Credit, Collections & Insolvency News
The National Association of Commercial Finance Brokers (NACFB) has announced that it has reviewed 131 broker agreement forms from lenders over the past year, addressing systemic imbalances in contractual terms that disproportionately burdened brokers. The initiative, spearheaded by a dedicated contract specialist, has led to amendments in 94% of broker agreements, ensuring fairer risk-sharing and clearer obligations across…
Read more
A British Retail Consortium (BRC) survey has found that British retailers are expected to increase prices in the coming months due to rising employment costs. In February, shop prices were 0.7% lower than the previous year, but saw a monthly increase of 0.4%, marking the largest rise in a year. The report also noted that…
Read more
A Nottinghamshire construction boss who fraudulently removed more than £700,000 from four failing companies and transferred the money to his casino account has been jailed. Wesley Grainger-Smith fraudulently removed more than £702,050 from four struggling construction companies between 2014 and 2017 into his casino gaming account. Grainger-Smith was not the official director of any of…
Read more
A third (33%) of SMEs say they will have to raise prices this year as a result of the Government increase in National Insurance Contributions (NIC) for employers. More than four-in-ten of the UK’s small and medium-sized businesses (SMEs) admit that the government’s increase in NIC for employers will negatively impact them, with nearly a…
Read more
A Devon taxi driver who fraudulently claimed two maximum-value Covid loans by overstating his annual turnover by more than £350,000 has been jailed. Murat Dogantekin secured the Bounce Back Loans worth a combined £100,000 from two separate banks just months into the pandemic, when he was only actually entitled to just over £4,000 under the…
Read more
A survey of hospitality businesses has found that 70% plan to reduce employment amid increases to tax and wages, while 60% expect to cancel planned investment and 29% will reduce trading hours to cut costs. The British Beer and Pub Association, the British Institute of Innkeeping, Hospitality Ulster and UKHospitality are highlighting the strong record…
Read more
More than 10,000 additional cases of suspected Covid loan fraud have been identified following a government review of settled loans. The British Business Bank review of loans which had been defaulted on and settled by the Government shows that the number for the 2023 financial year has almost doubled from 16,846 to 31,437. The fraudulent loans for…
Read more
A delivery driver who spent Covid loans, which he was not entitled to on drugs and gambling has been sentenced. Amraiz Mahmood fraudulently secured a £20,250 Bounce Back Loan from his bank in 2020 by overstating his 2019 turnover by more than £65,000. He then claimed to have assets of only £100 despite withdrawing almost…
Read more
Better access to mortgages, banning ‘harsh’ personal guarantees, and ensuring entrepreneurs can have a comfortable retirement will encourage more people to launch small businesses, research by the Federation of Small Businesses (FSB) shows. The research found that a quarter (25%) of entrepreneurs say that being self-employed has made it more difficult for them to get…
Read more
According to the Office for National Statistics, inflation jumped to 3% in January, up from 2.5% in December, marking the highest level since March last year. The increase was driven primarily by increases in the cost of transport, food, and non-alcoholic beverages (The Times). Private school fees were also a factor, rising by almost 13…
Read more
Despite promising UK infrastructure investments announced, many small businesses could still be left with unanswered questions following the Chancellor’s speech on growth, leaving many uncertain of their ability to achieve their growth ambitions this year. Research from Simply Asset Finance, which surveyed 500 UK small business owners before and after the Autumn Budget, revealed that…
Read more
A new EY ITEM Club forecast has predicted bank-to-business lending growth to increase from 2.9% in 2024 to 4.5% in 2025 – the highest rate since 2020 – and 5.6% in 2026 as borrowing rates continue to fall Bank lending to UK businesses grew by 2.9% in 2024, as falling interest rates boosted market confidence…
Read more
A Bank business manager and his friend have been sentenced following an investigation into fraudulent accounts that helped them steal over £7.3 million. The two men from East London were sentenced at Southwark Crown Court to a combined nine-and-a-half years in prison for opening bank accounts used to launder money from fraud. The sentencing follows…
Read more