Credit, Collections & Insolvency News
A Devon taxi driver who fraudulently claimed two maximum-value Covid loans by overstating his annual turnover by more than £350,000 has been jailed. Murat Dogantekin secured the Bounce Back Loans worth a combined £100,000 from two separate banks just months into the pandemic, when he was only actually entitled to just over £4,000 under the…
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The IoD Directors’ Economic Confidence Index, which measures business leader optimism in prospects for the UK economy, dropped back to -64 in February 2025, from -59 in January. Business confidence remains at historically depressed levels, just above the recent nadir of -65 in November 2024 and close to the lows reached during Covid. Business leader’s…
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The latest Lloyds Bank Business Barometer has found that business confidence surged in February reversing much of the previous five-month decline. The headline index jumped 12 points to 49%, its highest since August, and nearly erasing recent losses in one month. The Bank of England’s interest rate cut to 4.5% likely aided this improvement. Nevertheless,…
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The number of overdue invoices on the books of Scottish businesses reached a three-year high in January, according to new research from R3, the UK’s insolvency and restructuring trade body. R3’s analysis of data provided by Creditsafe shows that businesses in Scotland had a total of 611,754 overdue invoices on their books last month. This…
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The percentage of small business owners that say workplace worries keep them awake at night has hit ten-year peak, according to new research from Novuna Business Finance. The data showed that nationally, eight in ten (82%) business owners say they get broken sleep or lie awake at night worrying about pressing business issues – up…
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A survey of hospitality businesses has found that 70% plan to reduce employment amid increases to tax and wages, while 60% expect to cancel planned investment and 29% will reduce trading hours to cut costs. The British Beer and Pub Association, the British Institute of Innkeeping, Hospitality Ulster and UKHospitality are highlighting the strong record…
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More than 10,000 additional cases of suspected Covid loan fraud have been identified following a government review of settled loans. The British Business Bank review of loans which had been defaulted on and settled by the Government shows that the number for the 2023 financial year has almost doubled from 16,846 to 31,437. The fraudulent loans for…
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A delivery driver who spent Covid loans, which he was not entitled to on drugs and gambling has been sentenced. Amraiz Mahmood fraudulently secured a £20,250 Bounce Back Loan from his bank in 2020 by overstating his 2019 turnover by more than £65,000. He then claimed to have assets of only £100 despite withdrawing almost…
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The number of UK mid-sized businesses at risk of becoming a ‘zombie’ company has risen, as rising costs and challenging economic conditions leave little breathing room for growth, according to new researchfrom accountancy and business advisory firm BDO. In the last 12 months, one in six mid-sized businesses (15.9%) have been deemed to be at risk…
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The dynamism of the UK’s private sector has plunged to its lowest ebb for eight years as bigger firms hit the rocks and new company creation according to research by Cynergy Bank. The Bank’s research draws on latest ONS data finding that in 2024, new company formations plummeted to 306,995, the lowest since at least…
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Better access to mortgages, banning ‘harsh’ personal guarantees, and ensuring entrepreneurs can have a comfortable retirement will encourage more people to launch small businesses, research by the Federation of Small Businesses (FSB) shows. The research found that a quarter (25%) of entrepreneurs say that being self-employed has made it more difficult for them to get…
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Small business owners across the are facing a harsh realitywith many are too overworked and financially stretched to take a much-needed holiday, potentially pushing themselves to the brink of burnout. According to new research from InsureandGo, a significant portion of the UK’s 5.51 million small business owners are missing out on holidays to keep their…
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More than a third (38%) of finance brokers say lower taxes are needed to boost SME growth this year, according to iwoca’s latest SME Expert Index. This is double the next choice of reforming business rates (19%). With almost three-quarters (70%) of finance brokers saying conditions for SMEs have worsened since the Labour Government took…
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