Credit, Collections & Insolvency News
New research released by Callcredit Information Group has revealed that over half (59%) of businesses predict a serious fraud incident or security breach within the next year if they continue with their current technology, processes and tools. In addition, a further 17% of those surveyed revealed that this is something they have already experienced. The…
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As the largest data protection changes in a generation, the General Data Protection Regulation (GDPR), comes into force today, there are concerns that many small businesses are still unprepared. The warning comes from the Federation of Small Businesses (FSB) alongside a call on the Information Commissioners’ Office (ICO) to take a sensible and proportionate approach…
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Today (25th May) marks the biggest change to UK data protection law in a generation. The General Data Protection Regulation (GDPR) is an evolution of the current Data Protection Act (1998) and comes into effect today. Regulated by the Information Commissioner’s Office (ICO), the new law gives people more control about how their data is…
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The number of retailers entering insolvency has increased by 7% in the past year from 999 in 2015/16 to 1,071 in 2017/18 according to new research by insolvency specialist RPC. RPC says that the retail sector continues to suffer from a high-cost base whilst the shift in sales from the high street to the internet…
Read moreEuler Hermes published a report analysing European payment delays. The report analysed companies’ working capital requirements (WCR): a financial metric whose components are accounts receivable, inventory and account payabl]. It gives the amount of financial resources needed by a company to ensure its production cycle and its repayments of both debts and operational expenses. It…
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Latest figures released by the Association of Short Term Lenders (ASTL) from its bridging lender members for Quarter 1 2018 have exceeded the outstanding figures for Q4 2017 when for the first-time quarterly completions exceeded £1 billion. Annual completions are now close to £3.8 billion. The value of loans written for the quarter ending 31…
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Alternative finance specialist, ThinCats, has announced that Tony Smedley has been appointed as Head of Sales Operations, and Richard Wilson as Head of Marketing. Smedley has most recently been supporting businesses in the finance sector who are preparing for start-up and subsequent growth. He brings 20 years of experience in leading teams in the business…
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There has been an 11% drop in the number of job vacancies in the UK’s restaurant sector over the last six months, according to research by Moore Stephens which suggests companies are cutting staff to save on costs. The research indicates that the number of vacancies fell to 32,900 in April 2018, from 36,900 in…
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The Government’s proposed new guidance for consulting on collective redundancies in insolvency situations is ‘very positive’, says insolvency and restructuring trade body R3. Following a number of high-profile insolvency cases where employees were made redundant without the full statutory consultation period, the Government has been looking at reforms which could be made to redundancy consultations. R3 has…
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The total value of adverse county court judgments (CCJs) recorded in England and Wales rose sharply during the first quarter of the year, according to figures released today by Registry Trust. Rising seven percent compared to Q1 2017, this bucked a four-year trend where the number of CCJs issued had fallen year-on-year. However, an unusual…
Read moreIn the latest report into the collapse of Carillion, the Work and Pensions and Beis committees called Carillion’s rise and fall “a story of recklessness, hubris and greed” Responding to the publication of the Business, Energy and Industrial Strategy and Work and Pensions Committees’ full report on Carillion, Federation of Small Businesses (FSB) National Chairman…
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Castle Water has announced its acquisition of Invicta Water, which provides water services to 50,000 business customers in South East Water’s service area. Customers will transfer to Castle Water in July, and do not need to do anything themselves for their accounts to move over. Castle Water has already successfully transferred over 300,000 customers in…
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Ahead of the launch of the final report of their inquiry into the collapse of Carillion this week, the Work and Pensions and BEIS Committees has published evidence from Santander, the bank which operated Carillion’s Early Payment Facility. The report has found that despite being signatories of the Prompt Payment Code, Carillion were “notorious late…
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