Credit, Collections & Insolvency News
UK Finance has released a new guide to help SMEs who will need to face to change in benchmark interest rate. LIBOR (London Interbank Offered Rate ) is the most common interest rate benchmark in the UK, the transition to alternative rates will impact a significant proportion of UK businesses. It can be found in…
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Two in five businesses (39 per cent) and a quarter of charities (26 per cent) report having cyber security breaches or attacks in the last 12 months, according to new figures from the Department for Digital, Culture, Media and Sport (DCMS). The Government’s Cyber Security Breaches Survey 2021 report also shows the cyber risk to organisations…
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A new report from the insurance provider Simply Business suggests the cost of the coronavirus pandemic to SMEs is set to exceed £126.6 billion, nearly double the £69 billion initially projected a year ago. The study revealed that on average, SMEs have lost £15,673 each so far in earnings due to the pandemic and subsequent…
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After facing the biggest challenges on record in the past 12 months, SME leaders believe there is light at the end of the tunnel, with a third optimistic about the year ahead, research from Nucleus Commercial Finance has revealed. The research found that younger business owners (those aged between 18 and 35) are most optimistic…
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Around 26% of SMEs have said poor cashflow is their biggest financial concern of the pandemic, according to a Business Challenges report, carried out by card payments company Takepayments. The report found that these businesses are constantly chasing late payments during the pandemic with businesses in the insurance and pensions sector (46%) and charity and…
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The Insolvency Service has published its latest figures which indicates personal insolvencies in England & Wales corporate business insolvencies fell by 9% to 686 in February 2021 compared to January’s figure of 754, and were 49% lower than February 2020’s figure of 1,348. The number of registered company insolvencies in February 2021 was 49% lower…
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Latest figures released by the Accountant in Bankruptcy (AIB) have shown that Scottish business insolvencies continued to remain low in February 2021 In February there were 26 company insolvencies registered in Scotland, 70% lower than in February 2020. The figures comprised of 7 compulsory liquidations, 16 CVLs, two administrations, and one CVA. There were no…
Read moreLatest statistics from the Insolvency Service have shown that personal and business insolvencies continue to remain low in comparison to previous years. In February 2021 there were 144 individual personal insolvencies in Northern Ireland, 46% lower than February 2020; this consisted of 107 IVAs, 27 DROs and 10 bankruptcies. Business insolvency figures In February 2021…
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New data has indicated that nearly 135,000 companies were showing strain this month, roughly three times the pre-pandemic average according to new analysis by Mazars. Businesses in the services and retail sectors accounted for almost three-fifths of those showing distress, with sectors that are allowed to reopen faring better, with construction and manufacturing businesses making…
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New analysis by Deloitte has found that 85% of consumer business leaders are prioritising profitable and sustainable growth in 2021, despite greater cost reductions and smaller profits. The survey of CEOs and CFO in consumer businesses identified priorities for the next 12 months as profitable and sustainable growth (85%), developing existing products and services (70%),…
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UK small business owners are feeling the dual impact of Brexit and a global pandemic which resulted in a challenging 2020 and an uncertain outlook for 2021 according to research commissioned by Dun & Bradstreet that found that half of SMEs (51%) surveyed believe they will suffer the effects of Covid-19 more acutely in 2021.…
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Almost 10,000 chain stores disappeared from UK retail locations in 2020. In total, 7,655 shops opened, compared to 17,532 closures, a net decline of 9,877, according to PwC research compiled by the Local Data Company (LDC). Although a decline was to be expected in a pandemic this is the worst ever seen with an average…
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Begbies Traynor has agreed to buy insolvency practice David Rubin & Partners, in a deal worth up to £25 million. The company has announced that it has raised £22 million through equity fundraising to help pay for its acquisition of London and Guernsey-based David Rubin & Partners. David Rubin & Partners has a team of…
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