Credit, Collections & Insolvency News
New analysis from KPMG reveals that 2016 saw the reversal of a six year downward trend in levels of insolvency for British businesses, following an uptick in companies entering into administration in the second half of the year. The numbers, taken from notices in the London Gazette, show that 1,174 companies, or groups of companies,…
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The Federation of Small Businesses (FSB) reveals today that UK small business confidence in the last quarter bounced back to the level reported before the EU referendum campaign began. FSB’s Small Business Index (SBI) has now moved into positive territory, which means that more small businesses feel confident than those that feel the opposite. The headline…
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Almost six and a quarter billion payments worth a total of £4.8 trillion were processed by Bacs Payment Schemes Limited (Bacs) in yet another record breaking year for the company behind Direct Debit in the UK. At the end of September 2016, a huge 109.3 million Direct Debits and Bacs Direct Credits passed through the…
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More than 5000 restaurant companies are at risk of insolvency as a result of the Brexit vote and business cost increases. A total of 5,570 restaurant companies have at least a 30% chance of going insolvent within the next three years according to Moore Stephens. Higher costs and stagnating incomes have put a strain on businesses, and…
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The number of business closures have risen since the Brexit vote, according to Quarter 3 insolvency statistics released by the HMRC. Business insolvencies are up by 2.2% and voluntary liquidations are up by 5.5%,. Simon Underwood, partner and business recovery specialist at Menzies said “Currency fluctuations and the challenging UK financial market have left many…
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Three-in-four UK businesses (74%) say they have yet to feel any financial impact – positive or negative – from the 23rd of June vote to leave the EU, according to new research by the insolvency and restructuring trade body, R3. However, 16% of all businesses, equivalent to 283,000 businesses, say the vote has already had…
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The Competition and Markets Authority (CMA) has published research amongst UK businesses which reveals that 54% of those surveyed don’t fully understand the rules on unfair terms, which directly impacts how they treat their customers. Research for the CMA also revealed that some businesses think a signed contract is final, not realising that they can’t enforce…
Read morehttps://www.theguardian.com/business/2016/oct/25/britains-high-streets-under-strain-as-15-shops-close-every-day
Read moreConfidence in the UK’s economy has fallen again, being driven primarily by a steady decline in manufacturing, according to preliminary results from the Chartered Institute of Credit Management’s (CICM) latest quarterly barometer. Early indications from Q3 of the Credit Managers’ Index (CMI) show a third consecutive quarterly fall in the index’s headline figure, representing a worrying trend. The…
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New figures released by the Finance & Leasing Association (FLA) show that asset finance new business (primarily leasing and hire purchase) grew by 18% in August, compared with the same month last year. New business reported by the commercial vehicle finance and business equipment finance sectors grew in August by 28% and 24% respectively, while…
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New measures to support the Prompt Payment Code (PPC) and drive a culture of better payment practice have been confirmed in a letter to PPC signatories from Margot James, minister for Small Business and Philip King, chief executive of the Chartered Institute of Credit Management (CICM). The letter highlights the significant success of the code…
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Research from Funding Options has announced that the number of businesses whose assets were seized by the HMRC in order to settle outstanding debts grew sharply in the last year is up 145%, from 649 in 2014/15 to 1,592 in 2015/16. Funding Options adds that HMRC seized assets to recover £42.6m of outstanding debt in the last…
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The construction sector saw the highest number of company insolvencies in the first quarter of the year, despite numbers falling year-on-year, latest data from the Insolvency Service has shown. In total 672 construction firms went bust in England and Wales between January and March, outstripping other sectors such as the ‘wholesale and retail trade; repair…
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