Credit, Collections & Insolvency News
Research by Moody’s has found that the UK has the highest number of distressed companies in Europe. Across the continent, there were 113 companies with a B3 negative rating or lower in December, with the UK accounting for the highest proportion with 28 distressed companies. The number of distressed EMEA companies on Moody’s latest B3N…
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The government has announced a new extension to breathing space measures that will be used to protect businesses from insolvency during the coronavirus (Covid-19) pandemic. The government announced it intends to extend the power (granted through the Corporate Governance and Insolvency Act) to make temporary amendments or modify the effects of corporate insolvency and governance…
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The British Beer & Pub Association (BBPA), has revealed that it believes that 29,000 pubs, 60% of all pubs in the UK, will still remain closed if outdoor service is permitted at pubs from April. The trade association says this is because the majority of pubs in the UK do not have a big enough garden…
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Small businesses will be able to use a new, free and independent service to help them resolve disputes with their banks, in a boost for SMEs with the launch of the Business Banking Resolution Service (BBRS). The BBRS is a dispute resolution service set up to resolve disputes between eligible small and medium-sized businesses and…
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Latest figures from the Business Distress Index by Real Business Rescue have revealed the number of SMEs in significant distress now stands at 620,000 an increase of 76,000 in Q4 2020, putting 2.8 million jobs under threat. The Index has discovered that since lockdown, 118,000 more SMEs have been plunged into distress, a 23% increase…
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Research by debt specialist ACP Altenburg Advisory reveals that ‘normal’ lending to SMEs fell from £168 billion in December 2019 to £152 billion in December 2020, with emergency coronavirus funding through the Coronavirus Business Interruption Loan Scheme (CBLIS) and the Bounce Back Loan Scheme (BBLS) seeing almost £61 billion lent to such firms by December…
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A new report by the British Business Bank has revealed how private debt has become a valuable source of finance for smaller businesses across the UK since the 2008 economic crisis – with £18.4bn of lending in 2018 and 2019. Private debt is often the only or most viable funding solution for smaller businesses and…
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New figures released by the Finance & Leasing Association (FLA) show that total asset finance new business (primarily leasing and hire purchase) fell by 6% in December 2020 compared with the same month in 2019. In 2020 as a whole, new business was 23% lower than in 2019. The commercial vehicle finance sector reported new…
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A new report by the Resolution Foundation has highlighted that unprecedented Government support has helped firms to increase their cash holdings during the current crisis, but further support will be needed in the Budget to ensure they can drive Britain’s recovery The report says that while overall corporate debt levels are not a major concern,…
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The United States of America (USA) can anticipate a robust economic rebound in 2021, with political uncertainty decreasing and an injection of fiscal stimulus reveals the latest report from leading trade credit insurer Atradius. The new Country Report anticipates a more positive outlook for the USA following the change of administration but cautions that downside…
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Credit insurance specialist, Coface has predicted an uneven recovery form the global pandemic across countries, sectors of activity, and income levels in its latest quarterly report. The company says that although the performance of China and other Asian economies is boosting global growth, the main mature economies will not return to their pre-crisis GDP levels…
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Losses at the top 100 UK restaurants group increased 112% to £571 million last year, rising from reported losses of £269 million at the end of last March according to analysis by UHY Hacker Young. These losses were only run-up to the start of the lockdown and therefore, are expected to worsen again in the…
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Figures from EY ITEM Club show British businesses took on debt at more than twice the normal average growth rate since the coronavirus crisis began and are on course to have borrowed £ 61 billion by the end of 2021. EY forecasts a £26 billion rise in borrowing from banks this year – as much…
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