Credit, Collections & Insolvency News
Trade credit insurer Atradius has published an economic research report on South Africa, following the news that the nation has officially entered a recession. The paper, entitled ‘South Africa: More vulnerable to changes in market sentiment’, is designed to brief businesses on the background to the current economic crisis facing the country and assessing its…
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Late payments are an even bigger challenge for those medium-sized companies, with 94% of businesses employing over 50 people reporting that the issue is causing cashflow problems for them according to new figures from Ultimate Finance. In partnership with BDRC Continental, Ultimate Finance conducted research into the impact of late payments on the SME sector.…
Read moreThe Irish Small & Medium Enterprises Association (ISME) Credit Watch latest survey shows that late payment has deteriorated from 59 days to 61 days in Q2. Dublin and Ulster businesses are waiting the longest to be paid. Commenting on the results ISME, CEO Neil McDonnell said “Todays’ results are disappointing. Late payments are a big issue for SMEs;…
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The Competition and Markets Authority (CMA) has announced new support for consumers and small businesses experiencing unexpected banking fees. From today, two important changes come into force to make it easier to know what charges consumers and companies might face. Firstly, the CMA is forcing banks to be more transparent about the cost of overdrafts and…
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Liquidation notices have been issued and advertised in the London Gazette for the following companies: 5 ON THE CORNER LTD A LULLI BUILDING AND DEVELOPMENTS LTD A. AND. C. WINDOWS (ROTHERHAM) LTD A. H. HALES (PLUMBING AND HEATING ENGINEERS) LTD AAGAARD-HANLEY LTD ABEL OF HERTFORD LETTINGS LTD ACCIDENT COMPENSATION ANGELS LTD ADAM SIMMONDS LTD AJ SWORDS…
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Winding up Petitions have been issued and advertised in the London Gazette for the following companies: 34W LTD 360PRECISION LTD 365 (2012) LTD A 2 DELICIOUS LTD A&J WATER TREATMENT LTD AAA DRIVEWISE CONTRACTS LTD AALBORG PLACE LLP AB RESTAURANTS LTD ABEL OF HERTFORD LETTINGS LTD ACORN DEVELOPMENTS (KENDAL) LTD ADASTRA PUB COMPANY LTD ADVANCE EMPLOYABILITY…
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New research from Begbies Traynor shows that 329,834 UK companies were experiencing “Significant” financial distress at the end of Q2 2017, a 25% increase from Q2 2016 (263,517 companies), representing the largest annual increase since Q2 2014 and the largest number of corporates experiencing significant distress in at least 5 years*. The Red Flag Alert…
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19% of estate agents in the UK currently exhibit warning signs that indicate they are at risk of going insolvent according to the latest research by Moore Stephens. The research shows that 4,928 estate agents out of a total 25,560 are showing signs of financial distress. Online estate agencies such as PurpleBricks, House Simple and…
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Moody’s Corporation has announced today that it has received clearance under the EU Merger Regulation from the European Commission to acquire Bureau van Dijk, a global provider of business intelligence and company information. Moody’s announced that it had agreed to acquire Bureau van Dijk on May 15, 2017. In accordance with the terms of the transaction, Moody’s expects the…
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Business information specialist, Creditsafe, has announced the addition of 16 countries across the Middle East and North Africa to its global platform. Businesses will now be able to gain instant online access to credit reports for companies in countries including: Bahrain, Benin, Burkina Faso, Congo Kinshasa, Egypt, Jordan, Kuwait, Lebanon, Oman, Palestine (West Bank and…
Read moreThe latest results Insolvency statistics from The Insolvency Service for Quarter 2 (April to June 2017 (Q2 2017) reveal that total company insolvencies increased in Q2 2017, primarily caused by 1,131 connected personal service companies entering liquidation on the same date following changes to claimable expenses rules. The estimated underlying number of company insolvencies fell…
Read moreThe body that administers the Prompt Payment Code (PPC) on behalf of the Government says that the Code is having a demonstrable impact on improving the payment practices of larger firms. As the Code registers its 2,000th signatory, The Chartered Institute of Credit Management (CICM) points to a series of recent announcements from supermarkets and…
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New research from Moore Stephens indicates that 26% of construction companies currently exhibit warning signs that indicate they are at risk of failure. Companies building commercial properties are most at risk, with 32% facing an increased chance of entering into insolvency by 2020. This compares to 23% for those building residential properties. The research reflects…
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