Credit, Collections & Insolvency News
The Government has announced measures to crack down on the abuse of a specialised financial arrangement to launder dirty foreign money through the UK. Scottish Limited Partnerships (SLPs) and Limited Partnerships (LPs) are used by thousands of legitimate British businesses, particularly the private equity and pensions industry, to invest more than £30 billion a year…
Read more
Latest figures from research by RSM have suggested that 81 percent of middle market businesses are vulnerable to money laundering and bribery. The findings according to the latest YouGov survey, commissioned RSM in a survey of more than 300 UK middle market business leaders, also revealed that 31 percent of firms have suffered, unwittingly or…
Read more
The Federation of Small Businesses (FSB) is urging the Financial Conduct Authority (FCA) to provide more protection for small business owners who use personal assets as collateral for commercial loans. At present only the smallest firms can currently make a complaint to the Financial Ombudsman (FOS). The FCA is proposing to widen the definition of…
Read more
Credit managers, those who keep the cash flowing in business, are untroubled by Brexit, unimpressed by new regulation, and keen to see how new technology can enhance performance in the future. They are also valued by the companies who employ them, and actively involved in the performance and success of the businesses they represent. These…
Read more
Just 11% of the £416 billion in the total stock of loans to businesses are now being provided on a fixed rate – dropping by a third from 18% two years ago – leaving businesses with huge exposure to rising interest rates, says Hadrian’s Wall Capital, the London-based specialist debt adviser. The drop came as…
Read more
A financial controller has received a lengthy bankruptcy restrictions order following a trial for diverting funds from her employer to herself. The 13-year Bankruptcy Restriction Order made on 15 February 2018 against Chasjit Verma of Romford, Essex, followed an investigation by the Insolvency Service. Chasjit Verma was made bankrupt on 4 March 2016, having presented her…
Read more
The government has announced tough new measures to level the playing field for smaller businesses bidding to win government contracts. Cabinet Office Minister Oliver Dowden has announced proposals to exclude suppliers from major government procurements if they cannot demonstrate fair and effective payment practices with their subcontractors. Other plans include allowing subcontractors to have greater access…
Read more
Half of businesses have faced issues with late payments in the last year, a new survey of 787 company directors reveals. The poll by the Institute of Directors shows that 3 in 10 business leaders see ‘excessively bureaucratic payments system’ as the main reason for late payment and just over a fifth said it was…
Read more
The Government is to launch a call for evidence following concerns that a minority of bailiffs are still acting aggressively when collecting money from debtors –, particularly from vulnerable people. The call for evidence, which will be launched shortly, will look to those directly involved to share their experiences to help stop this in its…
Read more
New Financial Conduct Authority (FCA) proposals which would give more SMEs the opportunity to refer disputes related to financial services firms to the Financial Ombudsman Service (FOS) have been backed by experts from a debt services provider. The FCA recently launched a consultation on the issue of SME access to the Financial Ombudsman Service (FOS)…
Read more
Following the launch of the Water Industry Registration Scheme – Accredited Entity (WIRSAE) in January 2018, Lloyd’s Register has awarded the scheme’s first accreditation to Engage Services.The accreditation means that Engage Services, specialist field visit agency, can now carry out temporary disconnections and reconnections for water meters up to 40mm in the non-domestic water sector direct…
Read more
The Government has announced plans to improve the UK’s corporate governance framework to ensure the UK remains one of the best places to start and grow a business. The rules include: Directors selling companies recklessly to face tough new sanctions including fines and disqualification Creditors could have money returned to them by reversing inappropriate asset stripping…
Read more
The Minister for Small Business says the collapse of Carillion must act as a catalyst to supporting small businesses, and prompt payment is a central part of the solution. Interviewed exclusively for ‘Credit Champions’, a news and current affairs-style programme created by The Chartered Institute of Credit Management (CICM) and ITN Productions, Andrew Griffiths MP…
Read more