Credit, Collections & Insolvency News
Insolvency action may arise as an unintended consequence of the introduction of the new Pre-Action Protocol for Debt Claims on 1st October according to law firm Clarke Willmott. Karen Chapman from Clarke Willmott LLP. Chapman says the Ministry of Justice’s protocol will potentially make it a longer and more onerous process to recover debts from sole traders or…
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TSB has announced the appointment, subject to regulatory approval, of Richard Davies as Commercial Banking Director – a newly created role within TSB’s Executive Team to spearhead the Bank’s ramp up in business banking. Richard will join TSB at the end of 2017. TSB’s Chief Executive Officer, Paul Pester, said “Nearly four years since launch, TSB…
Read moreCommercial debt collection agency, Hilton-Baird Collection Services has appointed Receivables management expert Victoria Herd as a Director. A Fellow and Advisory Board member of the Chartered Institute of Credit Management (CICM), Herd will be using her extensive expertise to help the company’s corporate clients to improve their order-to-collections process, policies and systems in order to boost…
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Provident Financial has announced its Interim results for the six months ended 30 June 2017. Here is an overview of the group highlights from the report: Dividend maintained recognising the group’s medium-term growth opportunities First-half adjusted profit before tax reduced by 22.6% to £115.3m (2016: £148.9m) and adjusted basic earnings per share down by 22.6% to 60.3p…
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Aldermore has announced the appointment of Richard Baxter as Head of Risk for Invoice Finance, a key strategic role within the Bank’s Business Finance team. Baxter will be based in Aldermore’s Manchester office and report directly to Clive Gould, Risk Director for Invoice Finance. He will be responsible for risk management and oversight of the Invoice…
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Software specialist Rimilia has appointed Karl Campbell, who joins as Chairman. In addition to the appointment the company has raised $25m in growth funding. The round was co-led by Kennet Partners and Eight Roads Ventures. Rimilia has clients across Europe and the US including Avis, Hitachi, Santander and Travis Perkins and currently employs over 70 people at…
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Law firm Howes Percival has acquired Summers Nigh Law. Summers Nigh Law is a niche insolvency firm with a significant number of local and national clients in the development & construction, manufacturing, technology, automotive, food & drink, agriculture and education sectors. Summers Nigh Law’s two partners, Katie Summers and Deborah Nigh, together with their five support…
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The body that administers the Prompt Payment Code (PPC) on behalf of the Government says that the Code is having a demonstrable impact on improving the payment practices of larger firms. As the Code registers its 2,000th signatory, The Chartered Institute of Credit Management (CICM) points to a series of recent announcements from supermarkets and…
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New research from Moore Stephens indicates that 26% of construction companies currently exhibit warning signs that indicate they are at risk of failure. Companies building commercial properties are most at risk, with 32% facing an increased chance of entering into insolvency by 2020. This compares to 23% for those building residential properties. The research reflects…
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Peer-to-Peer (P2P) business lending platform ArchOver has become a member of UK Finance, the newly created trade body for financial organisations in the UK. Following its acceptance into the Asset-Based Finance Association (ABFA) last month, ArchOver will represent the interests of peer-to-peer lenders in the new group. The membership reinforces ArchOver’s ability to help midmarket businesses…
Read moreAtradius has published its latest Western Europe report which reveals a trading snapshot of 12 main European markets. The publication reports on key economic indicators analyses the performance forecast of key industries as well as reviewing the insolvency environment and economic stability within each country. Countries featured within the latest report include France, Ireland, The…
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Mortgage sales for the UK decreased by £200 million in June, down 1.2% on the previous month, according to Equifax Touchstone analysis of the intermediary marketplace. Buy-to-let figures bucked the general trend, rising by 3.2% (£80 million) to £2.6 billion, while residential sales contracted by 2.0% (£280 million) to £13.9 billion. Overall, mortgage sales for…
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In a new country report on Greece, Atradius forecasts growth across selected sectors including tourism, packaging and international transportation following an expected rebound this year. Exports of agricultural goods such as olive oil, vegetables and fruit, as well as petroleum, pharmaceuticals and aluminum products are also expected to increase, benefiting from higher external demand and…
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