Credit, Collections & Insolvency News
The Government are not acting quickly enough to introduce a tougher regime to tackle larger companies who enforce long payment terms or pay their suppliers late, says Rachel Reeves MP, Chair of the Business, Energy and Industrial Strategy Committee as she commented on the Government’s response to the BEIS Committee Small businesses and productivity report. The BEIS Committee report,…
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The Federation of Small Businesses (FSB) is urging the Government to help arrest a continued slump in small business optimism at next week’s Spring Statement. Published today, data from FSB’s latest quarterly SBI shows confidence among smaller firms remains negative in Q1 2019 (-5.0), down from +6.0 in the same period last year. This marks…
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The European Parliament has published a new report on Late Payments. The report, drafted by Member of the European Parliament Lara Comi, is based on statistics from European credit management specialist Intrum’s European Payment Report 2018, and takes into account important findings of the yearly study. In response to the new report Intrum has said…
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There was an almost 30 percent increase in the number of adverse county court judgments against incorporated businesses in England and Wales in 2018, according to figures released by Registry Trust. The number of CCJs against incorporated businesses was up by 27 percent at 93,534, though this was counterbalanced by a fall in judgments against…
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Ahead of the Spring Statement next month, the Federation of Small Businesses (FSB) has announced a ‘Fair Pay, Fair Play ‘ campaign as it calls on Government to enlist the help of Non-Executive Directors to help strengthen payment enforcement and adopt Project Bank Accounts in public procurement, as three key reforms that will help end the…
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The total number of judgments in 2018 against Irish businesses is at a record low, with business debt down 15 percent on last year. For the seventh consecutive year, the number of business judgments issued declined; 575 judgments were registered in 2018, a record low. Compared to 2017, the total value of business judgments fell…
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The total value of decrees against Scottish businesses rose in 2018 compared to the previous year. But the total value of decrees against companies – the generally larger incorporated businesses – dropped to the lowest annual figure on record, according to figures released by Registry Trust. There were 3,057 decrees issued against businesses in Scotland during…
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The Treasury Committee launches a new inquiry into Business Rates to scrutinise how Government policy has impacted business. The Committee examines how Business Rates policy has changed, including Business Rates retention, alternatives to property-based taxes, such as the proposed digital services tax, and how changes to Business Rates could impact businesses. Commenting on the launch…
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The UK Small Business Commissioner, Paul Uppal is to recommend a traffic light warning system, which will allow small businesses to easily identify large businesses that pay late. New public data analysed for the first time by Lloyds Bank Commercial Banking in partnership with the Small Business Commissioner, analysed official payment reporting returns based on…
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The Justice Committee has launcheed an inquiry into the enforcement of debt by bailiffs (also known as enforcement agents) in England and Wales. The Committee’s inquiry will run alongside an Ministry of Justice (MOJ) consultation and will focus on High Court and Civil Enforcement Officers, who collect debts such as Council Tax, parking fines and utility…
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An accountant has been disqualified, by the Insolvency Service, from running companies after he helped one of his clients to defraud creditors of more than £1.65 million. Paul Manley was disqualified for 12 years on 11 December 2018 and his ban is effective from 1 January 2019. Incorporated in 1994, County West Commercial Services Ltd…
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Accountancy firm Wylie & Bisset, has said that the reintroduction of preferred creditor status for HMRC in insolvencies is a regressive ‘stealth tax’ that will ultimately be paid for by SMEs and is simply another way of raising revenue for the government. Preferred creditor status for HMRC was withdrawn in 2003 as part of the…
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The UK’s smallest businesses are facing a bill of £6.7 billion, up from £2.6 billion in 2017 – just to collect money they’re already owed, according to research by Bacs Payment Schemes (Bacs), part of leading UK retail payments authority Pay.UK. This latest research, from the people behind Direct Debit and Bacs Direct Credit, shows…
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