Credit, Collections & Insolvency News
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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New research from MarketInvoice has revealed that late payment has worsened for UK SMEs. In a survey of 80,000 invoices from UK businesses reveals that: 62% of invoices paid late in 2017, £21.1b outstanding in late payments annually Invoices paid 18 days late on average; Prompt Payment Code not delivering for UK businesses The culture…
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New figures released by the Finance & Leasing Association (FLA) show that asset finance new business (primarily leasing and hire purchase) in November was £2.5 billion, a similar level to the same month in 2016. The commercial vehicle finance and IT equipment finance sectors reported new business up in November by 5% and 1% respectively,…
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New figures released by the Finance & Leasing Association (FLA) show consumer finance new business grew in November by 5%, compared with the same month in 2016. Credit card and personal loan new business together grew by 3% compared with November 2016, while retail store and online credit new business increased by 13%. Second charge…
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Bankruptcy Restriction Orders (BRO), which places sanctions against bankrupt executives and banned individuals from being a company director, forming, managing – or even give the impression of managing – a limited company, for up to 15 years, are not being enforced by authorities, leaving former millionaires free to keep assets and continue to enjoy lavish…
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Nine companies which had provided services to directors of insolvent companies, have been placed in provisional liquidation. The actions follow an investigation by the Insolvency Service The companies names Rigil Kent Acquisitions Ltd; Rigil Kent Corporate Acquisitions & Turnaround Ltd; Rigil Corporate Rescue Ltd; Rigil Kent Group Ltd; RK Acquisitions Ltd; RK Corporate Rescue Ltd;…
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SMEs could for the first time be paying a higher effective rate of tax than bigger businesses, according to research by Moore Stephens. The effective rate of corporation tax* paid by SMEs (businesses with a turnover of less than £25m) was 21.7% in 2016. This is higher than businesses with a turnover of more than £1bn,…
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Bibby Financial Services (BFS) has appointed Kash Ahmad as UK Specialist Director as it looks to grow its support for businesses trading domestically and overseas. Joining BFS with more than 25 years’ experience in the financial services sector, Kash has held a range of senior executive positions throughout UK, the Middle East and Asia, supporting SMEs, mid-market…
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