Credit, Collections & Insolvency News
The Insolvency Service has released its annual figures on business insolvencies which show that excluding one-off ‘bulk insolvency events’, seasonally adjusted corporate insolvencies in 2019 rose 6.8% from 2018. Excluding these one-off events, there were 17,196 business insolvencies in 2019 – the highest since 2013 Underlying Creditor Voluntary Liquidations were at their highest annual level…
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The second Commercial Credit & Collections conference saw the themes of Brexit and technology within credit management discussed at an event hosted by Aon and CVR Global at last week’s (23rd January 2020) event held at the Leadenhall Building in London. Over 80 industry professionals from the commercial credit management sector attended the event. The…
Read moreIn what is a landmark case for the Insolvency Service, the courts have recently ordered a disqualified wine merchant to pay back more than £500,000 to creditors. This was after he abused customers’ trust and removed funds, of which a large part was due to be paid to customers after selling their wine stocks or…
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New research from insolvency firm, Begbies Traynor has revealed that the number of businesses in significant1 financial distress has risen to 494,000 – the highest number recorded by this research, with the real estate and property, support services, construction and retail the sectors particularly badly affected. The latest Red Flag Alert data for Q4 2019…
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There was a 20 percent drop year-on-year, in the number of County Court Judgments (CCJs) registered against businesses in England & Wales in Q4 2019, according to the latest figures released by Registry Trust. The total number of judgments against all businesses decreased from 29,303 in Q4 2018 to 23,418 in Q4 2019, and was accompanied…
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The 2020 Credit & Collections Technology Awards have now opened for entries. Launched in 2017, the fourth annual awards seek to recognise excellence in credit and collections technology. The Credit & Collection Technology Awards powered by Credit Connect are judged by independently selected judges from across the industry, who have the enviable task of identifying the best…
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Philip King, Chief Executive Officer (CEO) of the Chartered Institute of Credit Management (CICM), has been appointed Interim Small Business Commissioner (SBC). King will head the independent Office of the Small Business Commissioner (SBC) in Birmingham. It was launched in December 2017 to ensure fair payment practices for Britain’s small businesses and support them in…
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New figures from the British Retail Consortium have shown that in Q4 2019, the total number of retail employees fell by 1.8% year-on-year, a lower rate of decline when compared to Q4 2018 when employment fell by 2.8%. This is the 16th consecutive quarter of year-on-year decline in the retail workforce, proof that the transformation…
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The value of alleged cybercrime cases reached over £1 billion in UK Courts in 2019, according to research by KPMG – showing fraudsters are becoming more persistent. Sophisticated cyber-crime combined with traditional old school frauds have pushed the value of alleged fraud cases hitting UK Courts in 2019 to over £1 billion. Fraudsters went back…
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The latest official statistics show that corporate insolvencies in Scotland for the whole of 2019 were 4 percent up on the year before, at 980, putting them at their highest level since 2012. However, the figures fell by 4% in October-December 2019 when compared with July-September 2019, and rose by 8% compared with October-December 2018.…
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UK businesses are planning a £1.7 billion investment boost over the next two years as Brexit uncertainty ends, a new survey has revealed. Plans to expand premises and employ more staff top the agenda for small and medium sized enterprises (SMEs), according to the results of the study by finance specialist Together. More than a quarter…
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The National Audit Office (NAO) has published a value for money study on the British Business Bank, in particular examining its impact on SMEs’ access to finance and its preparedness to respond to future challenges. The NAO report examines the impact of the British Business Bank on small-medium enterprises’ (SMEs) access to finance and its…
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Small food and drink producers are being urged to enhance their risk mitigation processes in a sector report by trade credit insurer Atradius. The Food Market Monitor by Atradius reports that with more than 45% of food consumed in the UK imported, exchange rate volatility and its impact on the cost of commodities and food…
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