Credit, Collections & Insolvency News
Economic uncertainty is on the rise for the UK’s 5.6 million small and medium-sized enterprises (SMEs) following the Autumn Budget, according to iwoca’s Q3 2024 SME Expert Index. The percentage of brokers reporting pessimism among their SME clients about the future has more than doubled, rising from 15% last quarter to 34%. Meanwhile, only one…
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A company director has been given a suspended prison sentence after claiming a £50,000 Bounce Back Loan and then dissolving her business. Irena Tokarczyk from Watford, was the sole director of Good Food Shops Ltd when she applied for a £50,000 Bounce Back Loan in June 2020 – the maximum amount allowed under the rules…
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The Office for National Statistics (ONS) has published its latest Consumer Prices Index, which shows the rate of inflation rose to 2.3 per cent in the 12 months to October, up from 1.7 percent in September 2024. The increase showed that core Inflation (excluding food and energy) rose to 3.3%, up from 3.2% in September.…
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Credit Connect Media hosted its second Commercial Credit & Collections Conference last week at the Midland Hotel in Manchester which saw ten trade credit and insolvency professionals from various industry sectors meet to discuss the latest industry challenges. In the seventh edition of the Commercial Credit & Collections Conference series, hosted by Credit Connect Media,…
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Opus Energy has agreed to pay more than £7 million in refunds, redress and goodwill payments after identifying it overcharged almost 88,000 non-domestic customers between 2003-2023. The non-domestic supplier had two faults in its billing system, meaning customers were temporarily on the wrong tariff or their billing periods were incorrectly duplicated. The faults were initially…
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An electrician from Middlesbrough has been subjected to seven years of stringent bankruptcy restrictions after claiming two Covid Bounce Back Loans and overstating his turnover to gain £16,250 more than he was entitled to. Shaun Dixon, a self-employed electrician from Leamington Grove in Middlesbrough, claimed Bounce Back Loans totalling £23,750 for his business in the…
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Profit warnings from UK-listed companies reached a two-year high between July and September according to EY-Parthenon’s latest Profit Warnings report. The data shows that there were 84 alerts issued in the three-month period, with this up 11% on Q3 2023. It was also shown that almost one in five UK-listed companies (19.2%) issued a profit…
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A man has been sentenced at Manchester Crown Court to 6 years and 9 months in custody for defrauding elderly customers out of an estimated £958,949. He posed as a bank employee working to investigate fraud, tricking customers into handing over control of their bank. The sentencing follows an investigation and arrest by specialist banking…
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A Director who promoted a tax avoidance scheme which deprived HM Revenue and Customs (HMRC) of more than £2.5 million in unpaid tax has been disqualified. Alastair Lunt was the director of Peak PAYE Ltd when it caused losses of at least £2.64 million to HMRC between October 2020 and February 2022. Lunt had failed…
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Chancellor Rachel Reeves has announced the autumn budget for 2024. Commenting on the announcements James Burgess, Head of Commercial and insolvency expert at Atradius said “Today’s Autumn Budget could be a game-changer for businesses across the UK, marking a pivotal moment for the economy. With Labour’s proposals set to impact retail, hospitality, and leisure businesses,…
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The number of Welsh companies with overdue invoices on their books reached a 2024 high in September, according to new research from R3, the UK’s insolvency and restructuring trade body. Analysis of data provided by Creditsafe shows that 18,360 Welsh businesses had unpaid invoices on their books last month – the highest monthly total of…
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Companies House has published its first ever strategic intelligence assessment as the agency steps up its work to help tackle economic crime. The strategic intelligence assessment gives an in-depth analysis of the key threats Companies House faces. It’ll guide future prioritisation, decision making, risk identification and mitigation. The assessment will be followed by a new control strategy, which…
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Eight in ten (86%) of UK small business owners are fearful of Autumn Budget announcements that could negatively impact the growth outlook and finances of their enterprises according to new research from Novuna Business Finance. For those that expressed concerns, the prospect of national insurance hikes (49%), rises to VAT (48%) and income tax (50%)…
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