Credit, Collections & Insolvency News
Three directors who dishonestly secured credit by causing their companies to submit false invoices to factoring companies have been banned for a total of 29 years. Deborah Fisher of Spalding, Lincolnshire was the director of NJ Transport Limited, a haulier based in Weston Hills. Over two years between January 2016 and March 2018 she caused…
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UK plc borrowing rose for the eighth consecutive year in 2018/19, according to the latest Link Group UK plc Debt Monitor. Net debt (total borrowings less cash), jumped 5.8% to a new record of £443.2bn, even allowing for higher cash balances. Net debt has now risen by three quarters since the low point reached in…
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New research from Direct Line for Business has revealed that over the past five years high street businesses have been closing at a rate of four every day as part of the radically changing face of high streets in England and Wales, with shops increasingly being converted into restaurants or takeaways. In 2018/19 two thirds…
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An investigation by the real estate adviser Altus Group reveals that, during the last financial year of 2018/19, 190,000 non domestic premises such as pubs, shops, restaurants and offices in England were hauled before a Magistrate for non-payment of their business rates fuelling claims that the system is seen to be criminalising firms struggling to…
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The Institute of Chartered Accountants in England and Wales (ICAEW) is urging Boris Johnson’s new government to help businesses by dealing with challenges flagged up in its latest ICAEW Business Confidence Monitor™ (BCM). One of the most widespread issues found in the report is the rising proportion of businesses which report late payment as an…
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Smart infrastructure solutions company, Costain has been reinstated to the live Prompt Payment Code list. The Chartered Institute of Credit Management (CICM) has acknowledged the group’s real and fast progress to ensure its suppliers are paid in line with the requirements of the code. In a press announcment, Cosatain said “Costain was an early signatory…
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Latest figures from the Insolvency Service have shown that the number of company insolvencies increased in Q2 2019 compared with Q1 2019 this was driven by an increase in creditors voluntary liquidations, Compulsory liquidations, administrations and company voluntary arrangements (CVAs) decreased in Q2 2019 Company insolvencies, in Q2 2019, increased to 4,231 (2.6%) its the highest…
Read moreThe Civil Enforcement Association (CIVEA), which represents all the major civil enforcement agencies along with a number of independents, is to host a conference on Thursday, 19th September at Banking Hall, Cornhill, London. The one-day event will include a conference and exhibition and will be free to delegates drawn primarily from local authorities. A capacity…
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County Court Judgments (CCJs) against businesses in England and Wales rose four percent in the first half of 2019, according to new figures released by Registry Trust. Year-on-year numbers have risen for the past three years and in the first half of 2019 are 56 percent higher than 2016’s record low, for a first half-year,…
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The Insolvency Service has reported that it has returned £61.3 million to creditors, up from the £55.3 million last year according to the results as part of its annual report (2018 to 2019). Sarah Albon Chief Executive of the Insolvency Service said “I’m happy to report on another solid year of delivery by the Insolvency…
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The government has announced that it will become compulsory for High Court Enforcement Agents and certificated enforcement agents to wear body-worn cameras. The Government says that while the vast majority act professionally and within the rules, there are concerns that some bailiffs continue to employ intimidating tactics that put both themselves and often vulnerable consumers…
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Latest figures released by Registry Trust show that the number of decrees against Scottish businesses dropped by 28 percent in the first six months of 2019 (compared to HY1 2018 figures) – totalling 1,140, the lowest of any first half-year on record. The total value of decrees against businesses in the first half of the…
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The number and total value of judgments registered against businesses in Ireland in the first six months of 2019 were the lowest on record for a first half-year, with 250 judgments registered according to the latest figures released by Registry Trust. The judgements were 10 percent fewer than in the first half of 2018. It…
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