Credit, Collections & Insolvency News
Latest figures from Accountant in Bankruptcy, Scotland’s Insolvency Service have indicated that company insolvencies decreased in Scotland in Q1 2020 There were 235 total insolvencies in Scotland, a fall of 14.5% from the same quarter of 2019. This comprised of 137 compulsory liquidations, 77 CVLs, 20 administrations, one company voluntary arrangement and no receiverships. The…
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The proportion of UK small businesses predicting growth has plummeted from 39% to just 14% in the last three months – with 31% of business owners scaling back their businesses and 30% saying they will struggle to survive between now and the end of June. The findings form part of a quarterly tracking study of…
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A new industry report conducted by the Horticultural Trades Association (HTA) has revealed that the government’s current proposed aid package does not work for the horticultural industry and that a third of UK growers claim they will be insolvent by the end of June because of the impact of coronavirus. In response to the findings,…
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Retailers suffered a “historic” collapse in sales as the lockdown set in as even food retailers reported a slowdown, according to new CBI figures. The CBI’s monthly Distributive Trades Survey (conducted between 27th March 2020 and 15th April 2020) reveals that retailers expect a similar pace of decline in annual next month – the weakest…
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The Chancellor has announced that small businesses will benefit from a new fast-track finance scheme providing loans with a 100% government-backed guarantee for lenders. Chancellor Rishi Sunak said the new Bounce Back Loans scheme, which will provide loans of up to £50,000, would help bolster the existing package of support available to the smallest businesses…
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The Chancellor has just days to act to support struggling small businesses, to save the millions of jobs they represent, and to prevent many of the UK’s three million self-employed workers losing their livelihoods according to a new report by TaxAssist Accountants. The research shows that more than nine out of ten (93%) have significant…
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The British Business Bank has announced that it has approved four new lenders for accreditation under the Coronavirus Business Interruption Loan Scheme (CBILS), which provides financial support to smaller businesses (SMEs) across the UK that are losing revenue and seeing their cashflow disrupted, as a result of the Covid-19 outbreak. The new CBILS lenders are…
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Latest figures from the Registry Trust indicate that the number and total value of judgments registered against Irish businesses more than doubled in Q1 (January-March) 2020 compared to the same quarter last year, The figures show that Irish businesses owed €3,826,317 in Q1 2020, a rise of 134% compared to the same period of 2019.…
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The number of judgments against businesses in Northern Ireland. fell 27 percent in the last quarter. Total and average values rose by 38 and 89 percent respectively. There fewer cases consisting of larger value. The total value of Northern Irish business judgments reached almost the £1 million mark this quarter. Businesses owed 24 percent of…
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County Court Judgments (CCJs) against businesses England and Wales fell six percent in Q1 (January-March) 2020, compared to the same quarter in 2019, according to figures released by Registry Trust. The number of CCJs against businesses decreased from 35,781 in Q1 2019 to 33,520 in Q1 2020. The total value of judgments saw an increase…
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Ahead of the second reading of the Finance Bill on today (27th) April, Duncan Swift, President of insolvency and restructuring trade body R3, has called on the Government to scrap proposals to make HMRC a preferential creditor in insolvencies. R3 says that there has been widespread concern that the proposals will have a significant negative…
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The number of decrees against Scottish businesses rose by 29 percent over the period according to the latest figures from the Registry Trust. Decrees numbers increased from 561 to 722 in Q1 (January-March) 2020. The total value of decrees against businesses fell 5%, to just under £3million. The average value also fell by 10% as…
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The UK government has temporarily banned landlords from using winding-up orders and from what the government calls aggressive debt recovery tactics against retailers while the COVID-19 crisis continues. The Business Secretary has set out new measures to protect high street shops and other companies under strain. The companies will be asked to pay what they…
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