Credit, Collections & Insolvency News
Northern Ireland has bucked the UK overdue invoice trend as the only UK region or nation to see overdue invoice numbers fall in Q1 2025 when compared to Q1 2024, according to new research from R3, the UK’s insolvency and restructuring trade body. R3’s analysis of data provided by Creditsafe shows there were 187,502 overdue…
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Global asset specialist Gordon Brothers has announced that it has acquired SIA Group, a leading asset valuation, advisory and trading firm. Established in 2003, SIA Group has built a strong reputation and client base by providing innovative asset valuation and sales solutions within the asset-based lending and corporate restructuring industries. The combined team led by…
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The boss of an umbrella company, which failed to pay more than £2.5 million in VAT has been banned as a director. Hubert Omukhulu, failed to accurately declare the amount of VAT Remedy Payroll Solutions Ltd had to pay in 2020 and 2021. The inaccurate returns Remedy Payroll Solutions submitted suggested the company had no…
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Tax compliance costs small businesses nearly £25 billion a year, while three in five small business owners report that dealing with HMRC has increased their personal stress, according to a new report by the Federation of Small Businesses (FSB). The report counts the demands—in terms of stress, time, and financial costs—on small business owners when…
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The owner of a North London tyre shop has been banned as a director for 10 years after overstating his company’s turnover to secure a maximum-value Covid loan. Shkelzen Gashi ran Smart Tyres Services Ltd from his address on Harringay Road from 2015 to 2022. The 53-year-old claimed his company’s turnover was £250,000 when he…
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Latest data from the Office of National Statistics (ONS) has shown that inflation fell slightly to 2.6% in March, down from the 2.8% reported in February. Annualised inflation was forecast to come in at 2.7%. Core Inflation (excluding food, energy, alcohol, and tobacco) came in at 4.2% in the 12 months to March, down from…
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Business confidence fell into negative territory for the first time in over two years in the first quarter of 2025, as worries over this month’s surge in business costs and US tariffs wreaked havoc, according to ICAEW research. The Business Confidence Monitor (BCM) for Q1 2025 put confidence at -3 on the index, the weakest…
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The percentage of UK small businesses predicting growth has fallen to a four-year low (29%) – with significant falls in the manufacturing, construction and retail sectors – according to new figures from Novuna Business Finance. Nationally, growth outlook now stands at its lowest level since Q1 2021 (26%), and – if the first lockdown periods…
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A cafe owner who took £150,000 in Covid support funds for two companies which were not trading at the start of the pandemic has been sentenced. Mehmet Akyuz, fraudulently obtained three maximum-value bounce-back loans worth £50,000 each in 2020 for his Green and Hove Limited and Leathers Wear Limited companies. Both Green and Hove, trading…
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A building contractor who fraudulently claimed a £50,000 Covid Bounce Back loan has received a 13-month suspended sentence. Florin-Petrica Bodale operated as a building contractor offering plumbing, heating and air-conditioning installation and was based in Harrow, London. In November 2020, he successfully applied to a bank for a Covid Bounce Back loan of £50,000. But…
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A survey by Deloitte has revealed that concerns about geopolitical risks among FTSE 350 finance chiefs were at their highest level since the onset of the Ukraine conflict. Concern has only grown since US President Donald Trump started his trade war., According to the survey, CFOs of the UK’s largest businesses are assuming their most…
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New figures released by the Finance & Leasing Association (FLA) show that total asset finance new business (primarily leasing and hire purchase) grew in February 2025 by 1% compared with the same month in 2024. In the first two months of 2025, new business was 2% higher than in the same period in 2024. The…
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The UK economy grew by 0.5% in February, according to the Office for National Statistics (ONS). The data showed growth following a 0.1% fall in January. The services sector expanded by 0.3 per cent, the production sector grew by 1.5 per cent and construction activity increased by 0.4 per cent. Commenting on the GDP figures,…
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