Credit, Collections & Insolvency News
Five companies previously suspended from the Prompt Payment Code have been reinstated following improvements in payment practices to their supply chain. The companies have pro-actively engaged with the Prompt Payment Code Compliance Board by submitting action plans outlining how they plan to achieve compliance and meet the commitments of the Code. The five companies reinstated…
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A survey conducted by commercial data and analytics firm Dun & Bradstreet found that prior to the coronavirus outbreak only 22 percent of small and medium sized enterprise (SME) respondents viewed securing funding for future growth as a key business priority. With latest figures on COVID-19 related loan schemes suggesting that the pandemic has increased…
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Business debt will slow the economic recovery from coronavirus unless steps are taken to make the burden more manageable for small and mid-sized companies according to the Institute of Directors (IoD) In a poll of 720 company directors, half (51%) said that debt their organisation had taken on during the crisis would have a negative…
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Latest figures released by the Treasury have revealed that lenders have approved over £31.3 billion to over 745,000 businesses through government-backed schemes. In the past week alone, more than £3.8 billion in lending has been provided to 94,000 firms through these schemes. More applications have been received and are expected to be approved in the…
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Losses at the UK’ top 100 restaurant groups increased 94% to £151 million last year, growing from a loss of £78 million the year before new research at UHY Hacker Young indicates. The top 100 restaurant groups have seen losses worsen in recent years and this trend is expected to continue as restaurants grapple with…
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With restrictions on some non-essential businesses beginning to lift and further changes due to come into effect on 15th June, new research from Intuit QuickBooks suggests SMEs are looking towards recovery following the impact of the pandemic. Almost three in five (57%) small and medium-sized enterprises (SMEs) feel confident about business activity in the next…
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The High Court Enforcement Officers Association has adopted a new best practice plan for post-lockdown enforcement activity across England and Wales over the coming weeks and months. The post-lockdown plan, entitled “A Flexible and Sympathetic Approach to Enforcement”, sets out the principles, working practices and behaviours that all High Court Enforcement Officers (HCEO’s) and representatives…
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The banking and finance industry has confirmed its continued support for commercial landlord customers as part of its ongoing commitment to help business customers through these difficult times. With the June/July rent quarter soon approaching, lenders recognise that commercial landlords and their tenants may have concerns about their ability to make their payments. Banks and…
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Overall business confidence fell in May by a further percentage point to -33%, according to the Lloyds Bank Commercial Banking Business Barometer, sitting at the all-time lowest level recorded in December 2008 during the global financial crisis. The decline illustrates that little has changed in terms of sentiment for UK businesses, following the sharp fall…
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British Business Bank has announced that it has approved a new lender for accreditation to the Bounce Back Loan Scheme (BBLS) for small business across the UK. The scheme is intended to target small and micro businesses in all sectors, with loans from £2k up to 25% of the business’ turnover with a maximum loan…
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The government’s plans to widen the job retention scheme to include part time working could see widespread abuse and fraud, according to analysis. by Blick Rothenberg. With the widening of the Job Retention Scheme (JRS) to include part-time working, the temptation for employers to exaggerate claims, especially in times when they need cash desperately, is…
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New figures from the Information Commissioner’s Office (ICO) has revealed that 42% of businesses had less than six months of cash reserves. The figures also revealed that 79% of businesses in the UK had applied for the Coronavirus Job Retention Scheme. This resulted in a new high of 8.4 million, alongside 2.3 million self-employed. The…
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A survey of Scottish businesses has revealed the full impact of the coronavirus lockdown – with confidence so badly damaged that six in ten (61%) fear they will go bust, despite government support. More than 400 companies, working across 17 broad sectors, took part in the survey. Results saw 93% stating they had been adversely…
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