Credit, Collections & Insolvency News
There was a 20 percent drop year-on-year, in the number of County Court Judgments (CCJs) registered against businesses in England & Wales in Q4 2019, according to the latest figures released by Registry Trust. The total number of judgments against all businesses decreased from 29,303 in Q4 2018 to 23,418 in Q4 2019, and was accompanied…
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Philip King, Chief Executive Officer (CEO) of the Chartered Institute of Credit Management (CICM), has been appointed Interim Small Business Commissioner (SBC). King will head the independent Office of the Small Business Commissioner (SBC) in Birmingham. It was launched in December 2017 to ensure fair payment practices for Britain’s small businesses and support them in…
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The Government has welcomed an independent review that recommends changes to the Loan Charge, while also confirming that it was a ‘necessary’ response to the tax avoidance schemes it was designed to tackle. The Review, led by Sir Amyas Morse, was commissioned to look at the impact of the charge, which was introduced to tackle…
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Kier Construction has been reinstated to the Prompt Payment Code following a sustained period of improvement in its payment practices governed by the Chartered Institute of Credit Management (CICM). The reinstatement follows the implementation of its action plan, which was approved by the CICM and focuses on supplier engagement & compliance, process simplification, guidance &…
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The House of Commons has approved the EU Withdrawal Agreement Bill at second reading. Commenting on the approval Chief Executive of UK Finance Stephen Jones said “This vote takes us one step closer to an exit from the EU but is only the beginning of what is required to restore the predictable legal and economic…
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Duncan Swift, President of insolvency and restructuring trade body R3 has responded to the Queen’s Speech Swift said “We hope the Government does not miss the opportunity to make progress with much-needed – and long-awaited – corporate insolvency and restructuring reforms. They don’t appear to have been included in any of the planned bills, and…
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In November, Winding Up Petitions (Companies) have been issued and advertised in the London Gazette for the following companies: 2018 PG PROPERTIES LTD 20190221 LTD 24/7 SHOP£ LTD 24HR CARE SOLUTIONS LTD 2EQIPP LTD A & P TRANSPORT (WORCESTERSHIRE) LTD A A WHOLESALE LTD A P VEHICLE AND PLANT EQUIPMENT LTD ABERCORN HOLDINGS LTD ABLE…
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R3, the insolvency and restructuring trade body, has launched its 2019 election manifesto, which sets out the policies that will help the insolvency and restructuring profession continue to support businesses and individuals going through financial distress. These include: The abolition of plans to make HMRC a priority creditor in insolvencies The introduction of the proposed…
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The Commercial Credit & Collections conference has confirmed its speaker agenda for the next event which takes place in January. CVR Global and Aon’s Commercial Credit & Collections conference agenda now includes speakers from Onguard and Cifas whilst three Credit Managers will debate the impact of technology on credit management. The event will open with…
Read moreBank lending to small and medium sized (SME) retailers in the UK has fallen 6% from £15.6 billion to £14.7 billion since the Brexit vote in 2016, meanwhile large retailers have benefited from a sharp rise in bank lending, says accountants and business advisors, Moore. Over the same period that lending to SME retailers has…
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Nearly half of small business owners and managing directors (47 per cent) had to stop their own pay due to the impact of unfair payment practices by their buyers, according to new survey findings from engineering services trade bodies ECA and BESA. Overall, three-quarters of business owners said they had made sacrifices, including reducing their…
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Samantha Barrass has been named as the first Chief Executive Officer of the Business Banking Resolution Service (BBRS). The BBRS has been set up to resolve disputes between small and medium-sized businesses and their banks to deliver independent transparent, fair and reasonable outcomes The BBRS is backed by Britain’s six biggest high street lenders. Sarrass…
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Construction company Laing O’Rourke has been reinstated to the Prompt Payment Code (PPC). The company has been reinstated to the Government’s code seven months after being removed for failing to pay suppliers on time. The Prompt Payment Code is a voluntary code which is administered by the Chartered Institute of Credit Management (CICM)on behalf of…
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