Credit, Collections & Insolvency News
More than 1,000 businesses are flouting the law by not reporting how long they take to pay suppliers, according to an analysis of government data by the Chartered Institute of Procurement & Supply (CIPS). According to CIPS, on average large businesses pay almost a third of their invoices late with 15 per cent taking longer…
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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 sector particularly affected, giving rise to concerns that the UK could suffer a broader economic slowdown. The Red Flag Alert data for Q1 2019, which monitors the financial health of…
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The Insolvency Service has published its latest insolvency statistics which indicate that the underlying number of business insolvencies increased in England & Wales. Total underlying company insolvencies increased in Q1 2019. Creditors’ voluntary liquidations, administrations and company voluntary arrangements (CVAs) all increased in Q1 2019, while compulsory liquidations decreased. In addition, administrations increased to the…
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Latest figures released by the Registry Trust shows that the number of business debt judgements declined in Ireland during Q1 2019. The number, total value and average value of judgments registered against businesses in Ireland in Q1 2019 were the lowest on record for a first quarter-year, with 112 judgments registered, eight fewer than the…
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A report from trade credit insurer Atradius has revealed that payment delays and insolvencies are expected to weigh heavily on the construction industry this year. The Atradius Construction Market Monitor warns of a negative insolvency outlook for 2019, following an already troubled period since 2017. A catalogue of issues has combined to form a perfect…
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Action on companies who fail to meet the standard of the Prompt Payment Code (PPC) has seen 17 companies removed or suspended from the Code during the past quarter, the Chartered Institute of Credit Management (CICM) has announced. Thousands of companies who sign up to the Code, administered by CICM on behalf of the Government,…
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Escalating business rates are continuing to put pressure on London’s hotel industry according to latest figures from Colliers International, Hotel companies are facing new bills for the year ahead which show the third set of rises since the 2017 Revaluation, with many bills double what they were three years ago. Such bills will need to…
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Accountant in Bankruptcy’s (AiB) has published its latest provisional figures ( January to March 2019) which show that there were 966 Corporate insolvencies in Scotland in 2018-19 up from 884 last year. Commenting on the latest figures, Minister for Business, Fair Work and Skills Jamie Hepburn said “These figures highlight the challenging economic times we…
Read moreThe HMRC applied to shut down 4,160 businesses in 2018, due to these UK businesses having “fallen behind” on their tax payments last year. according to new statistics by Funding Options. The report cited that HMRC has been too aggressive in their approach when shutting down businesses. Conrad Ford, CEO of Funding Options. said “The…
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Global business intelligence specialist Creditsafe has announced a new partnership with risk decisioning and data science solution Provenir to provide automated investment and credit risk decisioning to businesses. The partnership will see Creditsafe incorporate Provenir’s risk decisioning and data science platform into its Connect API, allowing connection to major CRM and ERP systems. This will allow users to be able to access and analyse financial data regarding possible investment and lending opportunities in real-time. Thanks to this new partnership companies will be able to make more informed…
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A record net 2,481 stores disappeared from Great Britain’s top 500 high streets in 2018. In total, 3,372 shops opened, compared to 5,833 closures. (2017 net loss: -1,772 stores), according to PwC research compiled by the Local Data Company (LDC). The number of store openings by multiple retailers* on Great Britain’s top 500 high streets…
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The Chartered Institute of Credit Management (CICM) and The European Freight Trade Association (EFTA) are claiming victory after Companies House added a warning to its website that the information available on its site has not been independently verified. Philip King, the Chief Executive of the CICM, the world’s largest recognised professional credit management body, and James Campbell, Secretary of The European…
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Debenhams has entered pre-pack administration with control of the company now falling into the hands of its lenders as part of an administration process. The company has 166 stores, which for now continue to trade, although it has indicated that 50 branches are earmarked for closure in the future. Its lenders include Barclays and Bank…
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