Credit, Collections & Insolvency News
The Chancellor has just days to act to support struggling small businesses, to save the millions of jobs they represent, and to prevent many of the UK’s three million self-employed workers losing their livelihoods according to a new report by TaxAssist Accountants. The research shows that more than nine out of ten (93%) have significant…
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The number of judgments against businesses in Northern Ireland. fell 27 percent in the last quarter. Total and average values rose by 38 and 89 percent respectively. There fewer cases consisting of larger value. The total value of Northern Irish business judgments reached almost the £1 million mark this quarter. Businesses owed 24 percent of…
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County Court Judgments (CCJs) against businesses England and Wales fell six percent in Q1 (January-March) 2020, compared to the same quarter in 2019, according to figures released by Registry Trust. The number of CCJs against businesses decreased from 35,781 in Q1 2019 to 33,520 in Q1 2020. The total value of judgments saw an increase…
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The number of decrees against Scottish businesses rose by 29 percent over the period according to the latest figures from the Registry Trust. Decrees numbers increased from 561 to 722 in Q1 (January-March) 2020. The total value of decrees against businesses fell 5%, to just under £3million. The average value also fell by 10% as…
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The UK government has temporarily banned landlords from using winding-up orders and from what the government calls aggressive debt recovery tactics against retailers while the COVID-19 crisis continues. The Business Secretary has set out new measures to protect high street shops and other companies under strain. The companies will be asked to pay what they…
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The Confederation of British Industry (CBI) has urged that the government accelerate the delivery of support to businesses. The CBI says that the Government has acted at pace to protect companies and jobs. So far around £6 billion in grants from local authorities have reached small businesses. And the Job Retention Scheme started strongly on…
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The banking and finance sector has provided over £2.8 billion of lending to SMEs so far through the Coronavirus Business Interruption Loan Scheme (CBILS), as part of a broad package of support for UK businesses, according to the latest data published by UK Finance. Total lending under CBILS has doubled in the week from 14…
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The number of unpaid UK business invoices has increased by 23% according to new tracker by AI platform provider, Sidetrade. Sidetrade’s tracker is based on a statistical analysis of 26 million invoices, representing €54bn of business to business transactions with the payment behaviour of over 3.7 million businesses is tracked week by week. The company…
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Experian, and other credit reference agencies (CRAs), have confirmed new guidance to protect business credit scores during the Covid-19 pandemic. Lenders can now offer an ‘emergency payment freeze’ to businesses that may be worried about meeting regular payments because of the pandemic. Once agreed, lenders should not report a build-up of arrears to the four…
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More than one in four UK companies are being heavily impacted by the coronavirus pandemic. That is the conclusion of the business intelligence specialist Graydon which it says is based on the financial health of UK businesses and the current economic situation. Graydon estimates that of all companies that identified as healthy at the beginning…
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Business decisioning data and analytics specialist, Dun & Bradstreet has announced that it is offering a free Business Essentials package to support small businesses in the UK mitigate risk and restart growth in the wake of the COVID-19 pandemic. The company is also making a number of resources available to public sector organisations in support…
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A third of UK SMEs will be unable to cover their costs by the end of July despite an unprecedented £330bn package of loans and guarantees from the Government, according to the latest research from Bibby Financial Services (BFS). The new study of SMEs shows this number rising to more than half should the lockdown…
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The Office for National Statistics (ONS) says Government measures designed to slow the spread of coronavirus has seen a quarter of businesses close down temporarily. A poll of 5,316 businesses, saw 25% say they had closed between 23rd March and 5th, while 38% of those that continued to trade said that their turnover was substantially…
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