Credit, Collections & Insolvency News
Simon Cockerill has been appointed as Head of Sales at Kent Reliance. Cockerill was formerly at Virgin Money and was the Regional Sales Manager. In his new role he will oversee all of Kent Reliance’s sales activity, including broker and network partnerships. He will also be responsible for increasing the impact of the field business…
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Debenhams Ottaway has launched a new recovery product, DebtFast. The launch includes a dedicated website which contains a wealth of information for creditors and aims to demystify the debt recovery process for businesses. Inspired by the theme of predictable and fixed costs advocated by Lord Justice Jackson, DebtFast not only fixes costs of undisputed debt claims…
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The Supreme Court handed down a judgment in the case of Tiuta International Limited (in Liquidation) v De Villiers Surveyors. The question before the Supreme Court was: can a lender recover all its loss on a refinance loan from a negligent valuer, or is the lender limited to the “top up” advanced after the existing…
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Expanding commercial lending has been a strategic focus for many banks over the last few years, and this movement aligns with the growing number of Government-backed schemes to support SME lending. However, challenges inherent within commercial credit processes often hinder growth efforts. When it comes to commercial lending, most credit processes – from application through…
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Poland’s corporate sector is benefitting from an acceleration in economic activity despite a rise in insolvencies and restrucuring according to the latest research by Coface. The report says that this is a reversal of last year’s situation, when the pace of economic growth was weaker. Poland recorded GDP growth of 3.8% in 2015, before falling…
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The percentage of Scottish companies which report that they are benefiting from at least one sign of growth may have taken a tumble in recent months, according to new research by insolvency and restructuring trade body R3. The indicative research, part of a long-running survey of business distress by R3 and BDRC, estimates that the…
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Latest figures from the Bank of England have shown lending on credit cards and loans have fallen to an 18-month low. The Bank of England figures showed that unsecured consumer credit grew by 9.6% year on year in October, down from 9.8% in September. Consumers added £1.5bn to the pile of consumer debt, which rose to…
Read moreThe Financial Conduct Authority has released a new report on illegal money lenders. The report titled “Shining a light on illegal money lending: consumer experiences of unauthorised lending in the UK” highlights the real-life consequences of reducing access to responsible, regulated, short-term credit. In a statement, the FCA said “Last year we conducted research with our…
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The effects of a ‘hard’ Brexit will be decisive for the innovation capacity and competitiveness of the British automotive industry according to new research by Coface. After an exceptional peak in production of vehicles recorded in mid-2016 (1.02 million unit sales, up 8.5% for the January-August period compared to the same period in 2015), 2017…
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Less than 1% of hotels are now deemed to be at significant risk of going insolvent as the weakened pound as a result of Brexit has helped attract high volumes of tourists to the UK. Data from the Insolvency Service show that there has been an 18% fall in the number of hotel insolvencies in…
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Businesses in the construction sector are continuing to suffer from steadily increasing delays for their invoices to be paid, according to online business supermarket Funding Options. Funding Options says that its analysis of 13,213, UK construction businesses shows that they now face an average wait of 69 days for their invoices to be paid in…
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Research reveals internal processes and a lack of automation are top causes of late payments to suppliers, above cash flow constraints. Slow internal processes and a lack of automation are among the biggest challenges for businesses when it comes to paying their suppliers on time, according to new research by Tungsten Network and the Institute of…
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The UK is on course for the longest period of falling living standards since records began in the 1950s, with the current crunch forecast to last longer than the post-crisis income squeeze, the Resolution Foundation has said in its Budget analysis. The report Freshly Squeezed highlights the unprecedented scale of the economic downgrade handed down to the…
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