Credit, Collections & Insolvency News
Two in five SMEs (42%) cite rising costs and taxes as their biggest concerns, with 70% questioning the Government’s support for SMEs according to new research from iwoca. The research also highlighted the looming threat of higher taxes under the current Government comes in close second—a primary worry for two in five (40%) owners. Leaders of the…
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A former London minicab driver is subject to 11 years of stringent sanctions after the Official Receiver found he abused the Covid loan scheme to claim over £47,000 more than his business was entitled to. Huseyin Houssein, a former private hire driver from Nash Road in Edmonton, North London, applied for a £50,000 Bounce Back…
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UK inflation fell in December for the first time in three months as hotel prices fell and tobacco costs eased according to latest ONS data.Annualised inflation came in at 2.5% in December, down from the 2.6% reported in November. Menawhile, core inflation came in at 3.2% in the 12 months to December 2024, down from…
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The Federation of Small Businesses (FSB) has urged the UK’s key regulators to help deliver economic growth. The FSB has written to the Financial Conduct Authority, Finance Reporting Council, Ofgem, Ofwat, Ofcom, Competition and Markets Authority and Information Commissioner’s Office. This follows requests from the Prime Minister, the Chancellor of the Exchequer and the Business…
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A key figure in a scheme designed to undermine the insolvency system has been banned as a company director for nine years. Neville Taylor was paid more than a quarter of a million pounds by Atherton Corporate (UK) Ltd to become the sole director of more than 400 companies. Taylor’s disqualification means he will have…
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A fraudster jailed for illegally obtaining a Covid Bounce Back Loan has been ordered to pay the funds back in full with interest. Restaurant owner Ilhan Kekec overstated his company’s turnover to secure a £30,000 loan in May 2020. The 36-year-old was jailed for two-and-a-half years in March 2024 following a trial at Isleworth Crown…
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The Bank of England’s Monetary Policy Committee (MPC) has voted to hold interest rates at 4.75%. The Monetary Policy Committee (MPC) voted 6 to 3 in favour of holding rates flat, with three members preferring to cut rates by 0.25% to 4.5% Commenting on the decision, Anna Leach, Chief Economist of the Institute of Directors, said…
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Latest ONS data has shown that year-on-year inflation rose to 2.6% in November, up from 2.3% in October, rising for the second month in a row. Year-on-year core Inflation (excluding food and energy) rose to 3.5% in November, up from 3.3% in October whilst , month-on-month inflation rose by 0.1% in October, down from 0.6%…
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New research from SME lender ThinCats shows significant confidence in growth but an even split for those believing the Government is creating the right environment. The research which was conducted after the Chancellor’s Budget among more than 2000 UK SMEs shows that 81% of businesses are confident that their business would grow next year. Confidence…
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A decorator has been banned and ordered to pay more than £100,000 in compensation after obtaining three Covid loans. The decorator secured three Covid Bounce Back Loans worth a combined £145,000 has been banned as a company director and ordered to pay compensation. Ruxanda Guja claimed £100,000 more than she was entitled to for her…
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The Federation of Small Businesses (FSB) says that the Government should step in to provide small firms with personal guarantee protection following from the Financial Conduct Authority (FCA)’s investigation into personal guarantees, Martin McTague, National Chair of the Federation of Small Businesses (FSB) said “The FCA’s investigation was severely undermined even before it got underway…
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Energy company, Maxen Power has paid £1.65 million for customer service failures. Maxen Power supplies more than 10,000 non-domestic energy customers. A recent investigation carried out by energy regulator Ofgem found that Maxen Power breached its licence conditions by not having robust systems in place to protect its customers. This allowed third-party reps to sign…
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The Government has announced the launch of a new Fair Payment Code aimed at tackling late payments, with research showing that SMEs are on average owed £22,000 a year. It comes on top of an earlier announced consultation which will investigate the scale of the problem and best solutions. The code, overseen by the Small Business…
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