Credit, Collections & Insolvency News
The Insolvency Service has published the latest business insolvency statistics for Q3 (July to September 2018) for England and Wales. The statistics show that total business insolvencies increased by 9% in Q3, and rose by 19% compared to Q3 2017. This was driven by a rise in underlying creditors’ voluntary liquidations which increased to their…
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Businesses in Britain have a higher proportion of overdue invoices compared to their counterparts across Western Europe, new research by trade credit insurer Atradius reveals. The annual Atradius Payment Practices Barometer for Western Europe found almost half of all British business invoices (48.7%) were overdue. This compares to an average across the region of 41.8%,…
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Enforcement agency Bristow & Sutor (B&S) has announced the formation of a new Independent Advisory Panel, to be chaired by Anthony Sharp of Anthony Sharp Associates. The industry-wide consultancy has been launched to discuss all matters relating to credit and debt collection. The new Panel consists of experienced individuals drawn from the debt advice, regulatory and creditor sectors…
Read moreThe Treasury Committee has published a Report on SME Finance with a recommendation to appoint a Financial Services Tribunal to help SMEs resolve disputes with lenders. The report says the Financial Services Tribunal is needed to handle complex SME disputes and expanding the Ombudsman’s remit to handle SME cases should not be rushed through. The…
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Accountant in Bankruptcy (AiB) has released official statistics reporting corporate insolvencies Scotland for the second quarter (July to September 2018) of 2018-19. The number of corporate insolvencies in Scotland fell by 5% in Q2 2018-19 (July-September 2018) compared with Q1 2018-19 (April-June 2018), but rose by 4% compared with Q2 2017-18 (July-September 2017). Commenting on the…
Read moreNew measures to end the problem of late payments to small businesses by large companies who abuse their position in the market have been unveiled by the Small Business Minister Kelly Tolhurst as she launches a call for evidence. Nearly a quarter of UK businesses report that late payments are a threat to their survival.…
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The late payment crisis is getting so bad for UK small businesses that 17% of business owners say they are forgoing paying themselves a wage so they can pay their staff on time. This rises to 27% of small businesses that say they are already struggling to survive. New research from Hitachi Capital Business Finance…
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Over 2,700 construction firms enter insolvency in the last year – 6% rise following Carillion liquidation according to market analysis by Moore Stephens. 2,764 construction firms entered insolvency in 2017/1, jumping 6% in just a year from 2,608 in 2016/17. The significant rise in insolvencies follows Carillion’s liquidation in January 2018, which caused knock-on effects…
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Winding up Petitions (Companies) have been issued and advertised in the London Gazette for the following companies: 365 CATERING LTD A & E CIVIL ENGINEERING LTD A D TOOL HIRE LTD A L C (MIDLANDS) LTD A PRITCHARD LTD ACE BODYSHOP LTD ACHOM AND PARTNERS LTD AD2ONE LTD ADELAAR LTD AELLA LTD AFA PRESS UK…
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Administration notices have been issued and advertised in the London Gazette for the following companies: ACTION SPORTS MEDIA LTD AEGIS DATA PROPERTIES LTD AMEY BIRMINGHAM HIGHWAYS HOLDINGS LTD ARMATUS RISKS HOLDINGS LTD ARTIES MILL LTD AVANTI JEWELLERY LTD AZZURRI HOLYWOOD LTD BEDARO LTD BERTINALEY CARE LTD BESTIVAL GROUP LTD BESTIVAL LTD BLAIR INSTALLATIONS LTD BMAC FOOD…
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The Government’s Business Secretary Greg Clark’s has made an announcement on a package of measures to safeguard small firms from late payments. Reacting to the news Federation of Small Businesses (FSB) National Chairman Mike Cherry said “Late payment is the biggest challenge affecting small businesses and it is good to see the Government getting serious about…
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Enforcement specialist JBW have announced have acquired Phoenix Commercial. The agreement will create the UK’s second largest enforcement company. The deal follows an acquisition of the shares in Phoenix by JBW, with funding provided by OUTSOURCING Inc OUTSOURCING Inc. is a Japanese listed company with headquarters in Tokyo and has expanded its operations internationally in Asia,…
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The winners of the second annual 2018 Credit & Collections Technology Awards have been revealed. There were sixteen winners from the eighteen Awards categories which are covered by four main headings of Credit, Collections, Credit & Collections services and Innovation. The awards ceremony was held at Credit Services Association’s (CSA) annual Gala dinner at the…
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