Credit, Collections & Insolvency News
Business finance lender MarketFinance sought the views of business owners following the wide-ranging measures announced by the Treasury recently. Despite the sizeable fiscal stimulus, more than two thirds (67%) believe funds will not reach them in time and they will run out of cash before Easter (12th April). Only half (52%) of UK businesses are…
Read more
A new Coronavirus Business Interruption Loan Scheme (CBILS) has been opened to smaller businesses. The scheme can provide facilities of up to £5 million for smaller businesses across the UK who are experiencing lost or deferred revenues, leading to disruptions to their cashflow. Although the Budget announced that an initial £1.2 billion of government-backed lending…
Read more
The incomes of self-employed people are ‘falling like a stone’ amidst economic disruption caused by Covid-19, according to charity the Money Advice Trust, which runs the Business Debtline advice service. The warning comes after Chancellor Rishi Sunak told MPs that constructing a scheme to protect the self-employed who are losing work because of the Coronavirus…
Read more
Accounts payable teams have the power to halt the rise in fraud during the current crisis according to FISCAL Technologies. The company says tackling financial fraud is more important now than ever – the key is the ability to maintain order and efficiency The ongoing impact of the coronavirus outbreak has seen an increase in…
Read more
The Bank of England has cut interest rates again in an emergency move as it tries to support the UK economy in the face of the coronavirus pandemic. It is the second cut in interest rates in just over a week, bringing them down to 0.1% from 0.25%. Interest rates are now at the lowest…
Read more
The estimated total bill to taxpayers for responding to the collapse of Thomas Cook is at least £156 million, with some costs not yet known, a new National Audit Office (NAO) report has found. Thomas Cook collapsed on 23rd September 2019 and all flight and holiday bookings were cancelled, leaving an estimated 150,000 customers potentially…
Read more
Laura Ashley has filed for administration after failing to secure £15 million of emergency cash to stay afloat. The move puts around 2,700 jobs at risk.The company said that owner MUI Asia was not willing to provide the extra cash, and could not secure a loan from elsewhere. In a statement the company said “The…
Read more
Coronavirus poses an existential bankruptcy threat to the hospitality industry according to trade body UK Hospitality. The trade body has warned that thousands of businesses in the UK’s hospitality sector could face bankruptcy following Government advice that people should avoid visiting pubs, restaurants and bars. UK Hospitality. says that during the first in a series…
Read more
The ban on football fixtures, due to Covid-19, could cause an insolvency crisis which will hit Football League clubs hard, warn experts at Begbies Traynor. Paul Stanley, regional managing partner for Begbies Traynor in Manchester, said “Cashflow through the turnstiles is what keeps football clubs afloat. It’s the pies, pints and programmes sold at the…
Read more
Dun & Bradstreet has announced that it has completed the purchase of Coaction.com an end to end receivables management platform The acquisition expands Dun & Bradstreet’s portfolio of finance solutions, helping clients automate credit-to-cash processes. The company says the move means Dun & Bradstreet, clients will now benefit from a growing portfolio of data and…
Read more
UK business groups and insolvency experts are again sounding the alarm about Government plans to prioritise repayments to HMRC over repayments to other creditors in insolvencies from 6th April 2020. In a joint statement ahead of the Budget, the groups are warning the new Chancellor that the Government’s proposals will damage access to finance for…
Read more
The Chartered Institute of Credit Management (CICM) has confirmed it has transferred the hosting and administration of the Prompt Payment Code to the Small Business Commissioner’s (SBC) office in line with the Government’s stated ambition to bring all late payment initiatives under a single umbrella. Since its launch in 2008, the Code has played an…
Read more
In February, the following administration notices have been issued and advertised in the London Gazette for the following companies: ADVANCED FIRE SOLUTIONS LTD AIM ENGINEERING LTD ALLARD CONSTRUCTION LTD ALYSSUM HOLDINGS LTD API FOILS HOLDINGS LTD API FOILS LTD API GROUP LTD API GROUP SERVICES LTD API HOLOGRAPHICS LTD API LAMINATES LTD API-STACE LTD APPLE…
Read more