A new report from accountants at Mazars has found that the top 20 building merchants are increasingly turning to winding up petitions against contractors who fail to pay on time. Builders merchants have applied for winding up petitions against 185 constructors compared with just 44 in the previous year to the end of January 2023,…
Read moreNew research published by Bibby Financial Services (BFS) has revealed the extent to which the UK’s small and medium sized enterprises (SMEs) are exposed to substantial debt stress with the average bad debt amongst UK SMEs jumping by 61 percent. The average level of debt has risen from £10,329 in Spring 2022, to £16,641. Currently,…
Read moreA survey of 885 UK-based retail investors has revealed how investors are managing their portfolios in light of high inflation, low growth, subsequent recession risks and the Conservative leadership contest new research commissioned by HYCM has found. The survey found that the majority (62%) of investors believe the UK will enter a recession before the…
Read moreHMRC is to revise late payment interest rates after the Bank of England increased its base rate to 1.75%. The Bank of England Monetary Policy Committee voted on 4th August 2022 to increase the Bank of England base rate to 1.75% from 1.25% HMRC interest rates are linked to the Bank of England base rate. As…
Read moreIntrum’s annual European Payment Report (EPR), a survey of 11,000 companies across 29 European countries, shows that businesses are expecting late payments to grow significantly in the coming months, following the rising inflation and interest rates with UK businesses less likely than their European peers to make growth a priority. Across Europe, growth is slowing…
Read moreDelayed payments and insolvencies are predicted to rise in the consumer durables retail sector this year, reveals leading trade credit insurer Atradius. In its latest Industry Trends report on the retail sector, Atradius emphasises the importance of maintaining close working relationships with retailers, and acquiring real-time insight, as the key to navigating the next six months. Increasing…
Read moreThe value of UK business loans written off by banks nearly doubled in the last quarter of 2021, rising 87% from £190 million in the third quarter to £356 million in the fourth quarter according to research by debt advisory specialists ACP Altenburg Advisory. Altenburg explains that write-offs of loans have been subdued throughout the…
Read moreNew figures from the Registry Trust have revealed a significant rise in business County Court Judgments (CCJs)in UK & Ireland, for Quarter 1 (Q1). The figures revealed that there were 230,239 new monetary judgements processed overall in Q1 2022, which is a 10% decrease compared to the Q1 2021 total of 256,404. However, there was…
Read moreThe government must do more to recover taxes that went unpaid during the pandemic, a group of MPs has said. The Public Accounts Committee (PAC) says the Covid-19 pandemic has changed the nature and scale of tax debt creating an enormous task for HMRC to bring tax debt back from the current mountain of £39…
Read moreBusiness Minister Paul Scully has announced the launch of a new law to help resolve remaining commercial rent debts accrued because of the pandemic. The ‘Commercial Rent (Coronavirus) Act 2022’ received Royal Assent means that a legally binding arbitration process will be available for eligible commercial landlords and tenants who have not already reached an…
Read moreCredit management and debt recovery company Credit Style says demand for legal services has increased sharply over the past 12 months and is showing no sign of slowing down. The company says that the average number of legal actions they have commenced on behalf of clients has grown significantly from just over 13,000 cases to…
Read moreCounty Court Judgments (CCJs) against businesses in England and Wales rose by 13 percent in 2021, compared to 2020, according to the latest figures released by Registry Trust. The number of business CCJs increased from 77,134 in 2020 to 87,441 in 2021. The total value of CCJ debt owed by businesses rose by 12 percent,…
Read moreThe number of decrees and total amount of debt registered against Scottish businesses in 2021 declined when compared to 2020, according to figures released by the Registry Trust. The number of decrees against incorporated businesses also fell, by 13 percent, from 1,687 to 1,472. The total value saw even larger falls, down 21 percent, from…
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