Credit, Collections & Insolvency News
The Government has announced the extension of temporary insolvency measures which includes the restrictions on issuing of winding up petitions and statutory demands. The change to the regulations will mean restrictions on statutory demands and winding up petitions will remain for a further three months until 30th September 2021. The measures were introduced in the…
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Nearly half of companies have said that they were lucky to have survived 2020 according to new research by Intrum. The research as part of Intrum’s sixth UK edition of the European Payment Report 2021 also found that companies have also taken the opportunity to tighten payment terms and focus on liquidity. However, most businesses…
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Half of all business to business (B2B) credit sales in Asia are overdue, according to the latest Payment Practices Barometer from trade credit insurer Atradius. Many Asian businesses polled in the region are feeling the pinch of the global pandemic recession with around 40% of respondents pessimistic about the outlook for their Days Sales Outstanding…
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Latest figures from the Insolvency Service have indicated an 8.8% increase in business insolvencies in England and Wales when compared to April’s figure of 929, and increased by 6.9% compared to May 2020’s figure of 946. The figures show that business insolvencies increased to 1,011 in May 2021 compared to April’s figure of 929, and increased…
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Latest figures released by Accountant in Bankruptcy (AIB) have indicated that Scottish business insolvencies rose by 46% in May 2021. The figures show that there were 51 business insolvencies registered in Scotland, this was 46% higher than in May 2020 but 35% lower than in May 2019. This was comprised of eight compulsory liquidations, 37…
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Latest statistics from the Insolvency Service have shown that Northern Irish personal and business insolvencies numbers increased in May. In May 2021 there were seven business insolvencies registered in Northern Ireland, 40% higher than in May 2020 but 83% lower than May 2019. This comprised of one compulsory liquidation and six CVLs.. There were no…
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The pandemic has motivated the UK’s businesses to crack down on late payment, according to the latest European Payment Report from Intrum. More than 11,000 firms across 29 European countries participated in the research. Tomorrow (Thursday 17th June), Intrum’s UK client and sales director Ian Davies will take part in a panel discussion on the…
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New research figures from Mazars show that almost 40,000 businesses were struck off the Companies House register in the first three months of the year, a rise of 743% on Q1 2020. Strike-offs from Companies House increased to 39,601 in the first three months of 2021 compared to just 4,695 in the same period in…
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As many businesses face the financial impact of four more weeks before pandemic restrictions lift, small business owners who have become personal guarantors for CBILS loans over £250,000 are being warned that lenders will come to them first, if they default on the loan – not the Government. By 21st June 2020, 50,482 loans had…
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Nearly a quarter (24%) of employees admit they made a bad decision about debt during the pandemic, according to a new study from Aviva which has examined experiences of personal, workplace and financial wellbeing since early 2020. The figure rise to more than half (51%) of those aged 18-to-24, dubbed ‘Gen-Z’. Amid the turmoil of…
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A survey of 1,500 small business owners by Hitachi Capital found the extra money firms need to spend on Covid infection-control measures will drag out the financial hit of the pandemic. Office risk assessments, signs, sanitising products, professional cleaning and air filtering systems are forecast to cost small business about £4,850 each on average this…
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The Online Commercial Credit & Collections Conference has confirmed its agenda and speaker line-up ahead of the event next Thursday (22nd April). The event has been transformed from the annual face to face event which took place in 2019 and 2020 to an online event this year. The Commercial Credit & Collections Conference has been…
Read moreNew research has indicated that third of SMEs now have fewer customers, and a quarter make fewer sales as result of the pandemic with one in four small business owners losing over an hour each day to make their business ‘Covid-secure.’ The research from small business lender, iwoca suggests that although the initial easing of…
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