Credit, Collections & Insolvency News
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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Water regulator, Ofwat has proposed a package of measures to protect business retail customers and minimise disruption in the market. The impacts of COVID-19 are being felt across the whole of the UK economy and throughout each and every sector. In water, the business retail market in England will inevitably be affected, both through businesses…
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Small business loans platform, Funding Circle has been approved for accreditation by the British Business Bank under the Coronavirus Business Interruption Loan Scheme (CBILS), term loan variant. Funding Circle expects to open CBILS applications within the next week once it has completed the required legal and operational approvals with the Bank. Keith Morgan, CEO, British…
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UK Finance has announced that a total of £1.1 billion in coronavirus support funding has been loaned to 6,020 SMEs so far. The total proportion of firms receiving payouts is less than one in four of those who made a claim, with 28,460 applications submitted. Analysis shows that just 2.6% of the money available has…
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The Federation of Small Businesses (FSB) has received more than 500 emails to a special hotline set up so that individual real-life examples of those not covered by the proposed Self-Employed Income Support Scheme (SEISS) could be highlighted to those running it. SEISS was announced by the Chancellor last month as part of the government’s…
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In March the following administration notices have been issued and advertised in the London Gazette for the following companies: 18 HOSPITALITY LTD 56-58 ESSEX ROAD LTD A.T.B. COMPUTING SERVICES LTD AEGIS WATER TREATMENT LTD AHS COMMERCIAL LTD AIS SECURUS LTD AMIANTO LTD AMTEC LTD AND WORLDWIDE LTD APERTURE TRADING LTD ASSEMBLED ELECTRONIC SOLUTIONS LTD ATL…
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Creditors Voluntary Winding-Up – Appointment of Liquidators notices have been issued in the London Gazette for the following companies in March 10 DEGREES C LTD 100 DG RESTAURANT LTD 101 STUDIO (UK) LTD 1ST EURO FIRE PROTECTION LTD 55 PUB CO LTD 868 LTD 9PERCENT LTD A H CONISBEE & CO LTD A J AGIUS…
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In March, Winding Up Petitions (Companies) have been issued and advertised in the London Gazette for the following companies: 3 THREE’S COFFEE LOUNGE LTD A-TEAM DEMOLITION & WASTE SERVICES LTD A1 GROUP (SOUTH) LIMITED ACE CONSTRUCTION EQUIPMENT LTD ACTIVE REMEDIAL SOLUTIONS LIMITED ADVANCED COATING SOLUTIONS LIMITED ADVENT BUILDING SERVICES LTD AGAR BROWN EVERTON LIMITED AH…
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The Government has announced further measures to support firms impacted by Covid-19, including widening access to the Coronavirus Business Interruption Loan Scheme (CBILS) and creating a new scheme for larger firms. Launched on 23 March, today the Coronavirus Business Interruption Loan Scheme (CBILS) has been significantly expanded along with changes to the scheme’s features and…
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The Chartered Institute of Credit Management (CICM) Chief Executive has issued a warning that payment holidays could be simply delaying a business’ collapse, following research that found that a third (34%) of credit managers have been asked to renegotiate or ditch existing payment terms The CICM says that payment holidays and time to pay, while easing…
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