Credit, Collections & Insolvency News
The UK Civil Aviation Authority (CAA) said the tour operator has “ceased trading with immediate effect” after winding up orders were made against Thomas Cook Group plc and associated companies. The court appointed the Official Receiver as the Liquidator. The court has appointed Special Managers to assist the Official Receiver with the liquidation. Insolvency Practitioners…
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Businesses in Eastern Europe are conducting significantly more sales on credit to boost their competitiveness in overseas markets, according to a new report by trade credit insurer Atradius. The Atradius Payment Practices Barometer reveals Eastern European businesses transacted an average of 67% of the total value of their sales to domestic and overseas B2B customers…
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Irish SMEs drew down €1.4 billion in loans from Irish banks over Q2 2019, an increase of €147 million on the same period of 2018. SMEs in the property sector accounted for the largest share of new drawdowns at 36 per cent, followed by SMEs in the wholesale/retail trade and agricultural sectors; accounting for 12…
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New figures from the consumer group Which? indicate that one in 10 free UK cashpoints have either closed or started charging fees since January 2018, with deprived communities disproportionately impacted by the changes. Anabel Hoult of Which? and Natalie Ceeney of the Access to Cash Review have written to the Chancellor to urge the Government…
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Euler Hermes has published its third edition of its Enabling Digitalization Index (EDI), which analyses a country’s ability to provide an environment where companies can digitally transform successfully. The score is based on 5 components: regulation, knowledge, connectivity, infrastructure and size. The United States (U.S.) topped the list with a score of 87 out of…
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Leading business groups and insolvency experts have written to the Chancellor to warn that plans to prioritise repayments to HMRC over repayments to other creditors in insolvencies will have serious consequences for the UK economy. Under legislation included in the draft Finance Bill, the Government is planning that, from 6 April 2020, certain tax debts…
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The number of restaurant businesses going insolvent has jumped 25% in the last year to 1,410 in 2018/19, up from 1,130 in 2017/18, according to new figures from UHY Hacker Young. The report says that the rapid growth of the causal-dining sector since the last recession had resulted in an over-saturated mid-market which is still…
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Nearly two-fifths of European businesses have knowingly fallen victim to a cyberattack in the last five years, with 64% admitting that they may have been hacked unknowingly, according to a new report by RSM, This is compounded by a sense of apathy and acceptance, as 62% of respondents believe hackers are more sophisticated than security…
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New figures released by the Finance & Leasing Association (FLA) show that asset finance new business (primarily leasing and hire purchase) overall grew in July by 8% compared with the same month last year. New business for deals of up to £20 million increased by 7% over the same period. The plant and machinery finance,…
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The winners of the third annual 2019 Credit & Collections Technology Awards have been revealed. There were eighteen winners from the twenty Awards categories which are covered by four main headings of Applied Technology, Credit and Collections, Lender and Creditors and Innovation Leaders. The awards ceremony was held at the Credit Services Association’s (CSA) annual…
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Heightened restructuring activity has seen the half-year net reduction in stores on Britain’s high streets hit record levels according to research by the Local Data Company (LDC) and PwC. The first half of 2019 saw almost twice as many store closures (16 per day) as openings (9 per day). In total, 1,634 stores opened and…
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CYBG’s SME Health Check Index, a quarterly measure of performance and outlook for UK SMEs, fell by 6.9 points to 41.9 in Q2 2019, as economic and political uncertainty continued to weigh on business confidence. The study overall, however, reveals a mixed picture, with continued resilience in the labour market, and encouraging insights on business…
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New identity checks for company directors should be introduced to help reduce business fraud, says Tim Cooper, chair of insolvency and restructuring trade body R3 in Scotland. A Government consultation into enhancing the role played by Companies House in the UK’s anti-fraud framework, which recently closed, provides a real opportunity to significantly strengthen the UK’s…
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