Credit, Collections & Insolvency News
Almost a third of SMEs (31%) have experienced late payments costing their business at least £10,000 in the last 12 months, according to research by Hitachi Capital. The report says the impact of late payments on the long-term health of the UK economy is estimated to have cost UK SMEs at least £51.5 billion in…
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The Chief Executive of the Chartered Institute of Credit Management Philip King has given a cautious welcome to the Government’s call for evidence in tackling late payment but warned against actions that may ‘throw the baby out with the bathwater.’ King says that while the possibility of increased powers for the Small Business Commissioner (SBC)…
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The Federation of Small Businesses (FSB) is calling on the Government to tackle crime against small businesses as a priority and help to plug the billions that are being lost in the economy every year as a result. Hiring new police officers will be crucial to tackling business crime in England and Wales and making…
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Specialist asset-based lender, Ultimate Finance, has announced a strategic refocus of its product portfolio as it withdraws from the unsecured loan market to concentrate on further investment in its range of core asset-based solutions. The decision enables a full focus on growing its market-leading Invoice Finance, Asset Finance and Bridging products, and aligning its depth…
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In August, the following administration notices have been issued and advertised in the London Gazette for the following companies: 60 FAITHS APARTMENTS LLP 8 OUTDOOR MEDIA LTD A1 HIRE (PERTH) LTD ABELIA CARE SERVICES LTD ACCORDIANT LTD ADAM MICHAEL SCAFFOLDING SERVICES LTD ANDY THORNTON CONTRACTS LTD ASBESTOS CLEARANCE AND DISPOSAL SERVICES LTD ASPRAY TRANSPORT LTD…
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Creditors Voluntary Winding-Up – Appointment of Liquidators notices have been issued in the London Gazette for the following companies in August: 1 TO CONSULT LTD 12 HARLAND PLACE LTD 365 RESOURCES & RECRUITMENT LTD 3BC LTD 3C UK TV LTD 7777 LTD 7CLOUDSUP LTD A & E CIVIL ENGINEERING LTD A AND I BUILDERS LTD…
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Overall business confidence fell in August, for the first time in three months, by 12 points to 1%, according to the latest findings from Lloyds Bank Commercial Banking Business Barometer. Overall business confidence is calculated by averaging the views of 1,200 companies on their business prospects and optimism about the UK economy. This month’s business…
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The Chartered Institute of Credit Management (CICM) new rules for the Prompt Payment Code (PPC) have now come into effect. The new rules mean that companies could be blocked from bidding for government contracts worth over £5m if they fail to pay 95% of their invoices within 60 days. Reacting to the start of the…
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New research from Lloyds Bank Commercial Banking has revealed that a third of UK businesses who were paid late in the last year did not chase outstanding payments. Fear of damaging valuable customer relationships was the biggest rationale by some margin, cited by two thirds, 62 per cent, of businesses. This was followed by capacity…
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A new report from insurance specialist Gallagher finds that a significant proportion of UK SMEs are exposing themselves to severe and lasting impacts of a crisis incident, through lack of preparation, protocols protection and review. Crisis incidents, such as cyber-attacks, extortion, industrial espionage and terrorism, are costing UK SMEs billions of pounds a year. Furthermore,…
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Corporate insolvencies are on the rise globally due to the more challenging economic environment and high policy uncertainty according to a new report by Atradius. The report says business failures in developed markets are forecast to increase 2.8% in 2019 – the first annual increase in a decade – followed by another 1.2% increase in 2020.…
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Bupa Insurance Services poor payment practices have been exposed in a new report by The Office of the Small Business Commissioner. The reports names Bupa for failing to pay adequate compensation to a small business in a case of late payment of invoices, following an investigation into a complaint. The small business commissioner found that…
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Dun & Bradstreet’s latest UK Industry report has revealed that retailers continued to face a challenging business environment throughout the first half of the year. Between falling year-on-year sales, as reported by both the BRC and ONS, and a growing number of vacant stores, retailers are feeling the brunt of consumer uncertainty, particularly surrounding the…
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