Credit, Collections & Insolvency News
The Credit & Collections Technology Awards, which recognises technological innovation in the credit and collections industry for companies and individuals who have done the most outstanding work in the past year is set to announce the winners via an online webinar ceremony on Thursday 19th November. This year’s online Awards ceremony will replace the face-to-face…
Read more
The Government has announced a new extension to breathing space measures which will be used to protect businesses from insolvency during the coronavirus (COVID-19) pandemic. A raft of changes to protect businesses from insolvency were introduced in the Corporate Insolvency and Governance Act and were due to expire on 30th September 2020. The new temporary…
Read more
Chancellor, Rishi Sunak has outlined additional government support to provide certainty to businesses and workers impacted by coronavirus across the UK. Delivering a speech in Parliament, the Chancellor announced a package of measures that will continue to protect jobs and help businesses through the uncertain months ahead as we continue to tackle the spread of…
Read more
The ICAEW has called for the government to reduce the business rates multiplier, in its response to the first stage of HM Treasury’s review of business rates. The ICAEW says that the Government must act swiftly to help struggling companies by reducing business rates after the holiday in some sectors. ICAEW’s call followed the end…
Read more
Over £100 billion in support from banks and the government has been received by UK firms through coronavirus stimulus initiatives, with lenders distributing more than £58 billion and companies claiming £39.3 billion under the furlough schem. Figures from HM Treasury published today reveal that UK lenders have supported over 1.33 million businesses across the country…
Read more
The Federation of Small Businesses (FSB) National Chairman Mike Cherry, has responded to Boris Johnson’s speech in the Commons in which he outlined fresh restrictions for businesses in England as the pandemic figures for COVID-19 grow into a potential second wave. Cherry said, “We’ve already suffered from six months of disruption linked to this virus,…
Read more
Trade body UKHospitality has said 900,000 jobs would be at risk if the sector was forced to close again without financial support. The trade body has called on the Government to offer a sector-specific package of employment support that helps businesses retain valuable workers. Giving evidence to the House of Lords Economic Affairs Committee, Chief…
Read more
The Government has announced that Companies House will be reformed to clamp down on fraud and money laundering, with directors unable to be appointed until their identity has been verified. The changes aim to increase the reliability of the data showing who is behind each company so that businesses have greater assurance when they are…
Read more
UK firms have racked up around £70 billion worth of unsustainable debt, according to a new report from The City UK, with more than £20 billion of that coming from government-backed coronavirus loan schemes. TheCityUK’s Recapitalisation Group (RCG), supported by EY, has published updated projections for levels of unsustainable debt faced by SMEs. The report…
Read more
The Ministry of Housing, Communities & Local Government (MHCLG) has announced that it has extended support to prevent business evictions until the end of 2020. The new measures mean that businesses will be protected from the threat of eviction until the end of year, providing commercial tenants with greater security and protecting vital jobs, The…
Read more
RSM’s UK Brexit Stress Index nudged up for the first time since the early days of the Covid-19 lockdown, ushering in the first signs in nearly seven months that the risk of no-deal trade talks with the EU is generating increased nervousness within business. This week the pound also saw its worst performing week against…
Read more
A study by Onward has found that around 20% of British businesses are only making enough profit to cover their debt interest payments. High levels of corporate debt built up by companies during the COVID-19 pandemic has pushed 4.3% of firms into technical insolvency, the report estimates. In the new research paper titled ‘Paying it…
Read more
The process for companies that have applied to be struck off the Companies House register has now resumed (from Thursday 10th September 2020) following changes to temporary measures announced in April 2020. Due to the coronavirus (COVID-19) outbreak, Companies House paused all strike off activity to relieve the burden on businesses and to protect creditors…
Read more