Credit, Collections & Insolvency News
UK Retailers saw record online sales last month as trading more than doubled but it still failed to offset the impact of empty high street stores, according to new figures from BDO. The BDO retail sales tracker for May revealed that online sales more than doubled compared with the same month last year – the…
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As UK businesses cautiously return to trading, a review of the last eight weeks of the ACCA UK and Corporate Finance Network (CFN) SME Health Tracker has revealed that the lockdown has had a marked impact on SMEs’ financial outlook. Since early April, the Tracker has gauged SMEs’ financial health when the lockdown officially began…
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The Office for National Statistics (ONS) has published its latest set of economy indicators on the Business Impact of Coronavirus in the period 4th May to 17th May 2020. The findings show that 42% of businesses responding to the Business Impact of Coronavirus Survey (BICS) had less than 6 months of cash reserves, while 79%…
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A report by TheCityUK has predicted that the Government’s three lending schemes will see borrowing boom from the current £27 billion to £123 billion by Q2 next year. The task force has proposed several ways the debt burden could be reduced, including exchanging troubled debt at larger businesses for preference shares, or swapping small businesses…
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Free debt advice provider, PayPlan, has launched a new enhanced Business and Self-Employed Debt Advice Team for people who are self-employed, or run their own business, and need help with debt. With the current economic climate impacting almost five million self-employed people and six million small businesses across the UK, there has never been a…
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Private equity investor Sandton Capital Partners and Sheffield-based credit management specialist Credit Style have announced that they have joined forces to support UK businesses facing financing and credit management challenges. The partnership has been launched following over nine months of research and development and is designed to support businesses facing challenges created by the pandemic…
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Small businesses face a ‘trade credit crunch’ as a backlog of unpaid invoices builds up according to research by iwoca which shows that 40% of businesses are currently facing debts of over £10,000 in unpaid invoices. Iwoca says that businesses face considerable disruption with unpaid invoices meaning that as many as one in four company’s…
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In May the following administration notices have been issued and advertised in the London Gazette for the following companies: ADELIE FOODS BIDCO LTD ADELIE FOODS GROUP LTD ADELIE FOODS LTD ADELIE HOLDCO UK LTD AHS COMMERCIAL LTD ALDO UK LTD ANTLER (HOLDINGS) LTD ANTLER LTD ARLINGTON AUTOMOTIVE HOLDINGS LTD ARLINGTON AUTOMOTIVE NE LTD ARLINGTON ENGINEERED…
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Creditors Voluntary Winding-Up – Appointment of Liquidators notices have been issued in the London Gazette for the following companies in May 2AM DESIGN LTD 624 SEACROFT AND MAYWEATHER PRODUCTS LTD A-Z STATIONERS LTD AAC AIR CONDITIONING LTD AB TRAFALGAR SQUARE LTD ACTIVE ORTHOTICS LTD AEGIS ENVIRONMENTAL SOLUTIONS LTD AFFORDABLE HOME FURNISHINGS LTD AIR RISK INTERNATIONAL…
Read moreIn May, Winding Up Petitions (Companies) have been issued and advertised in the London Gazette for the following companies: ACCESSIBLE SCAFFOLDING LTD AGB DEVELOPMENTS DARTFORD LTD ALLIANCE PREMIER LTD ARAB FASHION COUNCIL ARMTHORPE SKIPS LTD BLUE ROCK GROUP LTD BRISCOE OFF LICENCE LTD CASTLE PARK PROPERTY LTD CHINA TOWN LEISURE LTD CITY EXPRESS TRANSPORT LTD…
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The Government has announced that it will provide guarantees of up to £10 billion to trade credit Insurance schemes for business-to-business transactions. The Trade Credit Reinsurance scheme, which has been agreed following extensive discussions with the insurance sector, will see the vast majority of Trade Credit Insurance coverage maintained across the UK. The guarantees will…
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Real Estate, Hospitality and ICT are the UK sectors hardest hit by late payment, according to analysis by Sidetrade. Sidetrade’s Tracker report has found that 38% of invoices are at least ten days overdue as the UK is beginning to feel the effects of lockdown exit. As of 25th May, the UK sectors hardest hit…
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New Business Banking Resolution Service (BBRS) has said it is seeking input from stakeholders and registered and potential customers to ensure the new service is developed in line with the needs of those who will use the service. The BBRS says that a human, flexible approach will be at the heart of the way it…
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