Credit, Collections & Insolvency News
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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New research from Barclaycard has identified that 51 per cent of finance leaders are frustrated that their accounting software is not intuitive enough. With increased pressure on margins for finance and resourcing, finance leaders have identified inefficiencies in their accounting systems, with nearly half (48 per cent) frustrated that their current system is not sufficiently…
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The HMRC has collected £37 billion in revenue from brand-new taxes that it has introduced over the last decade according to new research by UHY Hacker Young. The new taxes cost £7.6 billion in 2018/19, up from £7.4 billion n the previous year. The newest tax, the Soft Drinks Levy, has cost over £300 million…
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The Government has announced that it is pushing ahead with proposals to prioritise the repayment of some tax debts in insolvencies from April 2020. The extra money which will be repaid to HMRC under these proposals will come out of funds which would otherwise have been paid to creditors including pension schemes, trade creditors, lenders,…
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One-fifth of self-employed sole traders don’t survive one year, and the majority don’t survive five according to new analysis of HMRC tax records by researchers at the Institute for Fiscal Studies, funded by the Office for National Statistics through the Economic Statistics Centre of Excellence (ESCoE) and the Economic and Social Research Council. The findings also…
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Hotels, pubs, and restaurants in Scotland have seen their levels of elevated insolvency risk fall slightly or hold steady since the start of the year, according to insolvency and restructuring trade body R3. The proportion of hotel companies based in Scotland deemed by R3’s research to be at greater than usual risk of insolvency in…
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More than eight in ten (83%) Chief Finance Offices (CFOs) ) say they expect the long-term business environment to deteriorate as a result of the UK leaving the EU, according to Deloitte’s latest Q2 CFO Survey. This is the highest reading since the referendum in June 2016. Meanwhile, the percentage of CFOs who think that…
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In June, the following administration notices have been issued and advertised in the London Gazette for the following companies: A G BAKER FENCING LTD ACI FINANCIAL LTD AFFINITY CORPORATION LTD AGS SUPPORT LTD AIM HIRE GLOBAL LTD AMICUS RENEWABLES LTD ATLANTIC FINANCE (UK) LTD BATMART INTERNATIONAL LTD BEAMISH TRANSPORT LTD BENNETT MANUFACTURING SERVICES LTD BOOTH…
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