Credit, Collections & Insolvency News
A new report released has revealed that significant strides are being made to improve the accuracy of the Companies House register and disrupt economic crime. The report is the latest part of the implementation of the Economic Crime and Corporate Transparency Act 2023 (ECCT Act), which brings about the most significant reforms to UK company…
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4.7 million businesses will be required to submit additional financial data to Companies House under major transparency reforms confirmed by the Government. From April 2028, small companies and micro-entities will be required to file profit and loss accounts with Companies House under changes introduced through the Economic Crime and Corporate Transparency Act. The reforms are…
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UK SMEs trading internationally are facing a tipping point, with seven in ten warning they could be pushed into bankruptcy if disruption linked to the Iran war continues according to new research from SME funder Bibby Financial Services (BFS). The data reveals the growing financial toll of the conflict on UK importers and exporters, with…
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Small businesses and the self-employed struggling with their finances to receive a helping hand through new £4 million funding boost to business debt advice services through the Money and Pensions Service. The funding will go towards expanding access to expert support to help them get back on track, giving a leg up to an additional…
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A housebuilder who transferred development land worth £250,000 out of his failing construction company to a firm controlled by his partner has been sentenced. Ishfaq Hussain signed over the two pieces of land from Reeson Homes Ltd, a company where he was sole director, to Paddington Homes Ltd, as creditors closed in and the company…
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The percentage of UK small businesses citing barriers holding their business back from growing has hit a six-year peak (84%), with the impact of overseas conflict on energy and fuel prices in the UK now a serious concern for one in three enterprises (32%), according to new findings from Novuna Business Finance. The data show…
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New data from the British Retail Consortium (BRC) has shown that furniture and health and beauty products are among the items that have risen most in recent weeks, driving an increase in shop prices of 1.2% year on year in May, with the rate slightly above the three-month average of 1.1%. High oil prices and…
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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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