Credit, Collections & Insolvency News
Chancellor Rachel Reeves has delivered her Spending Review, setting out budgets for government departments. Responding to the announcement, Tina McKenzie, Policy Chair of the Federation of Small Businesses (FSB), said “Small businesses will be wondering when they will feel the benefits of today’s Spending Review. It was not the business-focused day they had hoped for. “As spending allocations…
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A woman who pretended to run a business to secure a £50,000 Covid Bounce Back Loan has been sentenced for fraud following an investigation by the Insolvency Service. Rubaszko applied to a bank for a Covid Bounce Back Loan on 26th April 2021, which was approved on 28th April 2021 and paid into her bank…
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The UK could see higher than expected growth due to trade deals agreed with the US and the European Union, with KPMG predicting that growth could hit 1.2% in 2025 as trade agreements lower uncertainty. The UK economic outlook could brighten over the next two years as the economy stands to benefit from easing trade…
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Nearly eight in ten (79 per cent) of UK businesses are concerned about tariffs and global trade uncertainty, prompting many to take pre-emptive measures, according to new research by Barclays. UK businesses remain confident about their own prosperity (86 per cent over the next three to five years). This uncertainty has resulted in UK firms…
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A mother paid nearly £200,000 to her daughter using funds due to a supplier just days after they decided their company was insolvent and would cease trading. Hazel Lamont and her daughter Nicola Murray were directors of Scotparts UK Ltd, which was described on Companies House as being involved in the sale of machinery, industrial…
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A car dealer from Kent who now lives in Spain has been banned from being a company director for 12 years after his company received a second £45,000 Covid Bounce Back loan it was not entitled to. Joseph Harrison was the director of South East Commercials Ltd, a used car sales dealership in Kent before…
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The Bank of England has cut interest rates from 4.5% to 4.25%. Responding to the announcement, Suren Thiru, ICAEW Economics Director said “This cut in interest rates is a timely shot in the arm for those businesses struggling to adjust to last month’s substantial spike in business costs and households contending with burdensome mortgage costs.…
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A former pub owner who failed to disclose his bankruptcy when he applied for Covid support funds has been handed a suspended sentence. Gary Wright did not inform the bank that he was bankrupt when he obtained a £25,000 Bounce Back Loan in the summer of 2020. The 46-year-old made the application on behalf of…
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Small importers have warned that reciprocal tariffs on the US market would ‘wreck’ their business plans, research by the Federation of Small Businesses (FSB) shows. The UK’s largest business group has today published data showing that one in three (33%) would scale back orders if the UK Government struck back and taxed goods headed from the US…
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A builder who was disqualified as a company director for Covid loan abuse has now agreed to repay all the money the company was not entitled to claim. Ioan Marcu inflated his Imbusi Ltd company’s turnover to receive a £50,000 Bounce Back Loan in 2020, the maximum allowed under the scheme. Marcu was disqualified as…
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A new report by the Treasury Committee has found that the Government’s failure to act to tackle declining cash acceptance could lead to a two-tier society, with the most vulnerable bearing the cost. The Committee heard directly from vulnerable groups, including people with learning disabilities, domestic abuse victims and the elderly, that buying essential goods…
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A director who secured maximum-value Covid loans for three dormant companies and overstated his turnover to secure a fourth during the pandemic has been jailed. Ricky Harrison received a total of £200,000 in Bounce Back Loans during 2020, when he was entitled to just £16,000 at most. He also spent the money for personal purposes,…
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New research from the Institute of Directors reveals business leaders enthusiasm for productivity gains from AI has been tempered by board-level expertise gaps, reliability concerns and security risks. Nearly half (49%) of UK business leaders whose organisations use AI across any of their functions and processes, with 78% citing increased productivity and operational and administrative…
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