Credit, Collections & Insolvency News
UK sales recorded four consecutive quarters of growth in 2017, rising by 24.91% or £1.77 trillion worth of sales in the last three months of the year. Bad debt also dropped to its lowest point at the end of 2017, with UK businesses chasing an average of £193,014 worth of unpaid invoices in Q4 2017,…
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Specialist Bank, Aldermore, the specialist bank, has announced the appointment of Tim Bearder as Head of Specialist Vehicle Valuations, a key role within the Bank’s Business Finance division. Bearder, whose career spans over 35 years in the motor industry, brings extensive knowledge and experience to the role supporting the Bank’s ambition of gaining a greater…
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PwC has been appointed as the special managers to troubled outsourcing giant Carillion, which has announced it is going into compulsory liquidation with immediate effect, putting thousands of jobs and major government infrastructure projects, including the new HS2 high-speed rail link, at risk This weekend saw crisis talks between the company, key financial stakeholders and…
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Britain’s complex tax system has caused a rise in the number of companies collapsing because of their debts to HMRC, according to a report. HM Revenues & Customs has emerged as the largest single creditor in 65% of cases where a business has been liquidated, a Freedom of Information request by Enterprise Tax Consultants has…
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New research from GoCompare Money has revealed that Brits are hiding a collective £13bn worth of secret personal debt from their friends, families and even their partners. The study from the comparison site found that 40% of UK adults had some form of personal debt (excluding mortgages), owing £6,131, on average. However, despite nearly a third (29%)…
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In 2017, almost half of all small to medium UK enterprises turned down a contract or order because they couldn’t deliver the work due to a lack of available finance; a trend that is expected to continue in 2018. According to funding line data from Hitachi Capital Invoice Finance, the demand for invoice finance is…
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The Federation of Small Businesses (FSB) has warned an EU-wide ban on preventing credit card charges from being passed on to customers presents a “double-edge sword” for small businesses and called on policymakers and businesses to work together to bring down the charges. UK companies will no longer be able to pass on the fees…
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The late payment culture knows no borders according to new research by MarketInvoice. The research shows that the proportion of UK invoices being paid late – and the amount of time taken to settle them by EU and USA firms – has risen dramatically between 2016 and 2017. The findings also reveal that 73% of…
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SA Insolvency, which has practices in Worcester, Hereford and Northampton, has agreed to merge with Benedict Mackenzie. The new business will be branded as Benedict Mackenzie. Director Sanjay Swarup said the two firms brought together more than 20 years of experience of providing insolvency and advisory services. “The scale will allow for better service, with…
Read moreThe report of the Public Accounts Committee (PAC) into HMRC’s performance published today (12 January 2018) makes for sobering reading according to the ICAEW. The ICAEW responded to comments from the Chair Meg Hillier that highlights the risks that HMRC faces from undertaking the largest transformational programme in Europe while at the same time coping…
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The average adult will shell out £4,600 on ‘financial’ New Year’s resolutions such as conquering their debts or moving house, according to a study. Expensive pledges such as paying off debt, buying a car and travelling the world are just as popular as traditional resolutions such as quitting smoking. The average person will attempt two…
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Unsecured credit to UK households contracted in Q4 2017, the Bank of England’s (BoE) quarterly Credit Conditions Survey has found. Lenders also said they intended to tighten criteria for the unsecured credit sector, after an increase in default rates during Q4. Overall demand for unsecured lending products excluding credit cards fell during the period, for…
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New research from Deloitte has indicated that retail administrations have increased for the first time in 5 years. The research showed that: 118 retailers went into administration during 2017, up 28% from 92 in 2016 There was a significant increase (55%) in the number of large retailers that have gone into administration Total administrations across…
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