Credit, Collections & Insolvency News
OnGuard and Credit Tools have announced they are to merger. The merger will strengthen their European credit management software solutions. The new name of the organisation will be announced at a later stage. The merger will optimise the innovative capacity so that the organisation can continue to fulfill its strategic pioneering role for customers in the…
Read moreMore than 5000 restaurant companies are at risk of insolvency as a result of the Brexit vote and business cost increases. A total of 5,570 restaurant companies have at least a 30% chance of going insolvent within the next three years according to Moore Stephens. Higher costs and stagnating incomes have put a strain on businesses, and…
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Ireland’s SMEs are waiting the longest for payment from customers, according to the inaugural Global Business Monitor report from international business funder, Bibby Financial Services (BFS). The global study surveyed business owners in the USA, Germany, UK, Poland, Hong Kong and Ireland and found that Irish SMEs wait an average of 38 days for payment.…
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The Chartered Institute of Credit Management (CICM) has welcomed draft regulations that will require large companies to publish details on their payment practices, and the recognition of the Prompt Payment Code (PPC) as the ‘gold standard’ in the fair treatment of suppliers. Philip King, Chief Executive of the CICM, believes that Government has clearly listened…
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A new peer to peer lender Flender hopes to launch in 2017. Flender enables consumers and businesses to raise finance through their social circles – be they friends, family, customers or social network connections. The company has launched a crowdfunding campaign for a new platform that enables users to borrow and lend money in both the traditional…
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Scottish laws on insolvency have been brought together for the first time in a generation as the new Bankruptcy (Scotland) Act 2016 comes into force. The Act captures all of the amendments made to the primary legislation governing bankruptcy in Scotland, the Bankruptcy (Scotland) Act 1985, including the wide-ranging reforms introduced in April 2015 through…
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Over three quarters (76%) of small and medium sized businesses (SMEs) have written off unpaid debts in the past year, according to new research by Amicus Commercial Finance. The average amount written off by UK SMEs in the last year is £11,708, representing just under £50 billion in written off debts, or £134 million every…
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Administration notices have been issued and advertised in the London Gazette for the following companies: 07200375 LIMITED 36 ST. JOHN’S WOOD ROAD LTD A-BELCO (HOLDINGS) LIMITED A-BELCO LIMITED A. T. R. MEDIA LTD ADNAMS BIO ENERGY LIMITED ALDERDALE FIXING SYSTEMS LIMITED ALISON’S COFFEE SHOPS LIMITED AMERICAN APPAREL (CARNABY) LIMITED AMERICAN APPAREL (UK) LIMITED ARLEY HOMES NORTH…
Read morePetitions have been issued and advertised in the London Gazette for the following companies: 09232330 LIMITED 09247724 LIMITED 1ST RESET LIMITED 2 BRIDGE STREET LIMITED 519 CONSULTANCY LIMITED A A COM LIMITED A S HANUSCHI SERVICES LTD A1 COMMERCE HOLDINGS LIMITED AB CARRIAGE LIMITED ACCIDENT REPAIR CENTER LTD ADVISORY SERVICES LONDON LIMITED AFFECTIVE LOGIC LIMITED…
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Over half of UK subcontractors believe they must accept the terms of contracts with large construction firms, or face the risk of losing future business, according to new research from specialist funder, Bibby Financial Services (BFS). Findings of the Subcontracting Growth survey show that the majority of firms (55%) do not believe they can influence…
Read moreMarston Holdings (Marston) has appointed Gordon Hurst as Group Chairman. Hurst joined Capita as Financial Controller in 1988 when Capita was a management consultancy company with a turnover of £2million. He became Group Finance Director in 1996 and was a key member of the senior team that grew Capita into a FTSE 60 business with £4.3 billion…
Read moreResponsible Finance has announced that all of its members lending to consumers and small businesses are now fully authorised by the Financial Conduct Authority (FCA). Jennifer Tankard, Chief Executive of Responsible Finance said: “We are pleased to see that our members are now fully authorised by the FCA for consumer credit lending. Responsible Finance providers…
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Insolvency Office statistics reveal that the company liquidation rate in England and Wales is at its lowest level since records began in 1984 and that there has been a continuous downward trend in the rate since 2011. In the 12 months to the end of September 2016, 0.41% of active companies (about one in 244)…
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