Credit, Collections & Insolvency News
The proportion of UK companies which are only paying the interest on their debts – one of the signs of a so-called ‘zombie’ business – has dropped to 3% in December from 5% in April this year, according to research by R3. The proportion of businesses only paying interest on their debts – equivalent to…
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The culture of late payment to UK SMEs is undermining their growth and the value they bring to the UK economy. Findings from business finance company MarketInvoice reveals that 62% of invoices issued by UK SMEs in 2017 (worth over £21b) were paid late, up from 60% in 2016. The average value of these invoices was £51,826. A third…
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Irish SMEs are writing off €1.7 billion every year due to bad debts, according to a new report by Bibby Financial Services. Bibby said the firms are losing the money due to customers not paying bills, or customers becoming insolvent. The Global Business Monitor report from the firm found that an average of €13,780 is…
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There was no festive cheer for retailers as December rounded off as the worst year for consumer spending since 2012 according to new research by Visa. Commenting on the data, Mark Antipof, Chief Commercial Officer at Visa said “Christmas rounded off a lean year for retailers with consumer spending seeing its first consistent 12 month…
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Creditors Voluntary Winding-Up – Appointment of Liquidators notices have been issued in the London Gazette for the following companies: 07428380 LTD 08161993 LTD 4 YES LTD A & J SALES MARKETING AND CONSULTANCY LTD A C MORRIS BUILDERS LTD AAYA LTD ACH GROUP MANAGEMENT LTD ACORN BUILDING CONTRACTORS LTD ACURATE SECURITY SERVICES LTD ADAM WATER LTD…
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Winding up Petitions (Companies) have been issued and advertised in the London Gazette for the following companies: 09753626 LTD 1ST NATION LTD 365 ENERGY LTD A G M (RIVERSIDE) LTD A&G DESIGN & BUILD LTD ABBOTT & SON ELECTRICALS LTD ABSOLUTE EVENT SOLUTIONS LTD ACQUISITION 395445593 LTD ADAM MOTORS LTD AEJIS LTD AGRO FOOD LTD…
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The HMRC has announced that taxpayers will no longer be able to pay their tax bills by credit card. A letter sent out to taxpayers last month confirmed that HMRC would “no longer accept payment by personal credit card”. Coming into force from 13th January, the ban leaves those completing their annual tax returns just eighteen…
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The same external and internal political, economic and market challenges remain for businesses for this year as they did for 2017 according to the new research by ICAEW. Despite improved global conditions, uncertainty about the UK’s relationship with the EU continues to be the biggest concern for business. Key headline findings from the report include:…
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Nearly 45,000 retailers are in financial trouble this Christmas as rising inflation and the squeeze on household budgets are having an impact on high street spending. There has been a 22 percent increase in retailers facing ” significant financial distress”, according to a survey by the advisory company, Begbies Traynor. The furniture chain Multiyork collapsed…
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A new corporate supply chain finance platform has launched, which aims to improve credit management and provide additional transparency, security and flexibility for banks and their corporate customers. The new platform is called Monimove, and aims to enable banks to create new revenues and be able to track approved funds, optimising their liquidity management in…
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The government has annnounced that it has launched a complaint handling service of the Small Business Commissioner to ensure fair payment practices for small businesses. This follows the appointment of Paul Uppal to the role of Small Business Commissioner. Regulations made by Small Business Minister Margot James mean the Commissioner can now handle complaints from small…
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The number of Scottish companies at higher than average risk of insolvency rose markedly over the course of 2017, according to insolvency and restructuring trade body R3. In December, 26.6% of Scottish firms fell into the category of companies at greater than usual risk of insolvency, up by 36% from January 2017, when the equivalent…
Read moreThe pace of capital investment has fallen in 2017 and is forecast to slow even further in 2018 according to the latest ICAEW Economic Forecast. Business investment is forecast to be 2.1% this year, the second weakest since the global financial crisis. As companies continue to ‘wait and see’ what kind of post-Brexit settlement is…
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