Credit, Collections & Insolvency News
People are at risk from fraudsters masquerading as enforcement agents (bailiffs) and small businesses are a popular target, according to the civil enforcement industry’s trade body Civil Enforcement Association (CIVEA). The warning comes after CIVEA identified cases of fraudsters using the government’s public register of enforcement agents to demand payments for bogus government debts. The…
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Credit Insurance specialist Euler Hermes has issued its annual review and forecast of global average Days Sales Outstanding (DSO), based on a sample of 25,000 listed companies across 20 sectors and 36 countries. Days Sales Outstanding (DSO) is a measure of how long it takes companies to collect cash from customers. Euler Hermes’ study shows…
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There was a 12 percent increase in the number of county court judgments against all businesses in England and Wales in the first quarter of 2019, according to figures released by the Registry Trust. The total value of the 35,779 business CCJs was £107.2million, a rise of six percent compared to the same period of…
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Commenting on the Appointment Administrations from April 2019 Insolvency analyst Geoff Swire from geoffswire.co.uk said “Without any one month being exceptional the Q1 2019 produced the highest number of Administrations (428) since 2014. Members Voluntary Liquidations (MVLs) and Creditors’ Voluntary Liquidations (CVLs) have both seen their usual uptick at this time of the year but…
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Winding up Petitions (Companies) have been issued and advertised in the London Gazette for the following companies: 1ST CHOICE PROPERTIES (SRAL) LTD 2 ALL OCCASION SA CATERS LTD 38 WILTON LTD A1 MEAT SUPPLIES LTD ABBEY FIRE EXTINGUISHERS LTD ACA ASPVM GROUP LTD ACCESS CORPORATE LTD ACREMANS TIMBER LTD AIM PERSONNEL LTD AJH TAVERNS LTD…
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Retailers are being encouraged to work with insurers to enable informed and accurate trade credit decisions, according to credit insurer Atradius. In its latest Market Monitor report focusing on the retail sector, Atradius highlights the importance of real-time information and close-working relationships with retailers as imperative to credit risk analysis. The advice comes as Atradius…
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Test Valley Borough Council has been forced to write off more than a quarter of a million pounds in uncollectable debts — the majority of which is down to companies becoming insolvent. Test Valley Borough Council’s cabinet has approved wiping out £310,975 in unpaid business rates debts, accrued by businesses. Much of the uncollectable sum…
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New research from Begbies Traynor, the UK’s leading independent insolvency firm, reveals there are now 484,000 UK businesses in significant financial distress, with the property sector particularly affected, giving rise to concerns that the UK could suffer a broader economic slowdown. The Red Flag Alert data for Q1 2019, which monitors the financial health of…
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The Insolvency Service has published its latest insolvency statistics which indicate that the underlying number of business insolvencies increased in England & Wales. Total underlying company insolvencies increased in Q1 2019. Creditors’ voluntary liquidations, administrations and company voluntary arrangements (CVAs) all increased in Q1 2019, while compulsory liquidations decreased. In addition, administrations increased to the…
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Latest figures released by the Registry Trust shows that the number of business debt judgements declined in Ireland during Q1 2019. The number, total value and average value of judgments registered against businesses in Ireland in Q1 2019 were the lowest on record for a first quarter-year, with 112 judgments registered, eight fewer than the…
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Action on companies who fail to meet the standard of the Prompt Payment Code (PPC) has seen 17 companies removed or suspended from the Code during the past quarter, the Chartered Institute of Credit Management (CICM) has announced. Thousands of companies who sign up to the Code, administered by CICM on behalf of the Government,…
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The HMRC applied to shut down 4,160 businesses in 2018, due to these UK businesses having “fallen behind” on their tax payments last year. according to new statistics by Funding Options. The report cited that HMRC has been too aggressive in their approach when shutting down businesses. Conrad Ford, CEO of Funding Options. said “The…
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More than half (57%) of small and medium-sized enterprises (SMEs) believe the UK economy will fall into recession this year, according to the latest SME Confidence Tracker from leading independent financial services provider, Bibby Financial Services (BFS). In line with this belief, confidence[1] among SMEs has declined by 5.6 points year-on-year, with UK businesses experiencing…
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