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Business CCJs rise 70% over the year
County Court Judgments (CCJs) against businesses in England and Wales rose by 70 percent in Q3 2021, compared to the same quarter in 2020, according to figures released by Registry Trust. The number of business CCJs increased from 15,970 in Q3 2020 to 27,073 in Q3 2021. The total value of CCJ debt owed by…
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Judgments against Irish businesses rise significantly
The number and total value of judgments registered against Irish businesses rose significantly in the last quarter according to new analysis by The registrar Irish Judgments. The number of judgments registered was up by three quarters, from 78 in Q3 2020 to 137 in Q3 2021. The total value owed in Q3 2021 was €3.7…
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Seven in ten SMEs would rather lose revenue than have awkward money conversations
New research from, fintech in account-to-account payments, GoCardless has revealed that the stigma attached to talking about money has left British small businesses vastly under- and unpaid. The findings indicate 29% of SME leaders feel uncomfortable asking customers for payment and nearly three-quarters (73%) are willing to forgo up to 10% of their annual turnover…
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Construction insolvencies could rise by 25% in the next six months
Insolvencies in the construction sector could rise as much as 25% in the next six months despite a rebound in orders according to trade credit insurer Atradius. The report found that he sector contracted by 14% in 2020, UK construction output is forecast to rebound by almost 15% in 2021 and grow by more than…
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Small businesses face risk of high indebtedness
The number of heavily indebted small businesses rose considerably over the course of the pandemic, the Bank of England has warned. Analysis by the Bank’s Financial Policy Committee has shown that debt taken on by SMEs rose by a quarter, with many companies which had not previously borrowed going into the red for the first…
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84% of small businesses suffer from late payments
Late payments are threatening the survival of small businesses across the UK, according to findings from new QR-code payment and invoicing app, Tomato pay. The research has found that 84% of small businesses suffer from late payments. One in eight (12%) wait more than 60 days on average for an invoice to be paid, while…
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INSOLVENCY NOTICES: Winding Up Petitions – September 2021
In September Winding Up Petitions (Companies) have been issued and advertised in the London Gazette for the following companies: ADVANCED INTEGRATED SERVICES LTD ASHFORD DEVELOPMENTS EAST ANGLIA LTD AVANTIS LIVING LTD BROAD ENVIRONMENTAL LTD CARTER HAYNES LTD CG NATION LTD CGB PROJECTS LTD COMMUNITY R4C LTD CONSTRUCTION ONE LTD D.EASY SERVICES LTD DPG CONCEPTS LTD…
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Third of small companies concerned over Covid loan repayments
A third of small businesses are worried they will not be able to repay Covid loans, according to a poll by EY. The research found that 81% of UK SMEs said they were detrimentally impacted by the COVID-19 pandemic with 61% stating that their supply chain was compromised. Over half of companies (58%) reported a decline…
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Business insolvencies rise in August
Latest figures from the Insolvency Service have indicated that business insolvencies increased by 22.9% to 1,348 in August 2021 compared to July’s figure of 1,097, and increased by 71.1% compared to August 2020’s figure of 788. In August 2021 there were 1,256 Creditors’ Voluntary Liquidations (CVLs), which is the highest level seen in the series…
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Late payments impact on supply chain highlighted
New research suggests that a single late payment doesn’t just affect the business immediately involved, but triggers a domino effect that tumbles down the entire payment flow. A survey of 500 UK business decision makers from GoCardless, found that that 86% agree that one late payment affects everyone in the supply chain. Indeed, out of the…
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Insolvency Service announces end of temporary measures
The Insolvency Service has announced that temporary measures brought in to support businesses from insolvency during the pandemic will be phased out from 1st October. Companies in financial distress as a result of the pandemic have been protected from creditor action since June last year, through the Corporate Insolvency and Governance Act 2020. This was…
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Over 8,700 shops disappear from High Streets in first six months of 2021
Over 8,700 chain stores disappeared from retail locations in the first six months of 2021. In total, 3,488 shops opened, compared to 8,739 closures, creating a net decline of 5,251, according to PwC research compiled by the Local Data Company (LDC). Tthere was some reprieve for both retailers and leisure operators, with the number of…
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Research highlights slow payment FTSE companies
Travel company Tui, drinks conglomerate Diageo and engine maker Rolls-Royce are among the slowest FTSE 350 listed groups to pay their suppliers, according to new research. A report by Good Business Pays campaign has named and shamed the top 10 slowest payers in the FTSE 100 and FTSE 250 indices, using the latest information submitted…
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