Credit, Collections & Insolvency News
Loan payment holidays are the main mitigation measure being used by small businesses to help sustain cashflow during the COVID-19 pandemic according to a snapshot of the market by Purbeck Insurance Services. 46% of the insurance provider’s policyholders are taking measures to manage their cashflow with loan repayments the top tactic being used by 47%. …
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The Insolvency Service has published the latest company insolvency figure for England & Wales which indicates that the total numbers of company insolvencies in Q1 2020 decreased, when compared with the previous quarter and the same quarter in the previous year (Q1 2019). The figures largely pre-date the Government lockdown and wider impact of the…
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New Analysis by UK Finance has shown that the value of emergency Coronavirus Business Interruption Loan Scheme (CBILS), to small businesses rose 46% to £4.1billion last week. Although it has been reported that the number of approvals slowed. Over £1.33 billion of loans have been approved in the week from 21 April to 28 April…
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The number of judgments against businesses in Northern Ireland. fell 27 percent in the last quarter. Total and average values rose by 38 and 89 percent respectively. There fewer cases consisting of larger value. The total value of Northern Irish business judgments reached almost the £1 million mark this quarter. Businesses owed 24 percent of…
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County Court Judgments (CCJs) against businesses England and Wales fell six percent in Q1 (January-March) 2020, compared to the same quarter in 2019, according to figures released by Registry Trust. The number of CCJs against businesses decreased from 35,781 in Q1 2019 to 33,520 in Q1 2020. The total value of judgments saw an increase…
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Ahead of the second reading of the Finance Bill on today (27th) April, Duncan Swift, President of insolvency and restructuring trade body R3, has called on the Government to scrap proposals to make HMRC a preferential creditor in insolvencies. R3 says that there has been widespread concern that the proposals will have a significant negative…
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The number of decrees against Scottish businesses rose by 29 percent over the period according to the latest figures from the Registry Trust. Decrees numbers increased from 561 to 722 in Q1 (January-March) 2020. The total value of decrees against businesses fell 5%, to just under £3million. The average value also fell by 10% as…
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The total value of registered debt in Jersey has almost halved from £1.2 million in Q1 2019 to £678,567 in Q1 2020 – a fall of 45 percent according to latest figures from the Registry Trust. This is despite an increase of 10 percent in the number of judgments issued in the Jersey Petty and…
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The UK government has temporarily banned landlords from using winding-up orders and from what the government calls aggressive debt recovery tactics against retailers while the COVID-19 crisis continues. The Business Secretary has set out new measures to protect high street shops and other companies under strain. The companies will be asked to pay what they…
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The Confederation of British Industry (CBI) has urged that the government accelerate the delivery of support to businesses. The CBI says that the Government has acted at pace to protect companies and jobs. So far around £6 billion in grants from local authorities have reached small businesses. And the Job Retention Scheme started strongly on…
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The banking and finance sector has provided over £2.8 billion of lending to SMEs so far through the Coronavirus Business Interruption Loan Scheme (CBILS), as part of a broad package of support for UK businesses, according to the latest data published by UK Finance. Total lending under CBILS has doubled in the week from 14…
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Experian, and other credit reference agencies (CRAs), have confirmed new guidance to protect business credit scores during the Covid-19 pandemic. Lenders can now offer an ‘emergency payment freeze’ to businesses that may be worried about meeting regular payments because of the pandemic. Once agreed, lenders should not report a build-up of arrears to the four…
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The Office for National Statistics (ONS) says Government measures designed to slow the spread of coronavirus has seen a quarter of businesses close down temporarily. A poll of 5,316 businesses, saw 25% say they had closed between 23rd March and 5th, while 38% of those that continued to trade said that their turnover was substantially…
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