Credit, Collections & Insolvency News
Audit, tax and consulting firm RSM has called on Government to urgently consider extending the temporary Covid-19 regulatory relief – the Corporate Insolvency and Governance Act, to three months beyond the date on which it is currently set to end. The firm says an extension will allow consumer-facing businesses more time to bolster their debt…
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The banking and finance industry has approved £47.9 billion to over 1.1 million businesses so far through government-backed coronavirus lending schemes, HM Treasury statistics have revealed. The Bounce Back Loan Scheme (BBLS) continues to provide new support to thousands of small and micro businesses every day, with 1.08 million businesses having received a total of…
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New figures released by the Office for National Statistics annual Crime Survey for England and Wales (CSEW) have revealed that the total number of estimated fraud incidents were 3.7 million for the year ending March 2020. The figures remain consistent with the previous year. Whilst Statistics from the National Fraud Intelligence Bureau (NFIB) which includes…
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A Recruitment director has been banned from managing companies for six years after paying himself a £150,000 bonus just before his company entered into liquidation. The investigation found that on 15th July 2020, Roy Davies from Rochdale, Lancashire, is banned for six years from acting as a director or directly or indirectly becoming involved, without…
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The Financial Conduct Authority (FCA) says that it is seeking views on extending the implementation deadlines for the Certification Regime and Conduct Rules In a new consultation paper, the FCA says it is making changes to its rules following the extension to the deadline by which FCA solo-regulated firms need to have implemented the Certification…
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It is feared that up to 780,000 firms employing three million could go bust in the next year if they cannot defer repayments on government-backed loans. The figures highlight the risks if urgent action to tackle the projected £35bn of unsustainable debt from Covid-19 loans is not taken according to a new report by The…
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The overall number of company insolvencies in England and Wales decreased by 50% in June 2020, when compared to the same month last year. This was primarily driven by a decrease in the numbers of CVLs and compulsory liquidations which fell by 45% and 78% respectively. Additionally, there was a 60% decrease in the numbers…
Read moreMore than 1.1 million businesses backed by £46 billion through Covid-19 lending schemes according to the latest HM Treasury figures. The figures show that the banking and finance industry has approved £46.3 billion to over 1.1 million businesses so far through government-backed coronavirus lending schemes with Almost 1.05 million small and micro businesses have received…
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The latest figures from the Insolvency Service have shown that business insolvencies decreased in Scotland in June 2020 Company insolvencies decreased by one-third when compared with the same month last year (June 2019. Figures from the Accountant in Bankruptcy (AIB), Scotland’s Insolvency Service, administers company liquidations and receiverships in Scotland show there was 46 company…
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The latest figures from the Insolvency Service have shown that personal insolvencies increased in Northern Ireland during June 2020. The figures show that there were 272 individual insolvencies in Northern Ireland, up 42% from June 2019; this consisted of 242 IVAs, 24 DROs and six bankruptcies. The increase in individual insolvencies was driven by delayed…
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The Government must act to prevent council tax loading £158 million in bailiff and court fees on to people who can’t pay following the pandemic according to debt charity StepChange. Bailiff visits, often used to enforce debt owed to local authorities in the form of unpaid council tax, will start up again from 23rd August,…
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The boss of a UK Challenger Bank is urging business owners to ‘recoup what they are owed’ with the help of a free Government-appointed support service. Gary Wilkinson, Chief Executive Officer and Co-Founder of Redwood Bank, recommends that small business owners tackle late payment issues with help from the Small Business Commissioner (SBC). The SBC…
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Large companies have made no progress in improving the prompt payment of their suppliers over the last five years, according to latest research by accountants Moore. The research has found that suppliers are currently waiting an average of 41 days to be paid, the same length of time as in 2015 with no progress in…
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