Credit, Collections & Insolvency News
Research from R3 suggests that 80,000 (4%) of business would struggle to manage a rise in interest rates of 0.25%. The research, part of a long-running survey of business distress by R3 and BDRC Continental, also found that 96,000 firms (5%) were just paying interest on their debts. Speaking on behalf of R3 Andrew Tate…
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ThinCats, has announced the appointment of Samantha Gray as General Counsel. Gray has a strong legal background and over 16 years’ experience in the profession. Her impressive legal history includes working as Partner at Langley Solicitors LLP and heading up their Finance Law Unit which covered financial services, banking, insolvency and restructuring matters. Damon Walford…
Read moreAndrew Wilson & Co have promoted Joe Hanlon to company Director. Hanlon, who started his career within the industry 11 years ago is also in the final stages of qualifying as a High Court Enforcement Officer (HCEO). Aged 29 Hanlon will be one of the youngest authorised officers in the country. He is now fulfilling…
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Almost half (48%) of SMEs felt that British businesses are missing out on opportunities because of a reluctance to borrow, and 45% believe that the economy is being stifled because they won’t borrow. Yet, almost a third (27%) of those SMEs are holding back the growth of their own business, due to a ‘fear of funding’,…
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Price Bailey has announced the acquisition of Sandcroft Management Services Limited (SMS) and Sandcroft Payroll Services Limited (SPS) based in Sawston, near Cambridge. With this acquisition, Price Bailey reinforces its position as a leading firm of top 30 chartered accountants and business advisers. The announcement follows a strong relationship between the two practices, which have…
Read moreInsolvency and restructuring firm CVR Global has merged with DDJ Insolvency, an independent London-based insolvency firm. Insolvency professionals Ian Defty and James Dowers have also been appointed partners. Richard Toone, Managing aPrtner at CVR Global said “We’re delighted to have bolstered our presence in London with the completion of this merger with DDJ Insolvency. DDJ Insolvency…
Read moreNearly half of small businesses do not have a cyber security plan for their business, according to research by Smith & Williamson. Despite the well-publicised effects of recent cyber attacks, recent research has indicated that many small businesses do not have a plan for their business should they find themselves in a similar situation. Fergus…
Read moreLatest Bank of England figures show that the annual growth of consumer credit (which includes credit cards, personal loans and overdrafts) was up 10.3% in April, up from the 10.2% recorded in March, but lower than February’s 10.5% rise. There were 64,645 home loans approved in April, the lowest number since September last year. The…
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Nearly 4,000 businesses ceased trading as increased financial uncertainty gripped the UK in the first quarter of 2017 (Q1). Marginally over two-thirds of the 3,967 insolvencies – 68% – were voluntary, with the overall number rising by 4.5% in real terms compared to the fourth quarter of 2016. The research, carried out on behalf of…
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The Central Bank of Ireland has released Ireland’s Money and Banking Statistics for April 2017. Drawdowns of consumer loans exceeded repayments by €158 million in April, the largest monthly increase since January 2011. The new lending largely comprises medium term loans, which typically include car loans, furniture and holiday loans. Here is an overview of the latest…
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Intrum Justitia has released a European Payment Report which has highlighted the increasing pressure on SMEs to accept longer payment times. The report findings include: Contrary to political ambitions, a new European Payment Report from Intrum Justitia shows that small and medium-sized enterprises (SMEs) across Europe need to accept longer payment times from other, often…
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New research from Which? University reveals that undergraduate students find managing finances as stressful as exams. A survey of over 2000 undergraduate students at UK universities shows that one in seven (15%) rank managing finances as the most stressful aspect of their university experience, alongside exams (15%) and almost as stressful as coursework (18%). The figures…
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Linked Finance, an Irish Peer to Peer (P2P) lending platform for small businesses, has been granted full authorisation by the Financial Conduct Authority (FCA). Linked Finance is Ireland’s largest P2P firm by cumulative lending. Niall Dorrian, Chief Executive Officer of Linked Finance said “ I am very pleased that we have secured full FCA approval,…
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