Credit, Collections & Insolvency News
Ofwat has allocated customers affected by the proposed liquidation of Aquaflow Utilities to Clear Business Water, following a competitive process. Ofwat have worked with the market operator, MOSL, to switch affected customers and they should be receiving information from Clear Business Water soon. Ofwat has used powers under the Interim Supply Code, and stepped in…
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The Small Business Commissioner, Paul Uppal, has highlighted poor supplier payment practices at Holland & Barrett, following the publication of his report into a late payment complaint made by a small business. The official complaint was logged with the Small Business Commissioner by the London-based technology consultancy after Holland & Barrett failed to pay a…
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Almost 115,000 businesses waited an average of 57 days for payment in 2018 with more than 1,000 of these subsequently entering insolvency as a result, according to new data from insolvency specialist Begbies Traynor. The data, which was gathered from more than 1 million debtor day reports since 2011, also revealed that of those 1,000…
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Trade Ledger, an open banking platform for business credit automation & Nimbla, the pioneering trade credit insurance platform have announced a new partnership to streamline trade finance & insurance processes for banks and lenders. The partnership will be the first time two Banking-as-a-Service (BaaS) platform providers have come together in the corporate lending sector but…
Read moreWinding up Petitions (Companies) have been issued and advertised in the London Gazette for the following companies: 06606420 LTD 119 MARYLEBONE ROAD TENANT LTD 3A’S CONSULTANCY LTD 56 EP LTD A & D MAINTENANCE CO. LTD A HERITAGE WINDOW CO. LTD A M PROPERTY MANAGEMENT SERVICES LTD A W CLEAVER HAULAGE LTD ABS SCAFFOLDING LTD…
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Administration notices have been issued and advertised in the London Gazette for the following companies: A. & J. FABTECH LTD ABILISOFT LTD ACCESSIBLE TRANSPORT GROUP CONTRACT SERVICES LTD ACCESSIBLE TRANSPORT GROUP LTD AKTIS STRATEGY LTD ALLERFORD HOLDING LTD ALLERFORD INTERMEDIATE NEWCO LTD ALTIMA LIGHTING LTD AMBITEMP (M&E) LTD ARCH HALL LTD ARCH HALL SOUTH LTD ASHFIELD…
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A new economic research report from Atradius forecasts that global insolvencies are set to grow for the first time in 10 years. The Insolvency Forecast reports an expected rise in insolvencies of 7% in the UK in 2019, the highest increase of all advanced markets. The insolvency outlook has deteriorated following a sharp loss of…
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Just over half (55%) of SMEs have had to turn away growth opportunities because of a bad financial situation, according to new research released today by Nucleus Commercial Finance. The data also indicates that 29% of UK SMEs currently want to grow, but aren’t able to, a clear picture is emerging of businesses being held…
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The number of business insolvencies across the UK has risen by a fifth over the past three years, according to the latest figures from the Insolvency Service. 17,439 businesses entered into insolvency procedures last year — up approximately 100 from 2017 and an increase of 2,851 insolvencies from the figure in 2015. The number of…
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Dun & Bradstreet has been confirmed as a designated Credit Reference Agency (CRA) by HM Treasury and is one of four CRAs able to receive credit data from the designated banks. The commercial credit data sharing scheme was launched as part of the UK Government’s commitment to support SME growth and requires nine leading banks…
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The inaugural Commercial Credit & Collections conference has confirmed its agenda for its forthcoming event at the Leadenhall Building on Friday 5th April. CVR Global and Aon’s Commercial Credit & Collections conference agenda includes speakers from Chartered Institute of Credit Managers (CICM) and Eversheds Sutherland. With Brexit on the horizon, the event will open with…
Read moreOutsourcing specialist Interserve has entered into administration after the company’s shareholders voted against a rescue plan Shareholders voted 59.38% against the plan, which would have seen their stake reduced to just 5%, with lenders being handed the largest share of the business. Last month it outlined a plan to reduce its net debt to £275m…
Read moreLarge companies will have to report on their payment practices every year in the first step of a crackdown to end small businesses being paid late, the Chancellor has announced as part of the Government’s spring statement. Philip Hammond said the Government will require companies to review their payment practices through their audit committees, with…
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