Credit, Collections & Insolvency News
The High Court Enforcement Officers Association (HCEOA) has announced that there have been two detailed meetings and replies to parliamentary written questions, on VAT enforcement fees, The Association understands that the Ministry of Justice (MOJ) hopes to issue the guidance very shortly and that the final version will amend the guidance issued by the VAT…
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The Financial Conduct Authority, Information Commissioner’s Office (ICO) and the Financial Services Compensation Scheme (FSCS) have issued a joint statement warning FCA-authorised firms and insolvency practitioners to be responsible when dealing with personal data. The statement said that they are aware that some FCA-authorised firms and insolvency practitioners (IPs) have attempted to sell clients’ personal…
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A debt collection agency has been wound up after it misled clients over services it had promised to deliver and failed to account for money collected for its clients. Redwood Business Management Ltd, based in Newcastle upon Tyne was wound-up in the public interest on 3rd February 2020 at the High Court in Manchester before…
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Eleven firms – including several big names within the military, aerospace and defence sectors – have been suspended from the Prompt Payment Code for failing to pay suppliers on time, the Chartered Institute of Credit Management (CICM) has announced. BAE Systems (Operations) Limited, Leonardo MW Limited, and Smiths Detection are among those who have failed…
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The number of business customer complaints about retailers raised with the consumer watchdog has reached its lowest level for a year and a half. CCW – the voice for water consumers – saw the number of complaints made to it by non-household customers fall for a third successive quarter. CCW handled 812 complaints about retailers…
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Regulator, the Institute of Chartered Accountants in England and Wales (ICAEW) has issued a £925,000 fine to the administrators involved in the collapse of electrical goods retailer Comet. ICAEW has fined Deloitte £925,000, plus costs, for failings in its procedures relating to the administration of the company in 2012. ICAEW found that Deloitte’s client take-on…
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In what is a landmark case for the Insolvency Service, the courts have recently ordered a disqualified wine merchant to pay back more than £500,000 to creditors. This was after he abused customers’ trust and removed funds, of which a large part was due to be paid to customers after selling their wine stocks or…
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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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