Credit, Collections & Insolvency News
Digital insurance platform, Nimbla has announced a business risk modelling partnership with Wiserfunding. Wiserfunding is a venture from Edward Altman, the creator of an industry-standard credit risk model, the Z-Score. Wiserfunding’s Artificial Intelligence (AI) enhances SME credit profiling by assessing intangible factors such as corporate governance, management capacity and macroeconomics. Nimbla’s risk modelling will be…
Read moreChanges to the insolvency law will give businesses flexibility according to Duff & Phelps which also says that the new measures will provide options for businesses in difficulty as Britain exits lockdown. Introduced on 20 May 2020, the Corporate Insolvency and Governance Bill the company says that the legislation is a welcome development that will…
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Barclaycard Payments’ second SME Barometer has found that, despite UK businesses predicting poor short-term performance, and reporting a dip in sentiment compared to last quarter, there are early signs that they have begun the road to recovery. The report found that business sentiment has dropped by 31 points this quarter, down to 79 points out…
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Latest figures published by HM Treasury have revealed how the banking and finance sector is helping businesses of all sizes get through these tough times. Lenders have approved £27.5 billion to more than 650,000 businesses so far through the three major government-backed lending schemes. The industry is providing an unprecedented level of support to businesses…
Read moreRetail sales volumes remained deeply depressed in the year to May, according to the CBI’s latest monthly Distributive Trades Survey. The pace of decline slowed a little compared with April (when retailers reported the joint-fastest drop since the start of the survey in 1983). And volumes are expected to fall at a slightly slower –…
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British retail sales plummeted by a record amount in April as many stores closed amid the coronavirus outbreak. The latest Office for National Statistics (ONS) showed that the number of goods sold fell by 18.1% last month. Clothing sales also halved as many High Street shops were shut under the lockdown measures introduced by the…
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Travel agencies and tour operators are the worst hit of all major industries by the coronavirus crisis, with turnover of the sector in the UK falling 56% from £2.6 billion in March 2019 to just £1.2 billion in March 2020. Research by UHY Hacker Young has shown that the lockdown has already hit the prime…
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The big uptake of Government-backed covid-19 loan schemes raises important questions about small businesses’ concerns over their treatment as customers of the banks, according to a new independent report. The report says that issues arise from the statistically significant participation of Small and Medium Sized Businesses (SMEs) in Government-backed loan schemes. A tightening economy will…
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The Government has introduced the Corporate Governance and Insolvency Bill in Parliament, which will put in place a series of measures to amend insolvency and company law to support business and to address the challenges resulting from the impact of coronavirus (COVID-19). The Bill consists of 6 insolvency measures and 2 corporate governance measures. The…
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The British Business Bank has announced that it has approved six new lenders for accreditation under the Coronavirus Business Interruption Loan Scheme (CBILS). New lenders Bibby Financial Services, iwoca, Scania Financial Services, Triodos Bank UK, Ulster Community Investment Trust (UCIT), and Woodsford TradeBridge will be able to provide financial support to smaller businesses across the…
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The Government has announced that it will extend the maximum loan size available through the Coronavirus Large Business Interruption Loan Scheme (CBILS) from £50 million to £200 million. The maximum loan size increase will help ensure those large firms which do not qualify for the Bank of England’s Covid Corporate Financing Facility (CCFF) have enough…
Read moreNew Office for National Statistics (ONS) figures show that the number of people claiming Jobseeker’s Allowance and seeking support under the Universal Credit “searching for work” conditionality rose by 69% to over two million between March and April. Federation of Small Businesses (FSB) research shows that close to one in ten (8%) business owners have…
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Business decisioning data and analytics provider, Dun & Bradstreet, has announced that it has introduced a COVID-19 Impact Index. The seeks to address the urgent needs of business leaders to better understand the real-time impacts of the pandemic on companies and their network of suppliers and customers. The analysis is based on evolving local conditions…
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