Credit, Collections & Insolvency News
Enforcement specialists, Bristow & Sutor have announced that they are working with Transport for London (TfL) collecting unpaid Penalty Charge Notices at warrant stage for all road charging schemes and traffic enforcement contraventions. The company says winning the debt management and enforcement contract with TfL has resulted in the production and implementation of new letters, business rules, action codes and reports. Bristow…
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Changes to the insolvency law will give businesses flexibility according to Duff & Phelps which also says that the new measures will provide options for businesses in difficulty as Britain exits lockdown. Introduced on 20 May 2020, the Corporate Insolvency and Governance Bill the company says that the legislation is a welcome development that will…
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Travel agencies and tour operators are the worst hit of all major industries by the coronavirus crisis, with turnover of the sector in the UK falling 56% from £2.6 billion in March 2019 to just £1.2 billion in March 2020. Research by UHY Hacker Young has shown that the lockdown has already hit the prime…
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The big uptake of Government-backed covid-19 loan schemes raises important questions about small businesses’ concerns over their treatment as customers of the banks, according to a new independent report. The report says that issues arise from the statistically significant participation of Small and Medium Sized Businesses (SMEs) in Government-backed loan schemes. A tightening economy will…
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The Government has introduced the Corporate Governance and Insolvency Bill in Parliament, which will put in place a series of measures to amend insolvency and company law to support business and to address the challenges resulting from the impact of coronavirus (COVID-19). The Bill consists of 6 insolvency measures and 2 corporate governance measures. The…
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One in ten retailers is facing imminent collapse as the economic damage of the pandemic begins to accumulate according to findings of the Opinium-Cebr Business Distress Tracker. Anticipated business recovery time increases to 28 weeks, suggesting the longer lockdown persists, the longer it will take to rebuild Despite this, more than two-fifths of businesses (41%) report…
Read morePetitions to wind up restaurants increased by 165% last year with another surge expected once lockdown ends according to research by UHY Hacker Young. The research shows that the number of petitions to wind up restaurants over unpaid bills has jumped to 53 so far this year, up 165% from 20 in the same period…
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The Insolvency Service has published its latest business insolvency statistics which have revealed that the overall numbers of business insolvencies dropped in the days immediately after the UK lockdown was applied. The short term effects of the lockdown show that during the first three weeks of March, prior to the UK lockdown on the 23rd…
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Figures from the Office for National Statistics (ONS) have revealed that almost half of UK businesses are concerned that they will run out of cash in less than six months. The survey of over 5,000 firms found that a quarter (24%) said they were unsure about their level of reserves. Some 4% reported having no…
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A majority of football clubs now face unprecedented financial distress in wake of coronavirus pandemic. Football club finances were continuing to grow in stability by March this year, with only five clubs in financial distress across the 71 clubs that make up the English Football League (EFL) since Bury FC’s expulsion in August 2019, according…
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Just, the enforcement market integrator has appointed Adam Wonnacott, to head up its technology and innovation team. Wonnacott has extensive knowledge of collections and recoveries, having previously held senior director positions at both Burlington and Marston Holdings, where he spent time as Managing Director of their subsidiary MoretonSmith. Since 2019, Wonnacott has been working with…
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A survey of over 500 pub owners undertaken by the Forum of Private Business (FPB), found that nearly four out of every ten reported that they are less than confident of surviving a June lockdown. The survey of 560 pubs carried out on behalf of the FPB in the last two weeks of April indicates…
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Scottish Parliament has published a new bill to amend bankruptcy legislation. The Coronavirus (Scotland No.2) bill will be subject to an expedited procedure and subject to Parliament’s approval, is likely to come into force by the end of the month. The Bill includes proposals to make a number of important changes to current bankruptcy legislation,…
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