Credit, Collections & Insolvency News
New Analysis by UK Finance has shown that the value of emergency Coronavirus Business Interruption Loan Scheme (CBILS), to small businesses rose 46% to £4.1billion last week. Although it has been reported that the number of approvals slowed. Over £1.33 billion of loans have been approved in the week from 21 April to 28 April…
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The latest figures from the Insolvency Service have shown that total insolvencies increased in Northern Ireland in Q1 2020. There were 83 company insolvencies in Northern Ireland in Q1 2020, this is 26% higher than the same quarter in 2019. Of these, 51 were compulsory liquidations and 20 were CVLs. There were also seven CVAs,…
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Latest figures from Accountant in Bankruptcy, Scotland’s Insolvency Service have indicated that company insolvencies decreased in Scotland in Q1 2020 There were 235 total insolvencies in Scotland, a fall of 14.5% from the same quarter of 2019. This comprised of 137 compulsory liquidations, 77 CVLs, 20 administrations, one company voluntary arrangement and no receiverships. The…
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The proportion of UK small businesses predicting growth has plummeted from 39% to just 14% in the last three months – with 31% of business owners scaling back their businesses and 30% saying they will struggle to survive between now and the end of June. The findings form part of a quarterly tracking study of…
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A new industry report conducted by the Horticultural Trades Association (HTA) has revealed that the government’s current proposed aid package does not work for the horticultural industry and that a third of UK growers claim they will be insolvent by the end of June because of the impact of coronavirus. In response to the findings,…
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Retailers suffered a “historic” collapse in sales as the lockdown set in as even food retailers reported a slowdown, according to new CBI figures. The CBI’s monthly Distributive Trades Survey (conducted between 27th March 2020 and 15th April 2020) reveals that retailers expect a similar pace of decline in annual next month – the weakest…
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The Chancellor has announced that small businesses will benefit from a new fast-track finance scheme providing loans with a 100% government-backed guarantee for lenders. Chancellor Rishi Sunak said the new Bounce Back Loans scheme, which will provide loans of up to £50,000, would help bolster the existing package of support available to the smallest businesses…
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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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