Credit, Collections & Insolvency News
The Financial Conduct Authority (FCA) has reminded firms to be ready for the end of the transition period in one month’s time. When the transition period ends at 11pm on 31st December, firms will need to be prepared for a number of changes to the regulatory environment in which they operate. EU laws will no…
Read more
The repercussions of the Covid-19 pandemic on the global economy could have an impact on Business to Business (B2B) payment behaviour worldwide, and knowledge of country-specific practices and legislation regarding debt collections is necessary to increase recoveries and minimise write-offs. according to Atradius. The latest economic research by the company forecasts a 26% increase in…
Read more
The number and total value of judgments registered against Irish businesses saw a huge fall in the third quarter (Q3) of 2020 compared to the same quarter last year, new figures released by registrar Irish Judgments show. Judgments against Irish businesses fell from 192 to 78, a decrease of 59 percent. The total value registered…
Read more
Fundamental risks to business continuity as a result of the pandemic mean that an estimated 193 airports face insolvency in the coming months if passenger traffic does not start to recover by the year end according to new research by ACI Europe. These airports between them facilitate 277 thousand jobs and €12.4 billion of European…
Read more
A new 5-day conference for the commercial credit sector has been launched by Credit Connect in partnership with Aon The Credit Solution Conference, a 5-day event will take place online between Monday 7th December and Friday 11th December. The event content will be hosted by Aon and the event will be facilitated by Credit Connect…
Read more
Business leaders fear a potential double hit from the Covid-19 pandemic and no deal, new figures from the Institute of Directors (IOD) reveal. In a survey of almost a thousand company directors conducted in late September, the majority said that the pandemic would magnify the impact of a no-deal Brexit on their organisation, while less…
Read more
European credit management specialist, Intrum has announced the appointment of Anders Engdahl as its new President and Chief Executive Officer. Current CEO Mikael Ericson who will leave the company after four years as President and CEO. At the same time, the Board has appointed Intrum’s current Chief Financial Officer Anders Engdahl as new President and…
Read moreThe Financial Conduct Authority (FCA) has updated its rules ahead of the Brexit transition period coming to an end. While the new rules will apply from January 2021. The FCA has said it will temporarily waive some of the rules, meaning businesses can continue to comply with existing requirements for a limited period – although…
Read more
KBC Bank Ireland has been reprimanded and fined €18,314,000 by the Central Bank of Ireland for regulatory breaches affecting tracker mortgage customer accounts. The Irish regulator has imposed a fine at the highest end of its sanctioning powers, reflecting the gravity with which the Central Bank views KBC’s failures. The impact of KBC’s failings on…
Read moreThe Financial Conduct Authority (FCA) has launched a consultation on its approach to the authorisation and supervision of international firms operating in the UK. The consultation is relevant to European Economic Area (EEA) firms that intend to seek authorisation in the UK in the future, including those entering the Temporary Permissions Regime, as well as…
Read more
The Central Bank of Ireland published a Research Technical Paper (RTP) written by David Horan, Reamonn Lydon and Tara McIndoe-Calder, entitled “Household wealth: what is it, who has it, and why it matters”. The RTP presents the results from Household Finance and Consumption Survey (HFCS) 2018, including key developments since the last survey, in 2013.…
Read more
The Central Bank of Ireland has published two Financial Stability Notes (FSN). Both of the FSNs show that COVID-19 payment breaks provided valuable cash flow relief to households and businesses across Ireland in the wake of the pandemic. The first FSN, written by Edward Gaffney and Darren Greaney, entitled “COVID-19 payment breaks on residential mortgages”,…
Read more
RSM’s UK Brexit Stress Index nudged up for the first time since the early days of the Covid-19 lockdown, ushering in the first signs in nearly seven months that the risk of no-deal trade talks with the EU is generating increased nervousness within business. This week the pound also saw its worst performing week against…
Read more