Credit, Collections & Insolvency News
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…
Read more
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…
Read more
The Business Banking Resolution Service (BBRS) has released a report, ‘Live Pilot Perspectives’. The report captures a panel discussion among four of the key individuals working on the development of its service, currently in a ‘Live Pilot’ phase, during which the BBRS has been reviewing over 40 real cases and how they can be resolved.…
Read more
New government data has indicated that UK firms have received £30.93 billon worth of Bounce Back Loans to help support them following the impact of COVID-19. The figures from the Treasury show that 1.01 million of loans have been made. Businesses have benefitted from 53,536 loans worth over £11.4 billion through the Coronavirus Business Interruption…
Read more
UK banks are preparing for up to 40 per cent (circa £11 billion) of loans from the Bounce Back Loan Scheme (BBLS) to potentially be written off as irrecoverable according to RSM Restructuring Advisory. RSM says that banks are already preparing and building their teams to pursue businesses that default on the BBLS, a scheme…
Read more
In June the following administration notices have been issued and advertised in the London Gazette for the following companies: 30 JAMES STREET LTD ACCESSORIZE LTD ADMEDO LTD ADWAIZ LTD AFFINITY CONTRACTS LTD AJS PROPERTIES 2018 LTD ALBION LTD ALPHA MAY DOMICILIARY CARE LTD ANDREW GRANT LTD LIABILITY PARTNERSHIP APTA BIOSCIENCES LTD ATAL CONTRACTING LTD ATHENA…
Read more
Creditors Voluntary Winding-Up – Appointment of Liquidators notices have been issued in the London Gazette for the following companies in June. 1ST CALL LETTINGS LTD 1ST CALL RECRUITMENT LTD 3TR LTD A HERITAGE WINDOW CO. LTD A-Z STATIONERS LTD A1 AUTOGLAZE NATIONWIDE LTD A1 HIGHFIELDS ASSOCIATES LTD AARKHAUS LTD AARON & STEPHEN CO LTD ABBEY…
Read more
In June, Winding Up Petitions (Companies) have been issued and advertised in the London Gazette for the following companies: 3XP SOLUTIONS LTD ABSOLUTE CONSTRUCTION (NORFOLK) LTD ACE DEVELOPMENT SOLUTIONS LTD ACTIVE MANAGEMENT FACILITIES LTD ALLIANCE PREMIER LTD ANCHOR HOUSE CONSTRUCTION (R.G.) LTD APS PLUMBING AND HEATING SERVICES LTD ASTON DARBY GROUP LTD B N DIRECT…
Read more
The Payment Systems Regulator (PSR) has confirmed that it’s new fraud-prevention tool – referred to as Confirmation of Payee (CoP) has now reached widespread usage providing additional protection to consumers and businesses. Confirmation of Payee allows users the opportunity to check the name of the person they wish to pay against the account number they…
Read more
A number of key organisations from across the insolvency and restructuring framework have welcomed the passing of the Corporate Insolvency and Governance Act into law, following its Royal Assent on 26th June. The Act is the largest change to the UK’s corporate insolvency regime in more than 20 years. It introduces new corporate restructuring tools…
Read more
The government has announced that it will extend measures to prevent high street businesses facing eviction over summer. The extension, until the end of September, comes alongside further support to help local businesses plan for economic recovery following the coronavirus pandemic. A new code of practice has been developed with leaders from the retail, hospitality and property…
Read more
New research by Coface has predicted that the number of insolvencies is expected to rise across Europe in the second half of 2020, and in 2021. Germany, the least affected country, is still on track for a 12% increase in insolvencies between end-2019 and end-2021. France (21%) and Spain (22%) will be more affected by…
Read more
More than 910,000 businesses have now been helped by the banking and finance industry through the government’s coronavirus loan schemes. Figures published by HM Treasury has revealed that lenders have provided £38.2 billion through the three major government-backed lending programmes. £3.3 billion has been approved to 83,000 businesses in the past week, with more applications expected…
Read more