Credit, Collections & Insolvency News
Small and medium-sized (SMEs) businesses are concerned about the longer-term impact of the coronavirus storm, though many have benefited from the government support measures over the past month according to a new survey by chartered accountancy body ICAEW has found. The ICAEW asked its members both working in SMEs and servicing SME clients across the…
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The government published new statistics that show businesses have to date benefitted from over £14 billion in loans and guarantees to support their cashflow during the crisis through schemes delivered by the British Business Bank. This includes 268,000 Bounce Back Loans worth £8.3 billion, 36,000 loans worth over £6 billion through the Coronavirus Business Interruption…
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Businesses with supply chains that rely on Trade Credit Insurance and who are experiencing difficulties maintaining cover due to Coronavirus will get support from the government, the Economic Secretary to the Treasury, John Glen has announced. Trade Credit Insurance provides cover to hundreds of thousands of business to business transactions, particularly in non-service sectors, such…
Read moreA new study has revealed that one in three closed small firms fear they’ll never reopen amid widespread redundancy plans. The Federation of Small Businesses (FSB) survey of over 5,000 firms has laid bare the impact of coronavirus pandemic as one in three small employers consider redundancies as they struggle to pay bills, shelve exports and…
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A survey of over 500 pub owners undertaken by the Forum of Private Business (FPB), found that nearly four out of every ten reported that they are less than confident of surviving a June lockdown. The survey of 560 pubs carried out on behalf of the FPB in the last two weeks of April indicates…
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New finance provider Azzurro Associates, is looking to provide cash against at least £ 1 billion of UK businesses’ unpaid invoices to help provide much-needed liquidity in the coronavirus crisis. The new service aims to help businesses clear their growing unpaid debts. This is the first time that companies operating in the B2B sector have…
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Scottish Parliament has published a new bill to amend bankruptcy legislation. The Coronavirus (Scotland No.2) bill will be subject to an expedited procedure and subject to Parliament’s approval, is likely to come into force by the end of the month. The Bill includes proposals to make a number of important changes to current bankruptcy legislation,…
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Accountants representing over 20,500 SME clients in the UK have reported more businesses have decided to dissolve or liquidate in last week, despite a bounce in confidence about the long-term situation due to the Covid-19 pandemic. The results are revealed in the latest ACCA UK and The Corporate Finance Network’s (CFN) SME Health Tracker, showing…
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Analysis from TheCityUK reveals that British firms could hold as much as £105bn in unsustainable debt by March next year. The financial services industry body has set up a recapitalisation group to agree on a collective response to the coronavirus pandemic from industry and government. The Group has written to Bank of England Governor, Andrew…
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The number of corporate insolvencies seen during April 2020 was down by a third on the previous year, as government support packages have given companies vital headroom to deal with the Covid-19 pandemic. A total of 61 companies fell into administration during April 2020 compared to 91 in April 2019, according to analysis of notices…
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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 28% in March 2020 compared with the same month in 2019. In Q1 2020 as a whole, new business fell by 15% compared with Q1 2019. The IT equipment finance was…
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The banking and finance sector has lent over £5.5 billion to SMEs so far through the Coronavirus Business Interruption Loan Scheme (CBILS), new figures from UK Finance have revealed. Almost £1.4 billion worth of loans were provided in the week from 29th April to 6th May as lending under the scheme continues to grow. The…
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Fraud prevention service Cifas has highlighted a scam whereby criminals posing as debt collectors are targeting bereaved relatives Fraudsters are increasingly targeting people recently bereaved. These callous scammers are purporting to be debt collectors recovering debts incurred by the deceased, and pressurising their relatives to pay the debt. Fraudsters are also contacting relatives to inform…
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