Credit, Collections & Insolvency News
Global banking platform. Trade Ledger and Equifax, the consumer and business insights specialist, have announced an extended partnership for the UK market which will bid for the BCR Capability and Innovation fund. The fund is part of the RBS Alternative Remedies Package, designed to improve the financial products and services available to small and medium…
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Shopping centre owner, Intu Group has entered administration. The company has announced that it has appointed James Tucker, Michael Pink and David Pike of KPMG LLP as joint administrators. Underlying group operating companies remain unaffected and all shopping centres are continuing to trade. The intu Group’s relationships with its tenants are with these operating companies,…
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The Federation of Small Business (FSB) is calling on policymakers and big corporations to bring a debilitating late payment crisis to an end as the business community looks to emerge from the current recession. The research indicates that the majority of small businesses (62%) have been subject to late or frozen payments in the wake…
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Just has entered into an exclusive agreement with Validis to retrieve data from accounting platforms when enforcing against businesses. Validis allows small and medium enterprises (SMEs) to share their full financial data history in a standardised format. The software securely retrieves data directly from popular accounting software packages and layers analytics to categorise and distill data.…
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UK businesses are returning to work this month with some trepidation, according to fintech business lender MarketFinance. The company’s latest research indicates that nine in ten businesses are waiting to be paid an average of £148,917 for work done pre-lockdown. With reportedly half of the companies that applied for CBILS loans being declined and cash…
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Business lending figures have now risen to £40.7 billion to over 972,000 businesses through the three major government-backed lending schemes according to new figures from HM Treasury. Three months to the day after the launch of the Coronavirus Business Interruption Loan Scheme (CBILS), lenders have approved over 50,000 facilities through the scheme for businesses needing…
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Councils in deprived and affluent areas face serious financial risks from the COVID-19 crisis as incomes fall and costs grow. A new report from IFS researchers and funded by UK Research and Innovation says that the government has provided an additional £3.2 billion of general-purpose funding to English councils to help support them through the…
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Nearly half of small businesses have had to raid their savings to stay afloat during the coronavirus pandemic.The analysis by Redwood Bank estimates as much as £22.4 billion has been withdrawn from corporate deposit savings accounts to pay bills. A survey carried out by Redwood Bank in May has shown that 48 per cent of…
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The government has announced that it will extend measures to prevent high street businesses facing eviction over summer. The extension, until the end of September, comes alongside further support to help local businesses plan for economic recovery following the coronavirus pandemic. A new code of practice has been developed with leaders from the retail, hospitality and property…
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Sue Chapple has succeeded Philip King as Chief Executive of the Chartered Institute of Credit Management, the world’s largest professional credit management organisation. Chapple who joined the CICM as Director of Strategic Relationships in 2018, has been interim CEO since King’s departure to become interim Small Business Commissioner in March. In confirming Chapple in the…
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More SMEs are changing their credit terms with their suppliers due to Covid-19, finds the latest results from the ACCA UK and The Corporate Finance Network (The CFN) SME Health Tracker. The survey of accountants, representing nearly 19,000 SME clients, also shows that the current business environment of opening up is slowly easing the intense…
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New research by Coface has predicted that the number of insolvencies is expected to rise across Europe in the second half of 2020, and in 2021. Germany, the least affected country, is still on track for a 12% increase in insolvencies between end-2019 and end-2021. France (21%) and Spain (22%) will be more affected by…
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A poll commissioned by Visa shows that more than half of small business owners fear their company may not recover from the COVID-19 crisis and lockdown. Over half (56%) of small business owners surveyed are concerned they will not be able to bounce back from the impact of COVID-19. Consumers are also having similar worries.…
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