Credit, Collections & Insolvency News
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…
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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…
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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…
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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…
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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…
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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)…
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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…
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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…
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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…
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The Financial Conduct Authority (FCA) has announced proposals which would give more SMEs the opportunity to refer financial services disputes to the Financial Ombudsman Service (FOS). The FCA recently launched a consultation on the issue of SME access to the Financial Ombudsman Service (FOS) after highlighting that such businesses can often struggle to resolve financial…
Read moreProposed reforms that would allow high court enforcement officers and certificated enforcement agents to enforce small sum County Court Judgments and Consumer Credit Act judgments have been put to the Government in a joint industry submission. The joint submission by the High Court Enforcement Officers Association (HCEOA) and the Civil Enforcement Association (CIVEA) has been…
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SME finance monitor shows only 41% of SMEs seeking finance were confident the bank would lend to them in Q4 2017. Nic Beishon, Head SME of Commercial at Equifax, said “There are millions of companies in the UK with fewer than 10 employees and many who apply for finance often have a limited credit history –…
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The Government has announced its commitment to end late payment culture as part of its Spring Statement. Responding to the news the Federation of Small Businesses (FSB) National Chairman Mike Cherry, said “The Chancellor has sent a clear message to UK boardrooms today by committing to ending the late payment crisis that destroys 50,000 businesses a year. We…
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