Credit, Collections & Insolvency News
Latest figures released by Accountant in Bankruptcy (AIB) have indicated that Scottish business insolvencies rose by 63% in September 2021. In September 2021 there were 70 company insolvencies registered in Scotland, 63% higher than in September 2020 but 8% lower than in September 2019. This was comprised of eight compulsory liquidations, 52 CVLs and 10…
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The number of profit warnings issued by UK listed companies rose to 51 in the third quarter of the year, up 19 from Q2 2021, as threats to growth and profitability increased, according to EY-Parthenon’s latest Profit Warnings report. The report reveals that whilst a post-pandemic demand surge boosted sales for many businesses over the…
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New research from, fintech in account-to-account payments, GoCardless has revealed that the stigma attached to talking about money has left British small businesses vastly under- and unpaid. The findings indicate 29% of SME leaders feel uncomfortable asking customers for payment and nearly three-quarters (73%) are willing to forgo up to 10% of their annual turnover…
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Insolvencies in the construction sector could rise as much as 25% in the next six months despite a rebound in orders according to trade credit insurer Atradius. The report found that he sector contracted by 14% in 2020, UK construction output is forecast to rebound by almost 15% in 2021 and grow by more than…
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Late payments are threatening the survival of small businesses across the UK, according to findings from new QR-code payment and invoicing app, Tomato pay. The research has found that 84% of small businesses suffer from late payments. One in eight (12%) wait more than 60 days on average for an invoice to be paid, while…
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New figures released by the Finance & Leasing Association (FLA) show that total asset finance new business (primarily leasing and hire purchase) grew by 6% in August 2021 compared with the same month in 2020. In the eight months to August 2021, new business was 22% higher than in the same period in 2020. The…
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The UK is set for a significant rise in business failures as firms readjust to life without government Covid-19 pandemic support measures, according to trade credit insurance firm, Euler Hermes. The underwriter forecasts that, compared to pre-Covid levels, UK insolvencies could increase by a total of +32% by the end of 2022, with more than…
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UK business insolvencies are set to rise 33% on pre-pandemic levels, according to new economic research by trade credit insurer Atradius. Contrary to initial expectations, the new Insolvency Forecast reports UK business insolvencies declined 27% in 2020 as a result of fiscal support schemes and anti-bankruptcy measures. As these measures continued in 2021, buffering businesses from…
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New analysis by Sidetrade has found that the percentage of late payments by UK companies hit a six month high in September, following a steady decline since March this year. The research revealed that the proportion of invoices left unpaid*by UK businesses rose for the first time in September since March 2021, according to its…
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A new business service supporting companies looking to improve sustainable cash generation from the Order to Cash process has launched. POP OTC is a UK-based SaaS business, has launchedPOP Collect a solution that includes detailed, automated reporting across credit risk, invoicing, payment terms, disputes, collections, customer performance, and many other areas of business intelligence, with…
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In September the following administration notices have been issued and advertised in the London Gazette for the following companies: 32 WELLINGTON LTD A F SMART REPAIRS LTD ADS JOINERY DESIGN LTD ADVANCIS LTD AGUA LONDON LTD ALLIED GLAZING SYSTEMS LTD ALTITUDE SELECT LTD ARTISAN GROUP FACILITIES MANAGEMENT LTD ARTISAN H1 LTD AVOCET FACULTIES LTD B…
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A third of small businesses are worried they will not be able to repay Covid loans, according to a poll by EY. The research found that 81% of UK SMEs said they were detrimentally impacted by the COVID-19 pandemic with 61% stating that their supply chain was compromised. Over half of companies (58%) reported a decline…
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The UK’s furlough support scheme, introduced in March 2020 and helped pay the wages of 11.6 million workers after Covid-19 forced large parts of the economy to close, is to end today (Thursday 30th September). HMRC figures indicated that at the end of July it was still supporting the incomes of around 1.6 million workers. The…
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