Credit, Collections & Insolvency News
Small and medium-sized enterprises (SMEs) are missing out on an opportunity to fund their business more effectively because they lack information about the benefits of asset based lending, a new study from Close Brothers reveals. Its research suggests many SMEs are sticking with inflexible and often unobtainable forms of credit because they aren’t aware of…
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The advantages of the fall in the value of sterling post-Brexit may not be able to overcome the other strong headwinds the sector faces, resulting in 1,800 UK hotel companies having at least a 30% chance of going insolvent within the next three years according to Moore Stephens. While a weaker pound may encourage more…
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Oxygen Finance has tannounced the acquisition of Satago. The transaction will see the businesses working together to offer comprehensive early payment, finance and cash flow solutions for both large buying organisations and suppliers of all sizes, including SMEs. Oxygen provides the capability for large public and private sector organisations to pay suppliers ahead of contracted…
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Business failures across West Dunbartonshire have left a trail of debt. The council has written of £535,646 in unpaid business rates, the total amassed by firms across the area who have either dissolved or gone into liquidation Councillors on West Dunbartonshire Council’s corporate services committee agreed to write off the National Non Domestic Rates (NNDR),…
Read moreHampshire Trust Bank has made two senior appointment ins the past month. Chris Forsyth joins as Chief Operating Officer and Jon Maycock as Managing Director of Asset Finance. In his Executive role, Forsyth has responsibility for technology, change management, human resources and the bank’s savings business. Prior to joining, Forsyth fulfilled various roles within Investec, most…
Read moreCVR Global LLP, has strengthened its senior team with the appointment of Kevin Humphreys as Associate Director. Humphreys is a vastly experienced financial investigator and qualified HM Inspector of Taxes. He joins CVR Global from National Crime Agency (NCA) Economic Crime Command where he was Principal Officer, Financial Investigations. Humphreys will be based in London…
Read moreThe HMRC collected an additional £140 million via investigations into unpaid Capital Gains Tax (CGT) over the last year* shows data provided by HMRC to Collyer Bristow. Collyer Bristow explains that £55 million of the extra CGT related to investigations into ‘wealthy individuals’ and mid-sized businesses, whilst the remaining £85 million was obtained from everyday taxpayers and small businesses. “The statistics make clear that this area…
Read moreWhitmore Reans Credit Union has announced it has appointed liquidators. In March 2016, the Wolverhampton-based credit union stopped trading after it was unable to repay deposits to its members. The Financial Services Compensation Scheme (FSCS) stepped in to protect the 981 members of the credit union. Whitmore Reans Credit Union has now revealed that on…
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FRP Advisory has announced that it has appointed three new partners and seven business restructuring advisers to a new office in Preston David Acland, Steve Williams and Lila Thomas have joined as partners. Acland has 30 years’ experience in restructuring and turnaround and had a 25-year career with Begbies Traynor, becoming regional managing partner based…
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Dave Carter has left The Sheriffs Office. In a statement on Linkedin he confirmed his departure. High Court Enforcement Group acquired the Sheriffs Office in February 2016. Carter is the former Chief Executive Officer of The Sheriffs Office. Carter’s Linkedin statement can be found here.
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Latest figures released by the Finance & Leasing Association (FLA) show that asset finance new business (primarily leasing and hire purchase) grew by 5% in 2016 – the sixth consecutive year of growth. New business in December 2016 fell by 13% compared with the same month in 2015. New business in the commercial vehicle finance…
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Thrings and Veale Wasbrough Vizards (VWV) have been appointed by The Bar Council to provide debt recovery services to its members, including all barristers and chambers in England and Wales. Paul Mosson, Director of Services from The Bar Council said “Our members need assurance that when we appoint an Affinity Partner, we are rigorous and commercial…
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A resurgence in economic confidence was experienced by credit professionals in the final quarter of 2016, according to the UK’s latest Credit Managers’ Index (CMI). Yet bad debt remains a risk with only 13% of credit managers expecting a decline in 2017. Full results from the quarterly barometer of the Chartered Institute of Credit Management…
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