Credit, Collections & Insolvency News
One in ten retailers is facing imminent collapse as the economic damage of the pandemic begins to accumulate according to findings of the Opinium-Cebr Business Distress Tracker. Anticipated business recovery time increases to 28 weeks, suggesting the longer lockdown persists, the longer it will take to rebuild Despite this, more than two-fifths of businesses (41%) report…
Read moreLatest figures published by HM Treasury today show that the banking and finance industry has approved over £22 billion in loans to more than half a million (505,040) businesses so far through the three major government-backed lending schemes. In the past week alone lenders have provided over £7 billion to businesses through the Bounce Back…
Read more
Scottish football clubs are being pushed to ‘brink of insolvency’ by coronavirus crisis despite good management and prior health according to a new report by Begbies Traynor. The report says that Scottish football club finances had gained unprecedented stability by the end of March this year, with none of the 42 professional clubs in Scotland…
Read more
Manchester-based SME lender B-North has announced a partnership with Leeds-based RegTech platform TruNarrative to provide onboarding and compliance technology TruNarrative’s platform capabilities will be added to B-North’s selected technology stack providers, which already includes core banking from Mambu and loan originations workflow from nCino (the first time that both providers have integrated their solutions together…
Read more
Petitions to wind up restaurants increased by 165% last year with another surge expected once lockdown ends according to research by UHY Hacker Young. The research shows that the number of petitions to wind up restaurants over unpaid bills has jumped to 53 so far this year, up 165% from 20 in the same period…
Read more
One in four business leaders unaware of anti-money laundering (AML) regulation changes according to new research by SmartSearch. More than one in four (26%) business leaders admit they have no knowledge of recent changes to money laundering regulation and what they need to do to remain compliant. The research has revealed the extent of business…
Read more
The Insolvency Service has published its latest business insolvency statistics which have revealed that the overall numbers of business insolvencies dropped in the days immediately after the UK lockdown was applied. The short term effects of the lockdown show that during the first three weeks of March, prior to the UK lockdown on the 23rd…
Read more
The Accountant in Bankruptcy, Scotland’s Insolvency Service that administers company insolvencies in Scotland has published its statistics for April 2020 which indicated that there were 46 total company insolvencies last month. The figures were a fall of 55% in comparison to April 2019. The insolvencies comprised o 24 CVLs, 17 compulsory liquidations 4 administrations and…
Read more
Figures from the Office for National Statistics (ONS) have revealed that almost half of UK businesses are concerned that they will run out of cash in less than six months. The survey of over 5,000 firms found that a quarter (24%) said they were unsure about their level of reserves. Some 4% reported having no…
Read more
Cash-strapped small businesses could be left in the dark over accessing support with their water bills during the coronavirus crisis, a consumer group has warned. CCW – the voice for water consumers – is urging business customers that have been impacted financially during the pandemic lockdown to make sure they are not missing out on…
Read more
A majority of football clubs now face unprecedented financial distress in wake of coronavirus pandemic. Football club finances were continuing to grow in stability by March this year, with only five clubs in financial distress across the 71 clubs that make up the English Football League (EFL) since Bury FC’s expulsion in August 2019, according…
Read more
New research from specialist bank Aldermore, has revealed that the Covid-19 pandemic has led to a 34% loss in business income for millions of the UK’s small to medium-sized enterprises (SMEs). Despite this, many business owners are fighting back against the impact of the outbreak on their bottom lines by reacting quickly and adjusting their…
Read more
The British Retail Consortium (BRC) says that there has been a record decline in retail sales as the lockdown bite hits businesses hard. On a Total basis, sales decreased by 19.1% in April, against an increase of 2.4% in April 2019. This is the worst decline recorded since the BRC monitor began in January 1995,…
Read more