Credit, Collections & Insolvency News
The UK’s manufacturing sector returned to growth in March for the first time in 20 months according to research by the S&P Global/CIPS UK manufacturing PMI survey. The survey found that growth hit 50.3 in March, rising from 47.5 in February. The figures show that this is the first time since July 2022 that the…
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An Accountant who took out three Bounce Back Loans has been given a 12-year director ban by the Insolvency Service and must repay £75,000. Dion Mailich took out three Bounce Back Loans for his business – despite being only entitled to one. The Accountant applied for loans totalling £125,000 – five times the amount his…
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Latest data from the Institute of Directors (IoD) shows that business confidence in the UK economy took a significant leap forward in March. Bouncing back from the unexpectedly low confidence levels recorded in February, the key indicators suggest business leaders are returning to the more optimistic positions that they held in January. The IoD Directors’…
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The number of overdue invoices in Scotland reached a 16-month high in February, according to new research from R3, the UK’s insolvency and restructuring trade body. R3’s analysis of data provided by Creditsafe shows that business in Scotland had 428,824 unpaid invoices on their books last month – the highest monthly total since October 2022’s…
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A man from Milton Keynes who committed approximately £867,299 of fraud has been sentenced at Isleworth Crown Court to 7 years 10 months in prison, following an investigation by the Dedicated Card and Payment Crime Unit (DCPCU), a specialist police unit funded by the banking industry. Zaheer Abbas, pleaded guilty to 12 counts of fraud…
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Lloyds Bank’s latest Business Barometer has found that business confidence remains high, with March’s figures unchanged month-on-month at 42%. In a promising sign of a return to economic growth, this month’s survey data reflects the continued confidence firms have demonstrated so far in 2024 and means the overall business confidence level remains well above the…
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The owner of a Turkish restaurant, who illegally applied for a Covid Bounce Back Loan and then applied to dissolve his company without informing creditors has been jailed. Ilhan Kekec was sentenced to two-and-a-half years in prison when he appeared at Isleworth Crown Court. Kekec was also disqualified as a company director for three years.…
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International commercial law firm Hill Dickinson has announced the hire of Sarah Emerson, joining the London office as a Commercial Disputes Partner. Specialising in dispute resolution, Emerson’s previous work spans sectors including cyber, finance, manufacturing, the environment, construction, energy and infrastructure. At Hill Dickinson, she will advise on international arbitration across all sectors and complex…
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Specialist business bank, Redwood has announced it has appoointed David Kennedy as its new Chief Operating Office Kennedy previously worked for Lloyds, Barclays, Shawbrook and Masthaven banks, Gary Wilkinson, Founder and CEO of Redwood Bank, said “We are delighted to welcome David, who has joined at an important juncture and who will be a great addition…
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Latest ONS data has found that inflation came in at 3.4% in February, well below the 4.0% reported in January. Economists had forecast a drop to 3.5%. The figures also showed that food inflation has fallen for the 11th consecutive month. Prices were up 0.6% in a month (compared to 1.1% a year earlier). Inflation…
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More than half (59%) of the regulated firms that take on new business clients are leaving themselves exposed to serious red flags by not completing critical verification checks on the people running the business according to research by SmartSearch. The research found that business said that they do not always carry out essential checks, despite…
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New research from independent SME funder, Bibby Financial Services (BFS) has revealed that interest rates and political uncertainty are holding back many businesses from investing in the long-term business growth the economy needs. The data showed that over half (53%) of SMEs are putting off making major investments until interest rates fall, while four in…
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Small firms are hampered by late payments and have dampened growth expectations for 2024, according to the Small Business Index (SBI) for Q4 2023, published in full by the Federation of Small Businesses (FSB). The report is a temperature check of small firms’ sentiment and experiences at the end of last year, and analysis of…
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