Credit, Collections & Insolvency News
New research has found that many UK businesses are working under double standards in regards to late payment. Most companies demand prompt payment from their customers, they don’t commit to this with their own suppliers. Most businesses are part of a supply chain and all transactions are interconnected; so if suppliers are not paid on…
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Four out of five finance professionals have said that their department is not keeping pace with the rest of the organisation’s digital transformation plans, leaving them struggling with productivity, cost and efficiency issues, according to new UK research among senior finance and IT executives. IT which most commonly leads digital transformation said finance was the…
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More than a quarter of all invoices are being paid late, according to new official statistics, leaving small businesses struggling for cash. The average reported time to pay was 38.97 days with just over half (51.71%) paid within 30 days. A third (33.02%) were paid between 31 and 60 days, and 15.25% were paid later…
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The number of companies falling into insolvency in Scotland fell to an eight-year low last year according to new research by KPMG. The report found 832 companies went into administration or liquidation in 2017. The total was the lowest since 2008, when 803 firms entered insolvency. The insolvency figures were 15 per cent lower than in 2016,…
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New research by Dun & Bradstreet has highlighted that late payments are having an adverse affect on British enterprise, with 11 percent owed more than £100,000. In a survey of more than 500 managers at companies ranging from two to 250 employees, The research found it is putting the future at risk for 58 percent…
Read moreBusiness Secretary Greg Clark has welcomed a decision by several banks to set up funds to support small businesses affected by Carillion’s insolvency. Lloyds Banking Group has launched a £50 million fund, HSBC a £100 million fund and RBS has made £75 million of assistance available. It follows a meeting held by Greg Clark yesterday with banks where…
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UK sales recorded four consecutive quarters of growth in 2017, rising by 24.91% or £1.77 trillion worth of sales in the last three months of the year. Bad debt also dropped to its lowest point at the end of 2017, with UK businesses chasing an average of £193,014 worth of unpaid invoices in Q4 2017,…
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PwC has been appointed as the special managers to troubled outsourcing giant Carillion, which has announced it is going into compulsory liquidation with immediate effect, putting thousands of jobs and major government infrastructure projects, including the new HS2 high-speed rail link, at risk This weekend saw crisis talks between the company, key financial stakeholders and…
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The late payment culture knows no borders according to new research by MarketInvoice. The research shows that the proportion of UK invoices being paid late – and the amount of time taken to settle them by EU and USA firms – has risen dramatically between 2016 and 2017. The findings also reveal that 73% of…
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New research from Deloitte has indicated that retail administrations have increased for the first time in 5 years. The research showed that: 118 retailers went into administration during 2017, up 28% from 92 in 2016 There was a significant increase (55%) in the number of large retailers that have gone into administration Total administrations across…
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New research from MarketInvoice has revealed that late payment has worsened for UK SMEs. In a survey of 80,000 invoices from UK businesses reveals that: 62% of invoices paid late in 2017, £21.1b outstanding in late payments annually Invoices paid 18 days late on average; Prompt Payment Code not delivering for UK businesses The culture…
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Nine companies which had provided services to directors of insolvent companies, have been placed in provisional liquidation. The actions follow an investigation by the Insolvency Service The companies names Rigil Kent Acquisitions Ltd; Rigil Kent Corporate Acquisitions & Turnaround Ltd; Rigil Corporate Rescue Ltd; Rigil Kent Group Ltd; RK Acquisitions Ltd; RK Corporate Rescue Ltd;…
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The proportion of UK companies which are only paying the interest on their debts – one of the signs of a so-called ‘zombie’ business – has dropped to 3% in December from 5% in April this year, according to research by R3. The proportion of businesses only paying interest on their debts – equivalent to…
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