Credit, Collections & Insolvency News
The latest Lloyds Bank Business Barometer has shpown that overall business confidence was steady in July at 13%, in line with the average this year, but below the long‑term average of 24%. Trading prospects for the year ahead fell by 3 points to 19%, but economic optimism rose 1 point to 6% Employment expectations rose…
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Smart infrastructure solutions company, Costain has been reinstated to the live Prompt Payment Code list. The Chartered Institute of Credit Management (CICM) has acknowledged the group’s real and fast progress to ensure its suppliers are paid in line with the requirements of the code. In a press announcment, Cosatain said “Costain was an early signatory…
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New research from Begbies Traynor, the UK’s leading independent insolvency firm, reveals there are now 484,000 UK businesses in significant financial distress with the property, leisure and tourism sectors particularly badly affected. The Red Flag Alert data for Q2 2019, which monitors the financial health of UK companies, found that 14% of all UK businesses…
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Latest figures have revealed that there was an increase in Northern Ireland company insolvencies according to latest Insolvency Service figures. The latest quarterly figures show that there were 88 new company insolvencies in Northern Ireland, up 22 on the previous three-month period, but a significant fall on the same quarter of 2018. Of the latest…
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The finalists for the third annual Credit & Collections Technology Awards, the UK’s celebration of tech innovators in credit and collections, have been revealed. The Credit & Collections Technology Awards, organised by Credit Connect and hosted at the Credit Services Association’s UK Credit and Collections Conference, brings together credit and collections technology executives to honour the industry’s…
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Latest figures from the Insolvency Service have shown that the number of company insolvencies increased in Q2 2019 compared with Q1 2019 this was driven by an increase in creditors voluntary liquidations, Compulsory liquidations, administrations and company voluntary arrangements (CVAs) decreased in Q2 2019 Company insolvencies, in Q2 2019, increased to 4,231 (2.6%) its the highest…
Read moreNearly half (44%) of the UK’s SMEs, equating to 2.5million businesses, are struggling with cashflow as they attempt to prepare for Brexit, according to the latest SME Confidence Tracker from Bibby Financial Services. The report, which surveys one thousand business decision makers on a quarterly basis from across the UK, found that there has been a 6% rise (to 29%) in…
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Retail sales fell for the third consecutive month in the year to July, marking the longest period of decline since 2011, according to the latest CBI monthly Distributive Trades Survey. The survey of 93 firms, of which 46 were retailers, showed that sales volumes fell in the year to July, albeit to a lesser extent…
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The number of corporate business insolvencies in Scotland fell by 15% in April-June 2019 compared with the previous quarter (January-March 2019), and fell by 2% compared with the same quarter the previous year (April-June 2018) according to latest Accountant in Bankruptcy (AiB) statistics. The number of Scottish registered companies becoming insolvent or entering receivership decreased…
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The Insolvency Service has reported that it has returned £61.3 million to creditors, up from the £55.3 million last year according to the results as part of its annual report (2018 to 2019). Sarah Albon Chief Executive of the Insolvency Service said “I’m happy to report on another solid year of delivery by the Insolvency…
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The number of permanent pub closures across England and Wales has halved in the first six months of 2019 compared to the previous half-year, analysis of government data has revealed. A total of 235 pubs closed in the UK in the six months to June, according to new analysis by Altus Group, an average of around forty pubs each…
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Eighteen companies including BT, British American Tobacco, and Centrica – have been suspended from the Prompt Payment Code for failing to pay suppliers on time, the Chartered Institute of Credit Management (CICM) has announced. Screwfix, Prudential, and various businesses of BAE Systems are also among those that have failed to honour their Code commitment to…
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The Small Business Commissioner, Paul Uppal, and business lender, Growth Street have launched a collaborative whitepaper surveying SMEs on their experiences of unfair payment practices. The report found that 75% of SMEs said they would fear taking action against a late payment at the risk of damaging their client relationships. Whilst 43% of SMEs said…
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