Credit, Collections & Insolvency News
The government published new statistics that show businesses have to date benefitted from over £14 billion in loans and guarantees to support their cashflow during the crisis through schemes delivered by the British Business Bank. This includes 268,000 Bounce Back Loans worth £8.3 billion, 36,000 loans worth over £6 billion through the Coronavirus Business Interruption…
Read more
Businesses with supply chains that rely on Trade Credit Insurance and who are experiencing difficulties maintaining cover due to Coronavirus will get support from the government, the Economic Secretary to the Treasury, John Glen has announced. Trade Credit Insurance provides cover to hundreds of thousands of business to business transactions, particularly in non-service sectors, such…
Read moreA new study has revealed that one in three closed small firms fear they’ll never reopen amid widespread redundancy plans. The Federation of Small Businesses (FSB) survey of over 5,000 firms has laid bare the impact of coronavirus pandemic as one in three small employers consider redundancies as they struggle to pay bills, shelve exports and…
Read more
A survey of over 500 pub owners undertaken by the Forum of Private Business (FPB), found that nearly four out of every ten reported that they are less than confident of surviving a June lockdown. The survey of 560 pubs carried out on behalf of the FPB in the last two weeks of April indicates…
Read more
New finance provider Azzurro Associates, is looking to provide cash against at least £ 1 billion of UK businesses’ unpaid invoices to help provide much-needed liquidity in the coronavirus crisis. The new service aims to help businesses clear their growing unpaid debts. This is the first time that companies operating in the B2B sector have…
Read more
Scottish Parliament has published a new bill to amend bankruptcy legislation. The Coronavirus (Scotland No.2) bill will be subject to an expedited procedure and subject to Parliament’s approval, is likely to come into force by the end of the month. The Bill includes proposals to make a number of important changes to current bankruptcy legislation,…
Read more
Accountants representing over 20,500 SME clients in the UK have reported more businesses have decided to dissolve or liquidate in last week, despite a bounce in confidence about the long-term situation due to the Covid-19 pandemic. The results are revealed in the latest ACCA UK and The Corporate Finance Network’s (CFN) SME Health Tracker, showing…
Read more
Analysis from TheCityUK reveals that British firms could hold as much as £105bn in unsustainable debt by March next year. The financial services industry body has set up a recapitalisation group to agree on a collective response to the coronavirus pandemic from industry and government. The Group has written to Bank of England Governor, Andrew…
Read more
The number of corporate insolvencies seen during April 2020 was down by a third on the previous year, as government support packages have given companies vital headroom to deal with the Covid-19 pandemic. A total of 61 companies fell into administration during April 2020 compared to 91 in April 2019, according to analysis of notices…
Read more
The banking and finance sector has lent over £5.5 billion to SMEs so far through the Coronavirus Business Interruption Loan Scheme (CBILS), new figures from UK Finance have revealed. Almost £1.4 billion worth of loans were provided in the week from 29th April to 6th May as lending under the scheme continues to grow. The…
Read more
Lloyds Banking Group has announced that it has already paid more than £1 billion to small businesses as part of the Government’s Bounce Back Loans Scheme (BBLS), following its launch on Monday (4th May). The lender says that more than 32,000 of its small business customers applied. RBS said that it had received 58,000 Bounce…
Read more
A report from the Centre for Economics and Business Research (CEBR) think-tank and polling company Opinium shows that 591,000 businesses are at high risk of going bust as a result of the COVID-19 pandemic – a figure representing one in ten UK businesses. The study also suggests that more than a quarter of a million…
Read more
In April the following administration notices have been issued and advertised in the London Gazette for the following companies: 16 HOSPITALITY LTD 16H LTD 16H TRADING LTD ADVANCED RESIN TECHNOLOGIES LTD ALEXCARS LTD ANGLESEY HOSPITALITY LTD ANGORA RETAIL LTD ANGORA STORES LTD B & G FINANCE LTD BARCLAY-SWANN LTD BASSET & GOLD PLC BASTYAN FASHIONS…
Read more