Credit, Collections & Insolvency News
Invoice finance firm Optimum Finance has announced the appointment ex-Microsoft Global Director, Gordon McIntosh, as Chief Technical Officer (CTO). Mcintosh has extensive experience with a decade working at Microsoft headquarters in Seattle, Washington. His most recent role at the tech giant was Global Director of Service Engineering for Microsoft’s Volume Licensing and OEM businesses in…
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Nearly half of businesses need more assurance on data security to adopt open banking according to new research by Yolt Technology Services (YTS). The research found that 42% of financial services businesses want better support and guidance on data security in relation to open banking. The survey of financial professionals including banks, lenders and retailers,…
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The Government has announced plans to amend legislation around the future of pre-pack administrations, The legislation is the next stage in their efforts to improve stakeholder confidence in connected party pre-pack administrations and follows their announcement in October 2020 that they would introduce a number of reforms to this important business rescue tool. A key…
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With the current furlough scheme expected to come to an end on 30th April more than seven in 10 (71%) SME leaders are calling for it to be according to research from Nucleus Commercial Finance. The research has found that larger businesses, those with between 50 and 249 employees are feeling the pressure the most,…
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As the Government made vital funds available to support businesses through the deepest recession for 300 years, a lack of due diligence and robust ID verification left the door wide open to organised crime gangs to exploit the opportunity according to anti-money laundering (AML) solution provider, SmartSearch The company has called on lenders, brokers and…
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As the UK’s third national lockdown continues, just 8% of business leaders feel supported, research from Nucleus Commercial Finance today reveals.1 Half (50%) feel worried or depressed about the current lockdown and nearly four in 10 (38%) feel anxious about the current lockdown. More than half of SME leaders (54%) say their feelings towards the…
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New analysis published today by Standard Life Foundation has found that 1.8 million people excluded from government income support schemes have seen their total household incomes fall by at least a third during the pandemic – five times greater than the rest of the UK population. Only 9% of the rest of the population have…
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Latest statistics from the Insolvency Service have shown that business insolvencies in England & Wales decreased by 39.1% to 752 in January 2020 compared to December’s figure of 1,235, and were 50.4% lower than January 2020’s figure of 1,515. Overall, numbers of registered company insolvencies have remained low since the start of the first UK…
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Scottish business insolvencies in January 2021 fell by 68% when compared with January 2020 numbers. The figures released by Accountant in Bankruptcy (AIB), Scotland’s Insolvency Service which administers company liquidations and receiverships in Scotland showed that there 23 company insolvencies this 68% lower than in January 2020. The insolvencies comprised of 12 compulsory liquidations and…
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Latest statistics from the Insolvency Service have shown that personal and business insolvencies continue to remain low in comparison to previous years. There were 96 Individual Insolvencies In January 2021 which were 62% lower than January 2020; this consisted of 74 IVAs, 11 DROs and 11 bankruptcies. In January 2021 there were three company insolvencies…
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New research from Barclaycard’s Payment Barometer has revealed that SMEs are displayed cautious optimism with 8.1 per cent expecting to see business growth in 2021. Ahead of the Government’s roadmap next week, small and medium enterprises (SMEs) are getting ready for post-pandemic life, with three in 10 (32 per cent) saying they are prepared for…
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The volume of Government loans granted to help SMEs through the COVID-19 crisis will be having a potentially devastating impact on the availability of ‘traditional’ lending, causing alarm in the lender broker community according to new research by Allica Bank. The Bank suggests that SMEs could be starved of funding to fuel future growth because…
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New research from Sage, has highlighted the impact of the Covid-19 pandemic with the average SME business now burdened with £173,000 additional debt per year. Ahead of the UK’s 2021 Budget and Economic Recovery Plan, the research highlights the tough conditions that will be facing small and medium-sized businesses (SMEs) well into the second half…
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