Credit, Collections & Insolvency News
More than 910,000 businesses have now been helped by the banking and finance industry through the government’s coronavirus loan schemes. Figures published by HM Treasury has revealed that lenders have provided £38.2 billion through the three major government-backed lending programmes. £3.3 billion has been approved to 83,000 businesses in the past week, with more applications expected…
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Businesses are facing significant difficulties in the face of the coronavirus pandemic and are pessimistic about their growth once the crisis passes, according to a survey commissioned by UK Finance and undertaken by BVA BDRC. The research finds that the COVID-19 crisis has negatively impacted 69 per cent of businesses, with three out of five…
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The Insolvency Service has published its latest insolvency statistics which have shown a decrease in May, compared to a year ago, in England & Wales. There were 994 company insolvencies in May 2020, comprising of 790 creditors’ voluntary liquidations (CVLs) 32 compulsory liquidations, 110 administrations and 12 company voluntary arrangements (CVAs). There were no receiverships.…
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The Accountant in Bankruptcy, Scotland’s Insolvency Service that administers company insolvencies in Scotland has published its statistics for May 2020 which indicated that there were 35 company insolvencies in Scotland. The figures showed a 55% reduction of 55% when compared to May 2019. This comprised of 16 CVLs, 10 compulsory liquidations, six administrations and three…
Read moreOver half of financial services professionals neglect safe data practices working from home according to new research by Tessian. 56 per cent of financial services professionals are less likely to follow safe data practices and 61 per cent feel they can ‘get away’ with riskier behaviour when working remotely. The State of Data Loss Prevention…
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The coronavirus pandemic is causing SME owners across the country to take drastic action in order to ensure their business survives. According to research by Nucleus Commercial Finance, one in seven (14%) are using personal savings for immediate financial support despite the options available from alternative lenders. Only a quarter (25%) of SMEs have avoided…
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A record number of housebuilders are continuing to go bust, according to data obtained by Price Bailey, 368 developers filed for insolvency last year compared with 207 in 2016, with the increase said to be threatening the supply of new homes. Price Bailey obtained data from the Insolvency Service under the Freedom of Information Act,…
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Payment delays in Asia have increased, according to new economic research by leading trade credit insurer Atradius. The company’s Payment Practices Barometer measures the changing pattern of payment behaviour in B2B trade. In a survey conducted in March this year, Atradius found that businesses in Asia reported more than half (52%) of B2B invoice payments…
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Starling Bank has announced partnered with Jaywing to provide support developing an IFRS 9 modelling framework for the calculation of IFRS Expected Credit Losses on the Coronavirus Business Interruption Loan portfolio. The Coronavirus Business Interruption Loan Scheme (CBILS) provides financial support to small businesses affected by coronavirus (Covid-19). The initiative aims to provide government-backed loans…
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The banking and finance industry has backed over 830,000 UK businesses through the Government’s coronavirus loan schemes. according to the latest figures published by HM Treasury. The figures reveal that lenders have provided £34.9 billion through the three major government-backed lending programmes. £3.6 billion has been granted to 85,000 businesses in the past week, with…
Read moreNew research has found that those working in leadership roles within the public sector are the least aware of new money laundering regulations. Money laundering costs UK businesses, citizens and the government upwards of £190 billion each year. In January 2020, in an effort to tackle the rising levels of fraud and eliminate money laundering,…
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New figures released by the Finance & Leasing Association (FLA) show that total asset finance new business (primarily leasing and hire purchase) fell by 47% in April 2020 compared with the same month in 2019. In the four months to April 2020, new business fell by 23% compared with the same period in 2019. The vehicle…
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Stuart Ramsden has been named Regional Director UK & Ireland for leading trade credit insurer Atradius. Ramsden, who has been with the firm since 1991 succeeds Alun Sweeney who steps down from the role he has held for over 10 years at the end of June. Ramsden’s appointment is effective from 1st July 2020 Having…
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