in the three months to June, due to COVID-19 disruption. The quarterly survey of 111 firms, conducted between 1st-18th June, showed that optimism about the overall…
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