Credit, Collections & Insolvency News
Small businesses chasing payment for overdue invoices achieve significantly better results by sending solicitor’s letters, known as a letter before action (LBA), according to new research from fintech firm Ormsby Street. Two-thirds of LBAs sent will result in a small business being paid within seven days, while two-thirds of overdue invoices will remain unpaid after one…
Read moreIn 2016, insurance company Zurich found that more than 53% of Britain’s small and medium sized businesses (SME) have issues with late payments with 41% of those experiencing serious cash flow problems as a result. According to Zurich’s SME risk index, £225bn is owned in late payments to British SMEs and two-thirds of UK SMEs agree that…
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Business failures across West Dunbartonshire have left a trail of debt. The council has written of £535,646 in unpaid business rates, the total amassed by firms across the area who have either dissolved or gone into liquidation Councillors on West Dunbartonshire Council’s corporate services committee agreed to write off the National Non Domestic Rates (NNDR),…
Read moreAdministration notices have been issued and advertised in the London Gazette for the following companies: 3D RECYCLING LTD 3SIXTY SYSTEMS LTD ABBEY DELIGHT LTD ABC ALPHA BUSINESS CENTRES UK LTD ABC ALPHA BUSINESS CENTRES VI UK LTD ADDITIVE LTD AGRIGUARD LTD ALBERT & MICHAEL HEATH LTD ALL LEISURE HOLIDAYS LTD AMS RETAIL INTERIORS LTD ANFIELD BRECKSIDE…
Read moreEquifax has been appointed by new P2P lending platform Flender to support the underwriting of loans for UK SMEs. Equifax will supply real-time consumer and commercial data so that the underwriting process can be automated and optimised. The data insight, provided via the Equifax Business Insights solution, will give a holistic view of SME loan…
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UK business failures will rise by 5% in the next 12 months as the economic slowdown, rising input prices and increased late payment risks begin to take their toll, according to Euler Hermes. This is in sharp contrast with the rest of the continent, where insolvencies will fall by 4% in Western Europe and 1%…
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Ofgem has announced that British Gas Business is to pay £9.5 million in redress, following failings in its registrations, complaints handling and billing processes for business customers. British Gas Business implemented a new IT billing system in March 2014 which left tens of thousands of its business customers with delayed and inaccurate bills. Over 6,000…
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Analysis from KPMG has shown that 2016 saw the reversal of a six year downward trend in levels of insolvency for British businesses, following an uptick in companies entering into administration in the second half of the year. The numbers, taken from notices in the London Gazette, show that 1,174 companies, or groups of companies, entered…
Read moreHMRC recovered an extra £3.17billion in underpaid VAT from large businesses as a result compliance investigations undertaken by the Large Business Directorate over the last year* says Pinsent Masons. Pinsent Masons says that although this is slightly less than the £3.38billion it collected the previous year, VAT enquiries are by far the highest yielding area…
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EFCIS has announced the appointment of Marc Trathern as it’s new Director of Sales. With 15 years of sales experience working for large corporate entities within various sectors, Trathenr has gained a wealth of knowledge during this time and developed a proven track record of over achievement. Tracthen said “I am very excited and grateful for…
Read moreA report coming out later this month will show that nearly four in 10 travel companies are now in ‘significant’ financial distress. Data analysed by insolvency firm Begbies Traynor found 2,679 businesses in the travel sector – thought to be made up of around 7,000 companies – were experiencing significant distress in the last thee…
Read moreAccording to a new report commissioned by Amicus Commercial Finance, well over half (61%) of invoices issued by UK small and medium sized enterprises (SMEs) remain unpaid within the debtor day period. Of these, almost three-quarters (70%) of firms say they rely on getting paid during their debtor day period to avoid facing a shortage…
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Winding up Petitions have been issued and advertised in the London Gazette for the following companies: A-CLASS GENERAL BUILDERS LTD ABBEYGATE ROOFING LTD ACE AIR CONDITIONING EXPRESS LTD ADMIRAL LAND & ESTATES LTD AEGIS ENVIRONMENTAL SOLUTIONS LTD ALPHA 1 SECURITY SERVICES (G.B) LTD ALPHABET CITY TRADING LTD BRITISH RAILWAYS NORTHAMPTON (L.M.R.) SPORTS AND SOCIAL CLUB BROMSHIRE…
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