Credit, Collections & Insolvency News
New Financial Conduct Authority (FCA) proposals which would give more SMEs the opportunity to refer disputes related to financial services firms to the Financial Ombudsman Service (FOS) have been backed by experts from a debt services provider. The FCA recently launched a consultation on the issue of SME access to the Financial Ombudsman Service (FOS)…
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Nearly two thirds (65%) of finance organisations are already prepared or preparing for an initiative related to blockchain, an in-depth study of over 1000 finance professionals has revealed. The research commissioned by Onguard, the fintech firm that focusses on the order to cash process, discovered that nearly a quarter (23%) of the organisations polled are…
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Problems with late invoice payments are affecting around one in eight Scottish firms, according to new indicative research by insolvency and restructuring trade body R3. The latest edition of R3’s regular Business Distress Index, which looks at measures of business success and distress across the UK, indicates that 12% of firms in Scotland are currently…
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Latest data released by Creditsafe has revealed that, on average, Formula 1 teams pay 16% of their invoices late by an average of 10.5 DBT (days beyond the agreed payment terms), despite a combined turnover of over £3.6 billion. Red Bull was found to be the worst offender, paying almost a third (31%) of its…
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The Government has announced plans to improve the UK’s corporate governance framework to ensure the UK remains one of the best places to start and grow a business. The rules include: Directors selling companies recklessly to face tough new sanctions including fines and disqualification Creditors could have money returned to them by reversing inappropriate asset stripping…
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The Minister for Small Business says the collapse of Carillion must act as a catalyst to supporting small businesses, and prompt payment is a central part of the solution. Interviewed exclusively for ‘Credit Champions’, a news and current affairs-style programme created by The Chartered Institute of Credit Management (CICM) and ITN Productions, Andrew Griffiths MP…
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The Credit Services Association (CSA), the voice of the UK debt collection and debt purchase sectors, is to host the Credit and Collections Technology Awards at this year’s CSA Gala Dinner on 13 September. The co-branded event, which will form part of the CSA’s UK Credit and Collections Conference (UKCCC), reflects the Association’s growing recognition…
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The Financial Conduct Authority (FCA) has announced proposals which would give more SMEs the opportunity to refer financial services disputes to the Financial Ombudsman Service (FOS). The FCA recently launched a consultation on the issue of SME access to the Financial Ombudsman Service (FOS) after highlighting that such businesses can often struggle to resolve financial…
Read moreThe Government has announced its commitment to end late payment culture as part of its Spring Statement. Responding to the news the Federation of Small Businesses (FSB) National Chairman Mike Cherry, said “The Chancellor has sent a clear message to UK boardrooms today by committing to ending the late payment crisis that destroys 50,000 businesses a year. We…
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A new report by Coface has indicated that here was an 8.3% drop in the number of French business insolvencies to 53,414 cases over one year in January 2018, which is the lowest since October 2008. Their cost to the economy is experiencing a double-digit drop: -15.2% for supplier debt (3.2 billion euros) thanks to…
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Pre-pack administrations are continuing to side-step measures to stop the abuse of the current insolvency system, according to new research by Moore Stephens. Just 23 pre-pack sales were referred for scrutiny in 2017 by the Pre-Pack-Pool, the independent review body designed to help stamp out abusive pre-packs – down from 49 in 2016. A pre-pack…
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Businesses in England and Wales faced the first rise in adverse County Court Judgements (CCJs) in eight years during 2017, according to figures released today by Registry Trust. In 2017, 105,633 CCJs were registered against businesses in England and Wales, up 30 percent on 2016 and the first year-on-year increase since 2009. The rate of…
Read moreBritain’s small and medium-sized enterprises remain deeply anxious about the prospects for their businesses, new research from Close Brothers reveals, with few firms confident they will grow during the course of 2018. Their nervousness reflects concern about the outlook for slower growth from the UK economy, as well as barriers that threaten to hold their…
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