Credit, Collections & Insolvency News
The Government has published its Brexit white plans on the future relationship between the UK and the European Union Commenting on the document Duncan Swift, Vice-President of insolvency and restructuring trade body R3, said “It’s encouraging to see the Government take post-Brexit cross-border insolvency issues seriously, and we welcome both the commitment to seek a…
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Credit risk analytics expert, Jaywing, has announced a new partnership with specialist SME bank Hampshire Trust Bank (HTB). Increasing regulatory demands on small banks via their ICAAP and SREP poses new challenges to firms who need to be able to actively identify, understand and manage all aspects of risk that their organisation faces in the…
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An independent study commissioned by Dun & Bradstreet reveals a UK business community that believes it has already lost out due to the EU referendum. When asked how the Brexit process has affected business finances, 43% of business leaders say they have felt a negative financial impact since the Brexit vote. More than a third…
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The number of UK company directors disqualified has increased for the third year running to 1,231 in 2017/18, according to analysis from Moore Stephens. Thre research also shows that bans for disqualified directors are getting longer. The UK has tightened its disciplinary regime for rogue directors, with the number of disqualification orders increasing to 1,231…
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Following the recent increase in company voluntary agreements (CVAs), the British Property Federation (BPF) has called on the government to conduct an urgent review. The BPF believes the process is now being misused, saying that this risks undermining the UK’s global reputation and deterring much-needed investment into town and city centres, at a time when it…
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Reforms should be made to improve the effectiveness of Company Voluntary Arrangements, a common High Street insolvency procedure, according to research commissioned by insolvency and restructuring trade body R3 and supported by ICAEW. The research report, produced by the University of Wolverhampton and Aston University, recommends a cap on CVA lengths, more time for companies…
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Big business has been put on notice by the Federation of Small Businesses (FSB) and warned that they must do more to end late payments, poor payment practice and supply chain bullying that is damaging the UK economy. A letter from FSB National Chairman, Mike Cherry, to all FTSE 100 companies urges Chairs and CEOs to…
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As the largest data protection changes in a generation, the General Data Protection Regulation (GDPR), comes into force today, there are concerns that many small businesses are still unprepared. The warning comes from the Federation of Small Businesses (FSB) alongside a call on the Information Commissioners’ Office (ICO) to take a sensible and proportionate approach…
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Today (25th May) marks the biggest change to UK data protection law in a generation. The General Data Protection Regulation (GDPR) is an evolution of the current Data Protection Act (1998) and comes into effect today. Regulated by the Information Commissioner’s Office (ICO), the new law gives people more control about how their data is…
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In the latest report into the collapse of Carillion, the Work and Pensions and Beis committees called Carillion’s rise and fall “a story of recklessness, hubris and greed” Responding to the publication of the Business, Energy and Industrial Strategy and Work and Pensions Committees’ full report on Carillion, Federation of Small Businesses (FSB) National Chairman…
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Ahead of the launch of the final report of their inquiry into the collapse of Carillion this week, the Work and Pensions and BEIS Committees has published evidence from Santander, the bank which operated Carillion’s Early Payment Facility. The report has found that despite being signatories of the Prompt Payment Code, Carillion were “notorious late…
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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…
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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…
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