Credit, Collections & Insolvency News
More companies across England and Wales are opting for voluntary rather than compulsory liquidation because of rising Government costs, an insolvency expert has said. The Insolvency Service’s report, published by the Government, showed company insolvencies increased slightly in Q3 2019 compared with Q2 2019. According to the report, the increase was primarily driven by a rise…
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R3, the insolvency and restructuring trade body, has launched its 2019 election manifesto, which sets out the policies that will help the insolvency and restructuring profession continue to support businesses and individuals going through financial distress. These include: The abolition of plans to make HMRC a priority creditor in insolvencies The introduction of the proposed…
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New analysis from MarketFinance has found that SMEs are being stretched by longer payment terms. The analysis found that businesses typically agree 45-day payment terms from completion of work or delivery of goods. Despite this, almost two-fifths (39%) of invoices issued in 2019 (worth over £34b2) were paid late, an improvement on 2018 when 43%…
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The Commercial Credit & Collections conference has confirmed its speaker agenda for the next event which takes place in January. CVR Global and Aon’s Commercial Credit & Collections conference agenda now includes speakers from Onguard and Cifas whilst three Credit Managers will debate the impact of technology on credit management. The event will open with…
Read moreThe adoption of artificial intelligence (AI), robotic process automation (RPA) and machine learning (ML) is increasing across the finance sector. This is being driven not only by a growing number of use cases but also the significant benefits these technologies offer, for instance, PwC has found that 54% of executives say AI tools have boosted…
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Mounting concerns such as late payments (54 per cent), cyber-attacks (27 per cent) and tax rates (44 per cent) have left the UK’s entrepreneurs fearing for the future. Other challenges include the cost of staff recruitment (19 per cent), maintaining or increasing levels of productivity (31 per cent) and uncertainty over Brexit (44 per cent).…
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Set against a backdrop of unprecedented change – British small businesses are remaining stoic and are facing the next three months with renewed focus and a determination to succeed. New research from Hitachi Capital Business Finance shows that for the sixth consecutive quarter confidence levels have varied only by 1%, with the number of businesses…
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Nearly half of small business owners and managing directors (47 per cent) had to stop their own pay due to the impact of unfair payment practices by their buyers, according to new survey findings from engineering services trade bodies ECA and BESA. Overall, three-quarters of business owners said they had made sacrifices, including reducing their…
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The Specialist Engineering Contractors’ (SEC) Group (representing the largest sector in UK construction by value) has said that amidst a deteriorating picture of payment abuse and insolvencies in the construction industry, that it will be writing to all the parties on 13th December seeking their support for new payment legislation. SEC Group’s CEO Rudi Klein…
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Samantha Barrass has been named as the first Chief Executive Officer of the Business Banking Resolution Service (BBRS). The BBRS has been set up to resolve disputes between small and medium-sized businesses and their banks to deliver independent transparent, fair and reasonable outcomes The BBRS is backed by Britain’s six biggest high street lenders. Sarrass…
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A new survey shows that small businesses are spending on average more than one working week chasing late payments. SMEs spend a total of 56.4 million hours looking for overdue payments, most of which are done after hours. According to a report commissioned by Intuit QuickBooks, 56.4 million hours a year were used to look…
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Construction company Laing O’Rourke has been reinstated to the Prompt Payment Code (PPC). The company has been reinstated to the Government’s code seven months after being removed for failing to pay suppliers on time. The Prompt Payment Code is a voluntary code which is administered by the Chartered Institute of Credit Management (CICM)on behalf of…
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Credit Connect has announced its inaugural Credit & Collections Technology company power list for 2019. The power list is the first edition of what will be an annual round-up of the most prominent innovating companies within credit and collections technology. Within the list, Credit Connect has identified the top 20 ‘Premier’ innovators highlighting the achievements…
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