Credit, Collections & Insolvency News
Latest HM Treasury figures have reveal that just under 1.2 million businesses in the UK have been supported by finance from lenders through government-backed coronavirus lending schemes. On the three-month anniversary of the Bounce Back Loan Scheme (BBLS), the figures reveal that over 1.13 million small and micro businesses have now been backed by the…
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County Court Judgments (CCJs) registered against businesses England and Wales fell by nearly 30 percent in the first half of 2020 (H2 2020), compared to the same period in 2019, according to figures released by Registry Trust. The number of CCJs against businesses fell from 65,724 in HY1 2019 to 46,117 in HY1 2020. This…
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The total amount of debt registered against Scottish businesses in the first half of 2020 fell by 13 percent according to figures released by Registry Trust. The number of decrees against Scottish businesses also fell by 13 percent, from 1,140 to 990. The total value of decrees against businesses saw a large fall of 47…
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The number of debt judgments against Northern Irish businesses fell by nearly 43 percent in the second half of 2020 compared to same period last year according to figures released by Registry Trust. The period also saw a large fall in the number and value of judgments against businesses in Northern Ireland from 615 to…
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The number and total value of judgments registered against Irish businesses have risen in the first half of 2020 compared to the same period last year, figures released today by registrar Irish Judgments show. Judgments against Irish businesses actually rose from 250 to 315, a rise of 26 percent over the period. But, the total…
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The European Commission has approved, under EU state aid rules, a UK guarantee scheme to support the trade credit insurance market in the context of the COVID-19 pandemic outbreak. Trade credit insurance protects companies supplying goods and services against the risk of non-payment by their clients. Given the economic impact of the pandemic, the risk…
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The Insolvency Service has published its latest which indicates that the overall number of company insolvencies decreased by 23% in Q2 2020 compared with 3,848 in Q1 2020 to 2,974 in Q2 2020), and by 33% when compared with Q2 2019 (4,425). Commenting on the figures Colin Haig, President of R3, the insolvency and restructuring…
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Ofgem has unveiled plans to tackle unscrupulous energy brokers so millions of micro-businesses can get a better deal. Two out of three micro-businesses use an energy broker when choosing their current energy contract and many of them benefit from the advice of a reputable broker. However, an Ofgem review found that in too many cases,…
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New figures have revealed that over 1.17 million businesses in the UK have received finance from lenders through the government-backed coronavirus lending scheme. The banking and finance industry has now provided over 1.1 million small and micro businesses with £33.7 billion through the Bounce Back Loan Scheme (BBLS). The Coronavirus Business Interruption Loan Scheme (CBILS)…
Read moreThe Government has announced that consumers who pay for goods in advance will now be protected if retailers go insolvent under new proposals. Under existing rules, if a company becomes insolvent, goods paid for in advance that are still in its possession may be considered as assets belonging to the business. These goods can be…
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Small business expectations of future performance are increasingly polarised, according to the latest quarterly SBI from Federation of Small Business (FSB), which shows that a sizeable share of firms have already had to let staff go. Over a fifth (23%) of the 1,400 business owners surveyed for the study expect their performance to be “much…
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R3, the insolvency and restructuring trade body, has hit out at changes to HMRC’s creditor status, which were confirmed after the Finance Bill received Royal Assent earlier this week. Under the legislation, HMRC will become a preferential creditor in insolvencies from 1 December, which means it will be paid in full before a number of…
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The Consumer Council for Water (CCW) – the voice for water consumers has revealed that most water retailers improved their performance during 2019-20 as written complaints from business customers fell by almost a fifth. The latest figures indicate an end two successive years of rising complaint levels among business customers in England, during which time…
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