Credit, Collections & Insolvency News
The Bank of England has maintained interest rates at 4% following a close vote by the Monetary Policy Committee (MPC). The rate-setting Monetary Policy Committee voted in a 5-4 split in favour of holding the rate, with four members preferring to cut rates by 0.25% to 3.75%. Commenting on the Bank of England’s decision to hold…
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The boss of a property maintenance company who lied about his turnover to secure a maximum-value Covid Bounce Back Loan has been jailed. Craig Smith set up C.A.S. Property Maintenance (Midlands) Limited in April 2020. The 42-year-old applied for a Covid Bounce Back Loan in August 2020 using his own name as the loans were…
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Two key enablers of a scheme designed to undermine insolvency legislation by allowing business owners to keep their assets and drop debts have been banned as company directors. Sisters Karen Mortimer and Joanna Seawright put the creditors of 138 companies at risk of financial loss after taking control of the businesses which were referred to…
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Latest Office for National Statistics (ONS) data has shown that inflation held at 3.8 per cent in the year to September. Core Inflation came in at 3.5% in the 12 months to September, down from the 3.6% in August and below the forecast 3.7% forecast by the market Commenting on inflation figures for September, ONS Chief…
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A bankrupt builder who persuaded a customer to pay him more than £30,000 for home improvements he never completed has been sentenced. Wayne Miller deliberately concealed his status as a bankrupt from his victim and abandoned the building project in Canterbury when it was nowhere near finished. He also promised to repay the customer for…
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One in five of the 64 profit warnings issued by UK-listed companies during Q3 2025 cited the impact of weaker consumer confidence, the highest proportion recorded for this cause since 2022 and up from just 6% during the same period last year, according to EY-Parthenon’s latest Profit Warnings report. While 19% of all profit warnings referenced falling…
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UK SMEs say specific Government initiatives designed to help them survive and grow don’t go far enough, according to new research from independent funder, Bibby Financial Services (BFS). The Q3 2025 SME Confidence Tracker, which surveys 1,000 UK SMEs, reveals that over half (52%) of small businesses believe measures such as the Fair Payment Code,…
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The boss of a glazing firm who fraudulently applied for two Covid Bounce Back loans and spent significant sums on gambling and crypto investments has received a sentence of 22 months in custody, suspended for two years. Just months into the pandemic, Haralombos Ioannou secured two maximum-value £50,000 Bounce Back Loans when businesses were only…
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A Covid fraudster who bought a house in Huddersfield using Bounce Back Loan funds has been jailed. Mohammed Rashidzadeh appointed solicitors to help him buy a three-bedroom semi-detached house in the Almondbury area of the town just two days after receiving the £50,000 loan in June 2020. The 34-year-old also attempted to strike his Cozy…
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The former boss of a hotel on the Isle of Skye has been banned as a director after his company went into liquidation owing more than £400,000 in VAT. Campbell Dickson was the director of Caledonian Skye Ltd, which traded as The Portree Hotel on Somerled Square in the town. Caledonian Skye Ltd went into…
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Credit Connect Media hosted its second Commercial Credit & Collections Conference of the year last week in Tower Hill in London, which saw over 35 trade credit and insolvency professionals from various industry sectors meet to discuss the latest industry challenges. The Commercial Credit & Collections Conference hosted three themed round tables following an economic…
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A businessman has been disqualified after acting as a director of a company for two years while he was bankrupt. Scott Dylan was banned as a company director for eight years following a hearing at the High Court in Manchester earlier this month. The Insolvency Service found that Dylan had acted as a director of…
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A former Director General of the Institute of Directors, who was nominated for a prestigious businesswoman of the year award has been disqualified as a company director for Covid loan abuse. Anna Daroy served as interim Chief Operating Officer and later as interim Director General of the Institute of Directors from October 2018 to November…
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