Credit, Collections & Insolvency News
A new study from Juniper Research, found that by 2028, the Buy Now, Pay Later (BNPL)userbase will increase by 107%, from 380 million users in 2024. Banks and super apps are leveraging their positions to underrepresented demographics incentivising BNPL through consolidated offerings tailored to consumers, such as integrated eCommerce platforms. Juniper Research found that despite…
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New research by Allianz Trade in its latest report on global Days Sales Outstanding (DSO) and Working Capital Requirements (WCR) has found that the looming profitability squeeze could extend payment delays further The research found that profitability is the number one driver of payment terms in Europe, more impactful than financing or the business cycle.…
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Business insolvencies in the UK could increase by 10% this year, according to research by Allianz. The insurer’s global insolvency outlook revealed that 15% of small and medium-sized businesses in the UK are at risk of going bust, the highest proportion in Europe. This is compared to 14% in France, 9% in Italy, and 7%…
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Bluestone Group has announced that it has agreed terms for the sale of its Irish motor finance operations, Bluestone Motor Finance Ireland (BMFI) to Close Brothers Limited. BMFI was established as a lending platform in 2014, after a period of several years managing acquired portfolios of assets in the Republic of Ireland. After its launch,…
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The UK is set to be one of the world’s worst-performing major economies this year, according to a forecast from the International Monetary Fund (IMF). The report says the UK economy’s performance in 2023 will be the worst among the G7, predicting that the economy will shrink by 0.3% in 2023 and then grow by…
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Audit and advisory group, Azets specialising in supporting SME businesses has entered the Irish market for the first time following its acquisition of Baker Tilly Ireland, which will rebrand as Azets Ireland with immediate effect. Azets says that aims to grow the firm in Ireland significantly in the next three years. As part of its growth…
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Nova Credit has announced it has received Financial Conduct Authority (FCA) authorisation permissions in order to provide credit references to operate in the UK. US founded Nova Credit, is a consumer-permissioned credit bureau which it says is on a mission to accelerate financial inclusion for immigrants globally. Nova Credit’s technology unlocks access to over 2…
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The World Bank has warned that the global economy is perilously close to falling into recession, pointing to higher inflation and interest rates among the factors that could hit growth. The World Bank expects the world economy to grow by 1.7% this year, this down from the 3% it predicted in June. Growth of 1.7%…
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The UK economy is forecast to fall into a recession in 2023, driven by tighter financing conditions, further increases in energy bills and weak consumer confidence, before finding a weak recovery in 2024, according to Allianz Trade. It is predicted that in 2023, the UK economy will shrink by -0.9%, compared to just -0.3% for…
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New research by PwC has found that debts of failed Irish businesses is expected to reach €2 billion in 2022. For the year to date, over 350 companies have declared insolvency with associated debts outstanding of in excess of €1.6 billion. PwC expects this figure to reach well over €2 billion by the end of…
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Bank of Ireland has been fined a record €100.5m by Ireland’s Central Bank for overcharging customers denied mortgages that track base rates. The Central Bank determined the appropriate fine to be €143.6 million,1which was reduced by 30% to €100.5 million in accordance with the settlement discount scheme provided for in the Central Bank’s ASP.2 The…
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New figures from the Registry Trust have revealed that the number of judgments registered in Republic of Ireland decreased in Q2 2022 as compared to the same period last year. However, the value of debt has seen an increase year-on-year. The total number of judgments fell from 431 in Q2 2021 to 321 in Q2…
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Chris Leslie, Chief Executive of the Credit Services Association (CSA), the UK trade body for debt collection and debt purchase, has been elected to the board of the Federation of European National Collections Association (FENCA) today at the Associations Annual General Meeting (AGM) in Berlin. FENCA represents the interests of the European credit management, debt…
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