Credit, Collections & Insolvency News
New findings from quarterly Small Business Index (SBI) has warned that banks ‘are pulling up the drawbridge’ to small firms will further stifle economic growth as its new SBI study shows successful finance applications plunging over the first quarter of this year. Fewer than one in ten (9%) small firms applied for finance in Q1…
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Over a third (37%) of small business owners predict growth for the next three months, the highest figure since the pandemic started more than two-years ago. The new quarterly data from Novuna Business Finance also reveals that the percentage of small businesses predicting contraction has also hit a two-year low (falling to just 7%). Despite…
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The value of UK business loans written off by banks nearly doubled in the last quarter of 2021, rising 87% from £190 million in the third quarter to £356 million in the fourth quarter according to research by debt advisory specialists ACP Altenburg Advisory. Altenburg explains that write-offs of loans have been subdued throughout the…
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Latest Office for National Statistics (ONS) figures show that GDP fell 0.1% in March and the UK’s trade deficit, at £25.2 billion, is at its greatest since records began. Commenting on the figures, Federation of Small Businesses (FSB) National Chair Martin McTague said “Our economic recovery is stumbling when it’s barely had a chance to…
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New research by Bibby Financial Services has found that 2.1million SMEs are ‘just about breaking even’ and face myriad of challenges that threaten to impact the UK’s economic recovery. The report says that SMEs are ambitious for the opportunity to regain lost ground post-pandemic, but risk being held back by a myriad of mounting pressures…
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New figures from the Registry Trust have revealed a significant rise in business County Court Judgments (CCJs)in UK & Ireland, for Quarter 1 (Q1). The figures revealed that there were 230,239 new monetary judgements processed overall in Q1 2022, which is a 10% decrease compared to the Q1 2021 total of 256,404. However, there was…
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Responding to this year’s Queen’s Speech the Federation of Small Businesses (FSB) has urged the need for late payment reform. Federation of Small Businesses (FSB) National Chair Martin McTague said “A worsening late payment crisis is currently threatening the futures of more than 400,000 small firms. The Audit Reform Bill creates space to take forward…
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The Financial Stability Board (FSB) has published a Thematic Review on Out-of-Court Corporate Debt Workouts. The objective of the peer review is to support Covid-19 response and recovery efforts by examining FSB member jurisdictions’ practices, experiences and lessons from out-of-court workouts as a less costly and more flexible alternative to full, formal insolvency proceedings. The…
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New research by Premium Credit has revealed that one in six (59%) of SMEs are relying on credit to pay for their insurance, borrowing on average around £1,105. Nearly one in ten (9%) SMEs who use credit to pay for their insurance, claim to have borrowed over £3,000 to fund their cover. Premium Credit’s Insurance…
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Latest Federation of Small Businesses (FSB) research has highlighted Covid’s negative impact on mental health of close to two million entrepreneurs. The FSB’s survey of 1,000 business owners finds that a third (34%) of all small business owners state that their mental health declined over the course of the pandemic. Government figures show that there…
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The Bank of England’s Monetary Policy Committee’s vote to increase the base rate to 1% follows the release of ONS figures showing that 16% of microbusinesses are still not currently fully trading (compared to only 3% of big businesses) meaning that small businesses will be hit harder with a ‘cost of doing business.’ Responding the…
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New data from Sidetrade has found that the UK and Ireland are among the top five worst in Europe for payment delays. The company statistics are based on the payment behaviour of 20.7 million buying companies worldwide. The data reveals the best and worst markets and industries for late payments over the last three years…
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Fears are rising over the financial pressures facing British businesses. The latest Lloyds Bank Commercial Banking barometer shows that business confidence in London fell by 20 points during April to 40%, while Begbies Traynor warned that there was a 20% rise in the number of companies in distress over just three months. The barometer showed…
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