Credit, Collections & Insolvency News
Small businesses in sectors including legal, healthcare, and IT could be among the biggest winners from the government’s new crackdown on late payments, according to new research from Hiscox. The Small Business Protections Bill, introduced to Parliament last week and now progressing through the House of Lords, will introduce sweeping new rules aimed at tackling…
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A Newcastle recruitment consultant has been sentenced for a string of offences, including Covid fraud, flouting director disqualifications and running a phoenix company while bankrupt. Lucien Ekamba-Elombe set up a recruitment firm under a similar name to his previous failed company while legally banned from doing so after failing to pay council tax. He secretly…
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A South London man who secured Covid support funds for a construction firm which never traded has been disqualified as a company director for the maximum period of 15 years. Ademilson Nascimento obtained a £46,500 Bounce Back Loan in July 2020 by falsely claiming that his Buildan Construction Ltd company had a turnover of £192,000.…
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The Government has announced that the Small Business Protections Bill has been introduced to Parliament, aiming to end the scourge of late payments. The Small Business Protections Bill (formally known as the Commercial Payments Bill) delivers the toughest crackdown on late payments in a generation – putting a clear duty on large firms to pay…
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A cleaning boss has been banned as a company director after transferring almost £200,000 out of his insolvent business into his new company. Leicestershire-based Philip Walker was the director of Solus Facilities Limited, a company providing cleaning services for restaurants. However, by April 2023, the company was in financial difficulty and unable to pay its…
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More than half (57%) of businesses say a combination of supply chain pressures and higher energy and fuel costs are among their biggest challenges as they grapple with the impact of conflict in the Middle East, according to new research from accountancy and advisory firm BDO. The bi-monthly survey revealed that supply chain pressures including…
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Small businesses have welcomed new legislation aimed at curbing late payments, calling it a historic moment. The King’s Speech introduced measures that empower the Small Business Commissioner to investigate and fine firms that consistently delay payments. The Late Payments Bill enforces a maximum payment term of 60 days and mandates interest for late payments at…
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A convicted money launderer has been sentenced to an additional 499 days in prison for failing to fully pay the money owed under a Confiscation Order. In 2021, Richard Faithfull was sentenced to 5 years and 10 months in prison for laundering £2.5 million, following a prosecution brought by the Financial Conduct Authority (FCA). He…
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A director of two companies which supported a scheme allowing business owners to keep their assets while dropping their debts has been disqualified. Suzanne Harley-Davies failed to exercise control of the affairs of Namare GRP Ltd and TPG GRP Limited during 2023 and 2024. She also failed to ensure that the companies operated for legitimate corporate…
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The Bank of England Monetary Policy Committee (MPC) has voted to keep interest rates on hold at 3.75%. At its meeting ending on 29th April 2026, the Monetary Policy Committee (MPC) voted 8–1 to maintain Bank Rate at 3.75%. One member voted to increase Bank Rate by 0.25 percentage points, to 4%. The conflict in…
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The Insolvency Service has announced a partnership with Crimestoppers in an attempt to crack down on rogue directors. The partnership aims to boost tip-offs about banned directors still operating in the shadows The Insolvency Service disqualifies more than 1,000 directors every year for misconduct, including failing to pay tax and using company funds for personal…
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UK inflation remained increased to 3.3% in March, according to the latest data from the Office for National Statistics (ONS), up from 3.0% in the 12 months to February. On a monthly basis, CPI rose by 0.7% in March 2026, versus a rise of 0.3% in March 2025. Motor fuels made the largest upward contribution…
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The owner of two firms, which installed fire alarms, has been banned as a company director after paying almost nothing of the more than £300,000 owed in tax. Alex Shorthose caused Siamo Fire and Security Limited and Alex Fire and Security Limited to run up VAT and PAYE debts of £185,538 and £142,092 between December…
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