Credit, Collections & Insolvency News
Businesses in Wales had 84,451 fewer unpaid invoices on their books in July 2023 than July 2022, according to new research from R3, the UK’s insolvency and restructuring trade body. R3’s analysis of data provided by Creditsafe shows that overdue invoice numbers in Wales have fallen from 233,925 in July 2022 to 149,474 in July…
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Confidence among British companies has risen to its highest level since before Russia invaded Ukraine, according to the Lloyds Bank Business Barometer. The survey shows that optimism has risen by 10 per cent to 41 per cent, the highest level since February 2022. The 10-point increase is the largest month on month rise since March…
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Three in four brokers (75%) expect the Government to miss its target of halving inflation and expect inflation to remain above 5% at the end of the year according to research by iwoca. While inflation fell to 6.8% in July, core inflation remained flat at 6.9% and projections suggest August could see rates rise again.…
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Four in ten (38%) small and medium-sized businesses (SMEs) are now taking over 90 days to pay their contract staff, according to new research from Sonovate. More than two in five (43%) of SMEs now struggle to pay their contract workers on time as a result of cash flow problems within their businesses. In contrast,…
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New data released by leading audit, tax and consulting firm RSM UK shows that many middle market businesses are performing well, with sentiment and growth on the up. Whilst this is good news for business, it presents a problem for the Bank of England (BoE) as it grapples with inflationary pressures. The RSM UK Middle…
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Latest research by the Chartered Institute of Procurement & Supply (CIPS) has found that rules designed to force large companies to reveal how long they take to pay suppliers have failed to improve payment practices. The duty to report legislation, introduced in 2017, has found that the average time it takes a large business to…
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Construction companies are going bankrupt at the highest rate in a decade as inflation, a drop in housebuilding and delays to major government infrastructure projects bite according to analysed data of Insolvency Service statistics by the Financial Times (FT). The data shows that 4,280 operators entered insolvency in the year to June, a 16.5 per…
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The increase in interest rates will make it harder for taxpayers to clear these debts according to latest HMRC analysis. The HMRC says it is seeing more taxpayers getting into debt and the average value of those debts is increasing as the economic situation remains challenging. The majority of tax debt is owed by small…
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The Bank of England has warned that rising interest rates are putting British companies at higher risk of corporate defaults, with the proportion of non-financial companies experiencing debt-servicing stress expected to hit 50% by the end of the year, up from 45% in 2022. The proportion rose to 70% for medium-sized companies, meaning corporate debt…
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Businesses in Scotland had 131,396 fewer unpaid invoices on their books in July 2023 than July 2022, according to new research from R3, the UK’s insolvency and restructuring trade body. R3’s analysis of data provided by Creditsafe shows that overdue invoice numbers in Scotland have fallen from 552,897 in July 2022 to 421,501 in July…
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New data from Begbies Traynor has revealed that there has been an increase in the number of North West firms faceing significant financial distress as inflation and interest rates bite. In Quarter 2 of 2023, the number of firms in the North West operating in ‘significant’ financial distress was 45,579 according to the research. This is…
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The Office for National Statistics (ONS) has published its latest Consumer Prices Index, which shows the rate of inflation was 6.8 percent in the 12 months to July 2023, down from 7.9 percent in June. Commenting on the inflation figures for July, ONS Deputy Director of Prices Matthew Corder said “Inflation slowed markedly for the…
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The proportion of small businesses working on specific initiatives to secure business growth has reached its highest level for three years – with 71% of enterprises working on specific strategies to improve their future prospects according to new research from Novuna Business Finance. Furthermore, across five industry sectors – manufacturing (86%), construction (75%), agriculture (74%),…
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