Credit, Collections & Insolvency News
Insolvencies in the UK are forecast to jump by 27% this year, slightly higher than the global average rise of 26%, reveals a new economic research report by top trade credit insurer Atradius. The latest Atradius Insolvency Report analyses the economic impact of the Covid-19 pandemic and the knock-on effect on insolvencies. Every major economy, except…
Read more
The full economic and business impact of the Covid-19 crisis is yet to be felt, with the preservation of cashflow and investment in new technologies to predict risk being issues that will shape the agenda of business leaders over the coming months, according to Euler Hermes Chairman Wilfred Verstraete. In a letter to the company’s…
Read more
The UK economy shrunk by a fifth and fell into its deepest recession on record in the second quarter. Official data released by the ONS confirmed a 20.4% fall in GDP quarter on quarter. The contraction followed a 2.2% dip in the first quarter, sending the country into a technical recession. In Germany, GDP fell…
Read more
The number and total value of judgments registered against Irish businesses have risen in the first half of 2020 compared to the same period last year, figures released today by registrar Irish Judgments show. Judgments against Irish businesses actually rose from 250 to 315, a rise of 26 percent over the period. But, the total…
Read more
The number and total value of judgments registered against Irish consumers fell sharply in the first half of 2020 compared to the same period last year, figures released today by registrar Irish Judgments show. The number of judgments against consumers fell by 45 percent, from 1,160 to 632, while the total value fell by 62…
Read more
The European Commission has approved, under EU state aid rules, a UK guarantee scheme to support the trade credit insurance market in the context of the COVID-19 pandemic outbreak. Trade credit insurance protects companies supplying goods and services against the risk of non-payment by their clients. Given the economic impact of the pandemic, the risk…
Read more
The Covid-19 pandemic crisis is affecting the European payments landscape with businesses facing unparalleled uncertainty according to late insight research by European credit management specialist Intrum. The report indicates sharp drops in GDP across Europe are now pushing down revenues for businesses, restricting cash flow while increasing pressure on businesses to manage their cash and…
Read moreNew research by Coface has predicted that the number of insolvencies is expected to rise across Europe in the second half of 2020, and in 2021. Germany, the least affected country, is still on track for a 12% increase in insolvencies between end-2019 and end-2021. France (21%) and Spain (22%) will be more affected by…
Read more
Irish regular, The Central Bank of Ireland has published new regulations to strengthen protections for consumers of licensed moneylending services and to enhance professional standards in the sector. Moneylenders will be required to include prominent, high-cost warnings in all advertisements for moneylending loans with an Annual Percentage Rate (APR) over 23 per cent. The warning…
Read more
The Covid-19 crisis has reduced financial wellbeing in the UK and consumers expect a further decline in the next six months, according to a European survey by credit management group Intrum. Despite this, some UK consumers have experienced a positive effect on their spending. The whitepaper outlines the financial impact of Covid-19 on private households…
Read more
Latest figures from the Registry Trust indicate that the number and total value of judgments registered against Irish businesses more than doubled in Q1 (January-March) 2020 compared to the same quarter last year, The figures show that Irish businesses owed €3,826,317 in Q1 2020, a rise of 134% compared to the same period of 2019.…
Read more
Latest figures from the Registry Trust indicated that the total number of consumer debt judgments in Ireland dropped five percent in Q1 (January-March) when compared to Q1 2019. The total value of registered debt owed by consumers in Q1 2020 was €25,947,064, compared to €28,440,399 in Q1 2019, a fall of nine percent. The average…
Read moreThe number of unpaid UK business invoices has increased by 23% according to new tracker by AI platform provider, Sidetrade. Sidetrade’s tracker is based on a statistical analysis of 26 million invoices, representing €54bn of business to business transactions with the payment behaviour of over 3.7 million businesses is tracked week by week. The company…
Read more