Credit, Collections & Insolvency News
The Insolvency Service is increasingly using ‘public interest’ disqualification orders to remove potentially rogue directors from their positions before they can do more wrong, says Moore Stephens. Data from the Insolvency Service show that the number of ‘public interest’ disqualifications have increased from four in 2015/16 to 28 in 16/17. This type of disqualification is…
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Responding to the announcement of a 0.25% increase in the Bank Rate to 0.5%, Mike Cherry, Federation of Small Businesses (FSB) National Chairman, said: “Today’s rate rise will mean yet more cost pressures for small firms as they battle spiralling prices and flagging consumer demand. An increase was inevitable at some stage so many businesses…
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As speculation grows that the Bank of England Policy Committee (MPC) will increase interest rates at its next meeting in November, the ICAEW is advising businesses to be prepared following over 8 years of historically low rates of 0.5% and, since the Brexit vote, 0.25%. Matthew Rideout, ICAEW Director of Business, said: “Many businesses have…
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The Information Commissioner’s Office (ICO) will launch a dedicated telephone service aimed at helping small businesses prepare for new data protection laws. The phone service will add to a package of tools and resources already available for organisations getting ready for the General Data Protection Regulation (GDPR) which comes into effect on 25 May 2018.…
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New Government figures show that less than half of eligible English councils have begun allocating their share of the £300 million business rates hardship fund launched six months ago. Sixteen English councils have not implemented any of the three business rates relief measures announced by the Chancellor at the Spring Budget. The area worst affected…
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In response to news of the Government’s energy cap draft legislation Mike Cherry, Federation of Small Businesses (FSB) National Chairman, said: “FSB supports measures to manage the rising cost of energy for those that can least afford it, including many small businesses. However, the current proposals for a price cap on domestic variable tariffs will clearly not help…
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An OECD report has concluded the UK’s insolvency and restructuring framework is the most effective in the organisation at preventing a build-up of productivity-sapping zombie companies, says UK insolvency and restructuring trade body R3. The report, ‘Insolvency regimes, zombie firms and capital reallocation’, says that zombie companies – struggling companies aged 10 years or older…
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55% of UK small businesses are still not familiar with the General Data Protection Regulation (GDPR) despite its introduction being now less than a year away, according to a new business research by Collyer Bristow. The survey further reveals that the knowledge of GDPR is higher in larger businesses. However, 30% of executives at companies…
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In its latest report Brexit: implications for financial reporting, ICAEW’s Financial Reporting Faculty suggests that UK plc should continue to apply internationally-accepted accounting standards if the UK wishes to retain its status as a major global financial centre. However, learning from the experience of the EU and other IFRS (International Financial Reporting Standards) jurisdictions, it…
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The Chartered Institute of Credit Management (CICM) has awarded Centre of Excellence status, its highest accolade for best practice in credit management, to four companies: Aimia Foods, The Adecco Group UK & Ireland, Aggregate Industries and Veolia ES UK. In the case of Aggregate Industries and Veolia, their status has been awarded for the second…
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The Lord Chancellor has rejected a bid by the ICAEW (Institute of Chartered Accountants in England and Wales) to regulate reserved legal services. Lord Chancellor, David Lidington rejected the ICAEW’s application to become an approved regulator and licensing authority for the six remaining reserved legal services, despite the backing by the Legal Services Board (LSB).…
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The amount of tax HMRC suspects may have been underpaid by big businesses has increased to £24.8bn, a 13% rise on the previous year following a widening of the scope of investigations, according to analysis by law firm Pinsent Masons. Pinsent Masons says that the amount of tax that HMRC’s large business directorate believes is…
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The Government has announced changes to corporate governance. Commenting on the announcement Mike Cherry, the Federation of Small Businesses National Chairman, said: “Poor payments culture in the UK has grown into an epidemic, with research showing that a third of payments to small businesses are late. These practices are immoral, with the largest businesses using their dominant position to…
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