Credit, Collections & Insolvency News
Corporate recovery and business advisory firm, Quantuma has appointed Mark Hendrick as Director of Credit Services. Hendrick brings 24 years’ experience in this field, in a career including spells at Opus Restructuring and RSM Tenon. Quantuma managing partner Carl Jackson said: “Mark is extremely well known in the industry and brings with him a wealth…
Read moreAlternative finance provider, Reward Finance Group has appointed Gemma Wright as Commercial Director with the responsibility to prepare the business for its next stage of development. Wright previously spent more than 17 years with RBS where she became director of Invoice Finance with responsibility for leading a number of sales teams across the North. Nick Smith,…
Read moreAn OECD report has concluded the UK’s insolvency and restructuring framework is the most effective in the organisation at preventing a build-up of productivity-sapping zombie companies, says UK insolvency and restructuring trade body R3. The report, ‘Insolvency regimes, zombie firms and capital reallocation’, says that zombie companies – struggling companies aged 10 years or older…
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Debt owed to suppliers across key UK business sectors has risen by 95.4% to £962 million between July and September 2017, eclipsing the 1.5% rise seen at the end of Q2. Bad debt owed to companies also increased by 12.2% to £247million, up 55.6% since the start of the year. This signals a worrying trend…
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Online business lender Spotcap has issued more than €120 million in credit lines to small and medium-sized enterprises (SMEs). Jens Woloszczak, Spotcap Founder and CEO: “We’ve experienced significant growth over the past three years, which is a testament to the fundamental need SMEs have for flexible and accessible financing. With close to 60 percent of…
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Business Peer to Peer lender ArchOver has revealed that it has nearly doubled its overall lending in the first nine months of this year. Since January 2017, total lending over the platform has reached £21.39 million, bringing the cumulative total that ArchOver has lent to date to over £48 million. Proving that the appetite for P2P…
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The next two years will bring significant challenges to UK businesses, many of which may succumb to insolvency as a result. ICAEW conducted a survey of those working with the insolvency and business restructuring sectors* and asked what they felt would be the three greatest threats to British businesses over the next two years, the…
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Latest research from the Joseph Rowntree Foundation (JRF) has highlighted how a benefits freeze will affect families- the majority of which are in work. The freeze is the single biggest policy driver behind the expected rise in poverty by the end of the Parliament. JRF is calling for the Government to target its resources better…
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The latest edition of Coface’s annual survey has analysed the payment behaviour of 256 companies in different sectors of activity. The sample of participants covered is 23% larger than for the 2016 edition and includes more export companies. In 2016 payment delays showed an improvement, but in 2017 they are once again on the increase…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business in August grew by 4% compared with the same month last year. Credit card and personal loan new business together grew by 4% compared with August 2016, while retail store and online credit new business increased by 7%. Second…
Read moreNew figures released by the Finance & Leasing Association (FLA) show that asset finance new business (primarily leasing and hire purchase) grew by 3% in August, compared with the same month last year. The plant and machinery finance sector reported new business up in August by 4% compared with the same month in 2016, while…
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The Prime Minister’s has announced plans for a cap on energy bills at the Conservative Party Conference. Citizens Advice has welcomed the Prime Minister’s announcement of legislation to tackle high energy bills, saying it could provide a solution to runaway energy costs. The national charity has also called for the government to look at protecting low-income…
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The concept of the ‘Bank of Mum and Dad’ is growing in importance but more than half of potential first-time buyers expecting to receive financial help from family to complete their purchase would feel guilty about doing so, new research reveals. The latest First-Time Buyers Report by Yorkshire Building Society shows 66% of UK adults aged 18-40…
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