Credit, Collections & Insolvency News
New research by credit insurer, Atradius has highlighted increasing insolvency risks in customer markets within Western Europe. The report has indicated that for Western Europe as a whole, overdue payments amounted to 53% of the total value of invoices, an increase on last year’s 47%. The percentage of write-offs increased from 7% to 10% of…
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New data from Visma | Onguard’s Fintech Barometer has found that 65% of organisations have either adopted blockchain technology or worked out the first ideas for future adoption in 2021, up from 51% in 2018. Of this 65%, almost a third are already utilising the technology – a significant 12% increase on last year’s levels.…
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A cashflow crisis brought on by the pandemic lockdowns has resulted in a 31% increase in restaurant insolvencies over the three-month period to September, compared to the previous quarter. The number of UK restaurant insolvencies has jumped 31% to 296 in the last quarter, up from 226 in the previous quarter*, our research shows. The…
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A fifth of UK businesses is unable to repay government-backed Covid borrowing according to business and financial advisers Kreston Reeves. The research also found that. a third of UK owner-managed businesses report lower cash reserves now than when going into the Covid pandemic The research published today in a report Shaping your future is based on…
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Late payments are threatening the survival of British businesses, analysis by alternative finance provider, Time Finance has revealed. The research found that challenges with cashflow and unfulfilled growth ambitions were the greatest knock-on effects holding businesses back. For 70% of SMEs, late payments are a recurring issue leading to more severe consequences with over 40%…
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Latest figures from the Insolvency Service has shown that the number of businesses in England and Wales that business insolvencies fell by 3% in October to a total of 1,405 compared to September’s total of 1,449, and increased by 63.6% compared to October 2020’s figure of 864. The increase in company insolvencies compared to October…
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British SMEs are starting to feel more confident about the performance and resilience of their own businesses, despite challenges in the wider economy, according to the latest quarterly Barclaycard Payments SME Barometer. Over half (54 per cent) of UK SMEs are expecting revenues to increase in Q4, compared with performance in Q3 2021. Yet concerns…
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HMRC has ramped up efforts to recoup £1 billion from fraudulent or incorrect furlough pay-outs, with more than 26,500 investigations into potentially fraudulent pandemic support claims launched over the past eight months. The level of fraud and error in the benefit system almost doubled during the pandemic from what was already the highest rate since…
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New Investec research has shown that nearly three out of four (73%) corporates and large SMEs are looking to strengthen cash reserves as part of the long-term switch in risk management, so they are in better shape for any future crisis. The change in policy and planning builds on experience during the Coronavirus crisis which…
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New research by finance company, Premium Credit has revealed that 59% of SMEs are relying on credit to pay for their insurance, borrowing on average around £1,832. Some 16% of SMEs claim to be using over £3,000 of credit a year to buy their cover. Premium Credit’s Insurance Index, which monitors insurance buying and how…
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Danske Bank has been reprimanded by the Competition and Markets Authority (CMA) over the treatment of some small businesses applying for Coronavirus Bounce Back loans, having required up to 205 firms to open business accounts to access a loan. The CMA said this meant the firms faced new fees, warning that the practice restricts customer…
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Late payments by UK retailers are at the highest-recorded levels, according to research by Sidetrade. The analysis found that almost a quarter (23%) of UK retail company invoices were deemed overdue in October. The research revealed that the proportion of invoices left unpaid* by UK retail companies in October 2021 hit an all-time high since…
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New research from GoCardless, has revealed a quarter (25%) of British small business owners feel uncomfortable talking to their customers and suppliers about money in a business context, rising to 32% for women. Almost four in ten (38%) SME decision-makers say they feel awkward chasing customers for late payments and one in ten (10%) believe…
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