Credit, Collections & Insolvency News
Irish Government pandemic support has saved at least 4,500 Irish companies from going bust according to research by PwC. The figures represent an average of 50 companies saved every week during the pandemic. PwC examined 18,000 business failures over the past 17 years and measured the correlation between key economic indicators and other trends with…
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Three in five (58 per cent) small or medium enterprises (SMEs) across the UK are currently waiting on late payments from customers, according to research from Barclays surveying 500 small business owners. For medium sized enterprises with 50 to 249 staff, those waiting on late payments rises to more than nine in ten (94 per…
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Five high profile companies Diageo Scotland, Diageo Global Supply IBC, Diageo Northern Ireland, Diageo Great Britain and Unilever UK have been formally removed from the Prompt Payment Code (PPC) after failing to honour their commitments. The voluntary code requires companies to pay 95% of invoices within 30 days to their small suppliers and pay 95%…
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An overwhelming majority of mid-sized business owners are planning to help the next generation tackle the financial impact of Covid-19, according to new research released by BDO The findings from accountancy and advisory firm reveal that more than eight in ten (82%) of business owners are mindful of ‘intergenerational fairness’ and in favour of helping…
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Global credit data and risk intelligence specialist, Creditsafe has announced the acquisition of Graydon. Graydon has been in operation for over 130 years and has been for the last 5 years a 100% subsidiary of Atradius the leading global credit insurer. Graydon is the market leader in B2B information services in the Netherlands and Belgium,…
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Research by Sage shows that more than three-quarters of SMEs expect to return to pre-pandemic levels of profitability in the next 12 months. The poll by the accounting and payroll technology provider also found that two in five smaller businesses expected to hire more people in 2022, with half of those planning to increase their…
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New research from Nucleus Commercial Finance has found that nearly four in 10 (39%) of SMEs plan on investing over a third (35%) of their cash reserves into their business. The majority (91%) of SMEs have cash reserves, with the average SME holding £39,723 which they have set aside to finance their business for a…
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New research from Experian has revealed that better data management and data quality helped businesses to navigate the Covid-19 pandemic, bringing them closer to customers. The annual Global Data Management report, which surveyed 905 data practitioners and data-driven business leaders worldwide, found the majority (75%) of businesses who have improved their data quality in the…
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The number of UK sectors reporting output growth rose in January as supply conditions improved, according to the latest Lloyds Bank UK Recovery Tracker. However, businesses continued to face significant cost inflation, which translated into a record uptick in selling prices among service sector firms. The number of UK sectors monitored by the Tracker reporting…
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Businesses choosing to voluntarily close has reached a new high as the long-term impact of coronavirus restrictions and concerns over imminent tax hikes hits business owners. Research by Price Bailey shows that a record 14,526 businesses in Britain voluntarily appointed liquidators last year, with this marking a 7% increase on the previous record set in…
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The hospitality sector has urged the Chancellor to extend VAT support beyond April, with industry body UKHospitality saying the pandemic had resulted in almost nearly £115bn of lost sales for its businesses since March 2020. The sector was hit first and hit hardest by coronavirus, the sector has racked-up £114.8bn sales lost versus what was…
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Credit management and debt recovery company Credit Style says demand for legal services has increased sharply over the past 12 months and is showing no sign of slowing down. The company says that the average number of legal actions they have commenced on behalf of clients has grown significantly from just over 13,000 cases to…
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Almost 100,000 Self Assessment customers have used online payment plans to spread the cost of their tax bill into manageable monthly instalments since April 2021, HM Revenue and Customs (HMRC) has revealed. Once a customer has filed their 2020 to 2021 Self Assessment tax return, they can set up a Time to Pay arrangement for up to…
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