Credit, Collections & Insolvency News
A Public Accounts Committee (PAC) report has warned that HMRC’s ‘unambitious’ plans for recovering £6 billion in Covid-19 support payments that were paid out through fraud or mistakes could lead to the Government writing off a large sum of taxpayers’ money. In the report, Parliament’s cross-party Public Accounts Committee says that HMRC’s unambitious plans” for…
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The food and beverages output is forecast to grow by more than 3% in 2022, but the outlook for food producers and processors is less positive according to a recent report from trade credit insurer Atradius. The report outlines how the UK food and beverages market rebounded after a 5.3% contraction in 2020. Last year…
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More than £4.3 billion of Covid loans that may have to be written-off by The Treasury due to fraud and highlighted by the recent resignation of Lord Agnew, could be eclipsed by businesses failing to repay their CBILs and BBLs Covid support loans according to new analysis by regional accountancy and business advisor, Azets. Azets…
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Prices for restaurant meals and hotel stays are set to rise, with UK Hospitality saying firms are being forced to pass on surging costs. A survey by the industry body suggests prices across the sector are set to increase 11% on average this year as firms see steep increases in the cost of energy, labour,…
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Small business owners are feeling confident about taking on larger amounts of finance to support their growth ambitions in 2022, according to iwoca’s quarterly SME Expert Index. The index reveals that close to half (43%) of brokers saw financing for growth as the most common purpose for a loan among SMEs. This is the second…
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The latest Lloyds Bank Business Barometer shows that overall business confidence dropped by one point to 39% as firms highlighted continuing concerns about the pandemic and rising costs. The survey captured responses between 4th January and 18th January before the easing of work from home guidance by the UK governments and shows price expectations reached…
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Over half a million businesses are struggling financially amid soaring inflation and the rollback of government Covid-19 support according to Begbies Traynor’s Red Alert analysis. A total of 589,168 businesses reported financial distress in the final quarter of 2021, a five per cent jump compared to the previous three months. Begbies says that the data…
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Arrow Global, has announced that it has secured mandates from three UK banks to act as collections and recoveries partner across their ounce Back Loan Scheme (BBLS) and Coronavirus Business Interruption Loan Scheme portfolios. The servicing mandates, which will be managed by Arrow’s Drydensfairfax platform in Leeds, build on Arrow Global’s presence as the leading…
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New research by Taulia has found that 38% of its suppliers take early payments monthly in 2021, up from 19% in 2017. There has been growing interest from suppliers in regularly receiving early payment once an invoice is approved as an alternative source of finance. In 2021, one-fifth (22%) of suppliers were interested in receiving…
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Businesses owners earning over £40k in small businesses have fared better mentally and physically during pandemic according to research by Purbeck Personal Guarantee Insurance. In the study, higher-income earners were most likely to enjoy working from home and reported lower physical and mental health concerns and worries than lower income workers. 26% of those earning…
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Credit applications and approvals hit seven-year low amid fears lenders will replicate approach to last recession, according to latest Small Business Index (SBI) by the Federation of Small Businesses (FSB). The research indicated that most small firms plan to grow over the coming 12 months but are being held back by struggles to recruit, increasing…
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The number of business insolvencies (liquidations and receiverships) in Scotland increased by 63% according to latest Accountant in Bankruptcy (AiB) figures. In December 2021 there were 93 company insolvencies registered in Scotland, 63% higher than December 2020 and 4% higher than in December 2019. This was comprised of 17 compulsory liquidations, 73 CVLs and three…
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Latest statistics from the Insolvency Service have shown that Northern Irish personal and business insolvencies decreased in December in the latest monthly figures. In December 2021 there were 81 individual insolvencies in Northern Ireland, 48% lower than in December 2020, and 42% lower than December 2019. This consisted of 63 IVAs, 11 DROs and seven…
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