Credit, Collections & Insolvency News
In its report published today the Public Accounts Committee warns that Government ‘significantly increased’ taxpayer exposure to fraud and error by its twin decisions to drop basic fraud and error checks in paying out Covid 19 loans, and to support people and businesses that it had no prior relationship with. The Department for Business (BEIS) estimates…
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Intrum has published its latest European Payment Report with the analysis showing that half of the companies surveyed stating that they think they are lucky to have survived 2020. At the same time, reality did not turn out as gloomy as expected, partially due to government support, but also with new, digital business models gaining…
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HMRC has launched 12,828 investigations into the use of the Government’s pandemic-related business support schemes, looking into potential fraud and other non-compliance with rules. Analysis by law firm BLM shows there were 7,384 investigations related to the job retention scheme, 5,020 linked to the self-employment income support scheme and 424 related to Eat Out to…
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One in five consumers are put off by cash-only businesses but some small businesses cannot yet offer them, as many say non-cash payment options are too expensive according to new research by Tomato Pay. The research found that 65% of people would rather support local businesses than big brands and almost half (46%) of people…
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Credit Connect’s hosted its first-ever Online Commercial Credit & Collections Conference last week which saw trade credit, insolvency, business change and technology discussed by eighteen leading credit, collections and insolvency professionals. Commenting on the event, event panel speaker Liam Bell. Director at Memery Crystal said “As a solicitor, it is easy to get caught up…
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New research from the Institute of Directors (IOD) has suggested that business optimism is at its highest since the IoD began recording its member’s confidence in July 2016. Directors’ optimism in the economy is at its highest since just after the 2016 Brexit referendum; it moved further into positive territory over Q2 (+27 in June,…
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The number of company directors that have been disqualified by the Insolvency Service fell by 24% in the last year, from 1,280 the year before to 972 in 2020/21 according to new research by UHY Hacker Young. The fall in disqualifications of directors last year is an unusual result given the scale of last year’s…
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The latest Lloyds Bank UK Recovery Tracker has shown that the delay in removing Covid-19 restrictions is putting hospitality firms under increased pressure. Eleven of the 14 sectors monitored by the Tracker reported faster output growth month-on-month during May, up from nine in April, as the UK moved further out of lockdown. The tourism and…
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SMEs believe access to finance could become harder over the next three years, with the late payment of invoices flagged as an area of concern. A study by MBH Corporation found that while 40% of SME leaders believe applying for funding will become more difficult, just 10% expect the process to become easier. The study…
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The trade body UKHospitality has warned that the newly announced four-week delay to restrictions being lifted could cost its sector as much as £3 billion in lost sales and will have a knock-on effect on bookings throughout the summer and into the autumn. Operators of bars, restaurants and nightclubs have been put under huge financial…
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The Federation of Small Business (FSB) is leading calls for a new strategy to help bolster ailing hospitality and tourism sector. Research by FSB has highlighted the devastating impact of the pandemic on the UK’s tourism and hospitality sector and its supply chain, and outlines what small firms, which make up the majority of the…
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Almost 200,000 travel jobs already lost or at risk due to the pandemic according to new analysis from ABTA which estimates that 195,000 people working in the UK travel industry have either lost their job or are at risk of losing their job. The Association is reiterating its calls for the UK Government to provide…
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The Government has announced that a ban on landlords evicting firms for unpaid commercial rent is being extended for another nine months. The ban, which stops landlords from taking tenants to court for non-payment, was due to end on 30th June. The Government says that the extension to the order will give places such as…
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