Credit, Collections & Insolvency News
Insolvency, credit and debt recovery software solutions provider, Aryza has announced the launch of a new SME Open Finance product called Vantage. Combing various data sets, Vantage is the first B2B2C platform that delivers actionable insights within a customer permissioned environment that allows all parties to benefit from its shared components. It offers a best-of-breed…
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New data from the Registry Trust has indicated that 47% of businesses that became insolvent in May and June 2021 had an outstanding county court judgment (CCJ) against them. Whilst 78% of those who became insolvent with an outstanding CCJ had received their first CCJ within the previous 999 days. With the Insolvency Service’s latest…
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A new report published today by the British Retail Consortium (BRC) highlights the need for government to take immediate action to reduce the burden placed on retailers by business rates. According to the report, this would help to “unlock the industry’s potential to support the economic recovery from the pandemic, ensuring that retail remains a…
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Latest figures from the Insolvency Service have indicated that business insolvencies increased by 22.9% to 1,348 in August 2021 compared to July’s figure of 1,097, and increased by 71.1% compared to August 2020’s figure of 788. In August 2021 there were 1,256 Creditors’ Voluntary Liquidations (CVLs), which is the highest level seen in the series…
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New research from Aldermore bank shows small and medium-sized enterprises (SMEs) are more confident in growing their business since lockdown restrictions have eased, as they reveal the amount they plan to invest in their business’ has risen 190% to £283,500, up from £97,719 in February. Two out of five SMEs will spend on new equipment…
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New figures released by the Finance & Leasing Association (FLA) has show that total asset finance new business (primarily leasing and hire purchase) grew by 3% in July 2021 compared with the same month in 2020. In the first seven months of 2021, new business was 24% higher than in the same period in 2020.…
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New research suggests that a single late payment doesn’t just affect the business immediately involved, but triggers a domino effect that tumbles down the entire payment flow. A survey of 500 UK business decision makers from GoCardless, found that that 86% agree that one late payment affects everyone in the supply chain. Indeed, out of the…
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The Insolvency Service has announced that temporary measures brought in to support businesses from insolvency during the pandemic will be phased out from 1st October. Companies in financial distress as a result of the pandemic have been protected from creditor action since June last year, through the Corporate Insolvency and Governance Act 2020. This was…
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Research by Mazars has revealed that banks have written off £99 million in loans to restaurants and hotels in the past year, up from £60 million a year earlier. The research indicates that Banks are increasingly writing unpaid loan repayments off as bad debts with a 65 per cent increase in write-offs of loans to…
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Analysis by Innovate Finance has found that the pandemic had reversed years of growth among alternative lenders and resulted in large banks significantly increasing their market share. The fintech industry body said the emergency Bounce Back Loan Scheme saw £47.3 billion worth of state-backed credit channelled to more than 1.5 million companies. However, because non-bank…
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Over 8,700 chain stores disappeared from retail locations in the first six months of 2021. In total, 3,488 shops opened, compared to 8,739 closures, creating a net decline of 5,251, according to PwC research compiled by the Local Data Company (LDC). Tthere was some reprieve for both retailers and leisure operators, with the number of…
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Travel company Tui, drinks conglomerate Diageo and engine maker Rolls-Royce are among the slowest FTSE 350 listed groups to pay their suppliers, according to new research. A report by Good Business Pays campaign has named and shamed the top 10 slowest payers in the FTSE 100 and FTSE 250 indices, using the latest information submitted…
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In August the following administration notices have been issued and advertised in the London Gazette for the following companies: 00510285 REALISATIONS LTD (FORMERLY GISSING & LONSDALE LTD) A.M. FABRICATION (NORTHERN) LTD ABG COURIERS LTD ALL FOUNDATIONS (UK) LTD ALL-COUNTIES SUPPLIES LTD ARTHUR M.GRIFFITHS & SON LTD ASA CRUSHING & SCREENING LTD BERWICK STREET SECURITIES LLP…
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