Credit, Collections & Insolvency News
Law firm, Hill Dickinson has announced the appointment of Gavin Jones as a partner within the firm’s restructuring and insolvency team in Manchester. Jones was previously the national head of business restructuring at DWF, and returns to Hill Dickinson having worked as an associate at Hill Taylor Dickinson between 1993-97. Jones will be working closely…
Read moreThe P2PFA has published data showing that in the period ending in the fourth quarter of 2017, cumulative lending transacted through P2PFA member platforms exceeded £8 billion. Commenting on the data, Robert Pettigrew, Director of the P2PFA, said “The final three months of 2017 saw considerable growth in levels of new lending transacted through platforms…
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New research has found that many UK businesses are working under double standards in regards to late payment. Most companies demand prompt payment from their customers, they don’t commit to this with their own suppliers. Most businesses are part of a supply chain and all transactions are interconnected; so if suppliers are not paid on…
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The Insolvency Service has released its latest statistical release on business insolvency. The statistics show: In the last Quarter of 2017 Company insolvencies increased because of a bulk insolvency event, but the underlying number of company insolvencies decreased. The underlying number of company insolvencies increased in 2017, driven by a rise in creditors’ voluntary liquidations. All…
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The Insolvency Service has released its latest statistical release shows the outcome status of Individual Voluntary Arrangements (IVAs). The statistics show: The percentage of IVAs failing within the first two years has increased Ten IVA providers accounted for over 80% of new IVAs registered in 2017. Total insolvencies rose for the second consecutive year, returning…
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Four out of five finance professionals have said that their department is not keeping pace with the rest of the organisation’s digital transformation plans, leaving them struggling with productivity, cost and efficiency issues, according to new UK research among senior finance and IT executives. IT which most commonly leads digital transformation said finance was the…
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Rivers Leasing has announced it has appointed a former Managing Director of Arkle Finance to its management team. Stephen Bassett, former Managing Director of Arkle Finance, joins as Non-Executive Director. With much of his career spanning senior management and directorship roles at organisations including Schroder Leasing Ltd, Lloyds & Scottish Finance, Lombard, Wyse Leasing Plc…
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Zopa, has announced the appointment of three new hires to its Executive team. The new hires come at a significant time in Zopa’s growth as it moves towards launching its next-generation bank. Steve Hulme has been appointed Chief Financial Officer. Hulme joins from Tandem Money where he was CFO for the last two years. Before…
Read moreFollowing on from Investec’s acquisition of Amicus Commercial Finance in December, the company has announced that Amicus will be rebranded as Investec Capital Solutions. Investec Capital Solutions will form part of Investec’s Corporate Lending team. John Wilde, Managing Director of the rebranded company said “We are excited to be part of the Investec brand, completing our…
Read moreUK Finance has published the latest mortgage lending figures. Key data highlights from the report include: Mortgage activity has been building through the year, helped by increasing numbers of first-time buyers. Gross mortgage lending in the month is estimated to have been £20.2 billion, 1.2 percent more than a year earlier. Credit card spending decreased slightly…
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The Government should extend the use of project bank accounts for all major public projects to ensure that businesses are protected against catastrophes, like Carillion’s collapse, happening again.In a letter to David Lidington, Minister for the Cabinet Office, the Federation of Small Businesses (FSB) has urged the Government to adopt the practice which would see money for…
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More than a quarter of all invoices are being paid late, according to new official statistics, leaving small businesses struggling for cash. The average reported time to pay was 38.97 days with just over half (51.71%) paid within 30 days. A third (33.02%) were paid between 31 and 60 days, and 15.25% were paid later…
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The number of Scottish companies going out of business also continued to fall with total corporate insolvencies also down by 3.8% according to latest figures from Accountant in Bankruptcy (AIB). Total corporate insolvencies dropped from 210 to 202 compared to the same quarter a year ago. The figure for Q3 of 2017-18 is made up…
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