Credit, Collections & Insolvency News
The Treasury has announced extensions of its business loan guarantee schemes until the end of March. These had been due to close at the end of January. The new round of funding from the Treasury covers the Coronavirus Business Interruption Loan Scheme, the Bounce-Back Loans Scheme and the Coronavirus Large Business Interruption Loan Scheme. Bounce-back…
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New figures published by HM Treasury has shown that over 1.5 million businesses across the country are supported by the UK’s banking and finance industry with a total of over £68 billion in lending through government-backed coronavirus lending schemes. Over 34,500 small and micro businesses have accessed a Bounce Back Loan over the past month,…
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Water retailers must keep doing everything in their power to help struggling businesses impacted by Covid-19 pandemic get back on their feet without the threat of debt recovery action according to the Consumer Council for Water (CCW). The CCW says that it has been helping retailers resolve a rise in billing disputes over the summer…
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New figures from the Insolvency Service have shown that business insolvencies in England and Wales increased by 4% in November 2020, with 889 business insolvencies in November 2020 compared to October’s figure of 862, and were 41% lower than November 2019’s figure of 1,512. However, business insolvencies in November 2020 fell by 41% compared with…
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Scottish business insolvencies in November 2020 fell by almost half compared with November 2019 numbers. The figures released by Accountant in Bankruptcy (AIB), Scotland’s Insolvency Service which administers company liquidations and receiverships in Scotland showed that in November 2020 there were 46 company insolvencies in Scotland, a reduction of 47% in comparison to November 2019.…
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Northern Irish personal insolvencies decreased by two thirds according to the latest Insolvency Service figures. Personal insolvencies numbers in November 2020 fell by two-thirds compared with November 2019. There were 91 personal insolvencies down 68% from November 2019; this consisted of 52 IVAs, 17 DROs and 22 bankruptcies. Company insolvencies in November 2020 fell by…
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Parliament’s Public Accounts Committee has today has published a report into the Bounce Back Loan Scheme (BBLS) set up to help businesses at the height of the coronavirus (Covid-19) pandemic. The new report contains six key findings: The Government was not sufficiently prepared to support micro-businesses despite the economic impact of the pandemic being a known risk…
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The Government is planning to launch a replacement for the Covid loans programme with new state-backed guarantees to support lending by banks to SMEs.. Under plans still being finalised, the new Government scheme could guarantee up to 80 per cent of loans of up to £10 million for businesses that are deemed viable but unable…
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The Government has announced that it intends to reinstate the temporary suspension of the use of statutory demands and winding-up petitions, extending the measures until 31st March 2021. On 25th November the government announced it intends to reinstate the temporary removal of the threat of personal liability for wrongful trading from directors until 30th April…
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Law firm JMW Solicitors has warned of a flood of insolvencies in Spring 2021 which risks paralysing the Courts. The firm’s analysis shows that corporate insolvencies adown circa 42% year-on-year in October 2020; whils Creditor Voluntary Liquidations, are down 36%, there is a decrease of 76% for Compulsory Liquidations and a decrease of 35% for…
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The Institute of Directors (ioD) has welcomed the reinstatement of a key insolvency protection for company directors, the suspension of liability for so-called ‘wrongful trading’, through a statutory instrument laid before parliament. In June, the Government introduced emergency coronavirus legislation to facilitate a time-limited suspension of director liability for ‘wrongful trading’ applying from 1 March…
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Latest HM Treasury figures have revealed that nearly 1.5 million businesses across the country are now supported by the UK’s banking and finance industry with a total of £65.5 billion in lending through government-backed Coronavirus lending schemes. Almost 1.4 million smaller businesses have now accessed financing as part of the Bounce Back Loan Scheme, with…
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The winners of the 2020 Credit & Collection Technology Awards have been announced following a live interactive virtual awards broadcast yesterday (Thursday 19th November). The awards are the flagship event for innovational technological professionals working in credit and collections and the fourth annual event honoured the UK’s technological innovators, celebrating outstanding achievement across nineteen hotly…
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