Credit, Collections & Insolvency News
Business optimism in the UK reached a two-year low in January, according to analysis by BDO. The firm’s index measuring confidence across British manufacturing fell to 92.20 from 93.41 in December, marking the fourth consecutive month of decline and the lowest level since January 2023, a time marked by double-digit inflation and clear signs of…
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Audit firm, Wbg has warned directors against the repercussions of failing to deal with failing companies in the proper manner and illegal ‘phoenixing’. The caution follows reports that a Scottish company director used a ‘corporate rescue’ process to shut down his winter sports business and dodge paying out money to staff by paying bogus directors…
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The percentage of UK small business owners predicting growth (33%) has dipped to a nine-month low, according to the latest quarterly data from Novuna Business Finance. Whilst 45% see Q1 as a standstill period, there is a four-year high in the percentage of small businesses saying they will contract by the end of March (13%)…
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The Bank of England’s rate-setting body voted to cut the base rate by 0.25% to 4.5%. The nine-strong Monetary Policy Committee voted by a majority of 7–2 to reduce Bank rate by 0.25%. But two members, Swati Dhingra and Catherine Mann, thought more help was needed and voted for a 0.5% cut. Bank Governor Andrew…
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Analysis of the Bank of England’s data in Ebury’s SME Borrowing Tracker shows that SMEs decreased their debt by £4.4 billion across 2024, reinforcing nearly three years of falling debt among SMEs, following the significant ‘debt pile’ accumulated during the pandemic. However, the final three months of 2024 marked the first quarterly uptick in SME…
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Firms which took customers’ deposits but didn’t fit their kitchens have been a shut down by the Insolvency Service following phoenix concerns. The investigations found the Manchester-based companies took upfront payments from more than 20 customers, but there is no evidence they installed the kitchens as promised A group of linked kitchen design and fitting…
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An accountant who helped himself to £27,000 from the ‘Eat Out to Help Out’ scheme as part of a bigger Covid loans fraud has been jailed for three years and eight months. Zeeshan Ashraf claimed a total of £268,102.07 and tried to claim £52,732.66 that he was not entitled to from support schemes set up…
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New data from independent lender, Time Finance, reveals that SMEs are not utilising their options when it comes to accessing alternative finance, with nearly 60% having never looked beyond their own bank for commercial finance solutions. Urging SMEs to broaden their horizons when it comes to investing in growth, Time Finance’s new survey delves into…
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The EY ITEM Club Winter Forecast is predicting that UK GDP growth will be at 1% in 2025, down from the 1.5% growth projected in October’s forecast. This represents only a marginal improvement on the 0.8% GDP growth the UK economy likely achieved in 2024. However, the EY ITEM Club still expects steady quarter-on-quarter growth…
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The IoD Directors’ Economic Confidence Index, which measures business leader optimism in prospects for the UK economy, edged up to -59 in January 2025 from -61 in December. However, confidence remains at historically depressed levels. Business leader confidence in their own organisations declined to +6 in January, from +8 in December. There was also a…
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British businesses increased pessimism in January, marking five consecutive months of declining corporate confidence according to the Lloyds Bank Business Barometer.The Barometer fell by two points to 37%, its lowest level in a year, following a £25 billion tax increase announced in October. Despite the dip, confidence is still above the long-term average of 29%. In previous…
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One in five (19%) UK-listed companies issued a profit warning in 2024, the third highest annual proportion in 25 years, behind only the 2020 pandemic (35%) and the impact of the dot-com bubble burst and 9/11 in 2001 (23%). EY-Parthenon’s latest Profit Warnings report found that UK-listed companies issued 274 profit warnings last year – including 71…
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The former boss of a West London bakery who overstated his company’s turnover to secure a maximum-value Covid loan has been banned from acting as a director for ten years. Azizullrahman Akbari, obtained a £50,000 Bounce Back Loan just weeks into the pandemic, claiming the turnover for his New Watan Bakery Limited company was more…
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