Credit, Collections & Insolvency News
The number of retailers entering insolvency has increased by 7% in the past year from 999 in 2015/16 to 1,071 in 2017/18 according to new research by insolvency specialist RPC. RPC says that the retail sector continues to suffer from a high-cost base whilst the shift in sales from the high street to the internet…
Read moreIn the latest report into the collapse of Carillion, the Work and Pensions and Beis committees called Carillion’s rise and fall “a story of recklessness, hubris and greed” Responding to the publication of the Business, Energy and Industrial Strategy and Work and Pensions Committees’ full report on Carillion, Federation of Small Businesses (FSB) National Chairman…
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Ahead of the launch of the final report of their inquiry into the collapse of Carillion this week, the Work and Pensions and BEIS Committees has published evidence from Santander, the bank which operated Carillion’s Early Payment Facility. The report has found that despite being signatories of the Prompt Payment Code, Carillion were “notorious late…
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Business credit check specialist Cocredo has announced that it has launched Dual Report a new company reporting service. Cocredo’s research has found that a growing number of people use multiple reports when credit checking companies to gain a wider understanding of a business. However, it can become very costly and time-consuming logging into different systems and comparing credit reports that…
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Research from the Federation of Small Businesses (FSB) has highlighted poor payment practices epidemic running through public sector supply chains putting many small firms at risk FSB’s new data, which is part of wider forthcoming research into how the UK can better use supply chains, shows that nine out of ten (89%) public sector suppliers have been paid late. This…
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Euler Hermes publishes its annual review and forecast of global average Days Sales Outstanding (DSO), based on a sample of 20 sectors and 36 countries. According to the 2017 figures, DSO reached its highest level since 2007 at 66 days. This trend is expected to continue in 2018 with global average DSO to rise by…
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Winding up Petitions (Companies) have been issued and advertised in the London Gazette for the following companies: 21ST CENTURY ECO-HOMES LTD 321 TRAVEL LTD 3RD POINT THINKING LTD A S ELECTRICAL SERVICES (SOUTHERN) LTD A. G. AXTON & SONS (WHOLESALE) LTD ABACUS WILLS & TRUSTS LTD ABD CORPORATE SERVICES LTD ACCH (HENDON) LTD ACQUISITION 395448472…
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Half of the small businesses in the UK are currently operating in the red, according to the latest Small Business Insights published by Xero. According to new data, only 49.5 percent of businesses were operating in positive cash flow last year. Despite the various government initiatives that have been attempted, the UK’s biggest firms are still…
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The Insolvency Service has released the latest numbers business insolvency in Quarter 1 (January to March 2018). The figures indicate that an underlying number of insolvencies (excluding bulk insolvencies) increased to the highest quarterly level since Q1 2014. This was driven by a rise in underlying creditors’ voluntary liquidations and compulsory liquidations. Duncan Swift, vice-president of…
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UK businesses saw a 27 percent surge in the number of adverse debt judgments last year, according to national statistics issued by TrustOnline. Over the same period, the number of online searches by people checking judgment status grew by ten percent. During 2017, 109,000 judgments were registered against businesses in England, Wales, Scotland and Northern Ireland,…
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The number of failures within the UK’s construction sector increased by 73.3% in Q1 2018 according to new figures from Creditsafe. The quarter kicked off with unexpected collapse of Carillion, which left thousands of suppliers unpaid and countless employees without work. The impact was clearly felt in the construction industry as four of the top…
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Debt owed to UK businesses across eleven core business sectors was £580m higher in the last three months than in Q4, 2017 according to latest figures from a Creditsafe. After falling to a 12-month low in Q4 2017 with £157.9m being filed, bad debt (debt owed to businesses) filed in the first quarter of 2018 reached…
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Just 11% of the £416 billion in the total stock of loans to businesses are now being provided on a fixed rate – dropping by a third from 18% two years ago – leaving businesses with huge exposure to rising interest rates, says Hadrian’s Wall Capital, the London-based specialist debt adviser. The drop came as…
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