Credit, collections & insolvency news
Analysis from Equiniti, the FTSE-listed share services and fintech business, of UK Finance statistics shows that continued Brexit uncertainty is having the biggest impact on the smallest businesses in relation to asset based lending and invoice finance borrowing. The figures show that total advances to businesses with a turnover of less than £1 million a…
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The Justice Committee has launcheed an inquiry into the enforcement of debt by bailiffs (also known as enforcement agents) in England and Wales. The Committee’s inquiry will run alongside an Ministry of Justice (MOJ) consultation and will focus on High Court and Civil Enforcement Officers, who collect debts such as Council Tax, parking fines and utility…
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An accountant has been disqualified, by the Insolvency Service, from running companies after he helped one of his clients to defraud creditors of more than £1.65 million. Paul Manley was disqualified for 12 years on 11 December 2018 and his ban is effective from 1 January 2019. Incorporated in 1994, County West Commercial Services Ltd…
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Bibby Financial Services has announced that it has reappointed Adrian Payne as Head of Sales for Solent. Payne returns to BFS after four years, having started his career with the specialist funder’s West Midlands team in 2013 as a Business Development Executive. Payne re-joins BFS from Market Invoice, where he led initiatives promoting smart, innovative…
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Enforcement specialist Newlyn has announced the appointment of Paul Sharpe as its new Managing Director. Sharpe will join the Newlyn team in January 2019. Sharpe is a highly experienced figure who, since 1985, has worked within the enforcement industry; firstly with John Crilley and Son and latterly with Equita, where he held the position of…
Read moreAccounts receivable automation specialist Rimilia has won an exclusive award for Digital Services as part of the TRANS-SIP programme run by the Advanced Services Group of Aston University Business School. TRANS-SIP is a 3-year business support programme run by Aston Business School that is part-funded by the European Regional Development Fund (ERDF) to help manufacturing…
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Finance professionals expect the economy to look completely different within the next 10 years as over two-fifths (43%) believe financial institutions will be transformed into IT businesses within a decade, according to Onguard’s FinTech Barometer, a survey of over 1000 finance professionals. Over half (59%) are also convinced that the way in which we pay…
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The latest figures released by the Finance & Leasing Association (FLA) show that asset finance new business (primarily leasing and hire purchase) grew by 9% in October, compared with the same month last year. The plant and machinery finance and business equipment finance sectors reported new business up by 16% and 29% respectively, compared with October…
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Data from the winners and finalists of the second annual Credit & Collections Technology have been collated and are now available as part of a report reviewing the 2018 event. The Awards report highlights the unique and transparent ethos of the scheme by providing graphs, statistics and judges comments which highlight the results. The Awards event,…
Read moreAccountancy firm Wylie & Bisset, has said that the reintroduction of preferred creditor status for HMRC in insolvencies is a regressive ‘stealth tax’ that will ultimately be paid for by SMEs and is simply another way of raising revenue for the government. Preferred creditor status for HMRC was withdrawn in 2003 as part of the…
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New research released by Nucleus Commercial Finance has revealed that 74% of UK SME leaders are fearful about what 2019 holds. The majority of SME leaders have concerns about the impact one or more external factors will have on their business. Brexit leads the way (27%) and is closely followed by: The sudden loss of…
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Accountancy firm Moore Stephens says in 2017/18 there were 1,219 restaurant insolvencies, up 24% on the year before and nearly double the rate seen in 2010/11. Higher demand for ready-to-eat delivered food means that the marker is growing ten times faster than dine-out. Due to this, the UK restaurant sector is facing major disruption according…
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Trade credit insurer Atradius has published a new economic research report analysing the impact of a potential trade war on the economies of Southeast Asia. With a trade war seemingly escalating between China and the US, Atradius reports that trade across Southeast Asia has already been moderately impacted, with increased risk aversion in international financial markets. However,…
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