The time it takes to pay suppliers across the UK has improved by 14 percent, with payments taking on average 42 days in 2018 compared to 49 days in 2016. The data compiled by Tungsten Network, shows that the time from invoice submission on its network to payment has steadily improved since 2016, coinciding with…
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Company insolvencies in Northern Ireland stood increased to 65 in the last quarter – up 14 percent on the same period in 2017 but almost half that of the last quarter (125). Of these, 30 were compulsory liquidations (down from 35 on the same period a year ago), and 24 were creditors’ voluntary liquidations (up…
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Bibby Financial Services (BFS) Specialist Director, Kash Ahmad, has been appointed to the board of the Institute of Export and International Trade (IOE&IT). Established in 1935, the IOE&IT is the professional membership body representing and supporting the interests of those involved in importing, exporting and international trade. Ahmad joined BFS in December 2017, following a…
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The Government has announced that HMRC will become a preferred creditor in insolvencies as part of the measures in the Autumn 2018 budget. The preferred creditor status in insolvencies change will begin in 2020. Currently, an official ‘hierarchy’ laid down by the Insolvency Act, 1986, determines which creditors are paid first during an insolvent liquidation.…
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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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The Insolvency Service has published the latest personal insolvency statistics for Q3 (July to September 2018) for England and Wales. The statistics show that total personal insolvencies fell by11% from a six-year high in Q2 2018 and are 2% lower than in the same quarter in 2017. This was driven by a decrease in individual voluntary…
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The Government has that it will introduce a No-Interest loan scheme and breathing space plans as part of the Autumn budget announcement. Responding to the news The Money Advice says it ‘welcomes action’ on tackling problem debt, including the new details of the government’s Breathing Space scheme, plans to pilot a no-interest loans initiative and…
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The Bank of England latest figures has revealed that consumer credit increased by £0.8bn in September. This was less than in August, as new borrowing for car finance fell sharply. Consumer borrowing grew at its lowest rate for three years last month after car sales dropped 20 percent, The annual growth rate of consumer borrowing…
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The Government has announced that retailers across England are in line for a major tax cut over the next two years. Retailers in properties with a rateable value of less than £51,000 will have a third wiped off the amount of tax they pay through business rates. The change announced in the Budget will cut…
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The Government has announced that it will reduce the co-investment rate for small firms as part of the Autumn budget. Responding to the Chancellor’s Autumn Budget statement, Federation of Small Businesses (FSB) National Chairman Mike Cherry said“Apprenticeship starts have plummeted over the last year following the introduction of burdensome co-investment costs for small firms who…
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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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NatWest has announced that Deloitte, Equifax and FreeAgent have signed up as partners to its Entrepreneur Accelerator programme, the UK’s largest fully-funded business accelerator network, with 12 hubs located throughout the country. The three organisations will provide a blend of consultancy and accountancy support, data and SME credit guidance, and SME accounting software to the…
Read moreCorclaim, the specialist division of law firm Shakespeare Martineau dedicated to loss recovery for businesses, is launching a suite of new recovery specialisms in response to market demand after rapid expansion from its Corclaim uninsured loss recovery specialism. Clients will now have the benefit of easier access to multiple recovery services and will be looked…
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