Credit, Collections & Insolvency News
Latest Office for National Statistics (ONS) figures show that GDP fell 0.2% in Q3 2022, Commenting on the fall in Federation of Small Businesses (FSB) National Chair Martin McTague said “Confirmation of a shrinking economy is dreadful news for small businesses that have been facing increasing recessionary pressures for months now.” “Lower levels of reserves…
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Almost one in four families (over 8 million) across the UK will receive £324 from the government this month as the latest cost of living payments are sent out from today (Tuesday 8th November 2022). Those who qualify via tax credits will receive it by the end of the month. A first grant of £326…
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New research from Allianz has found that the rebound in global business insolvencies is already a reality with insolvencies set to rise 10% in 2022 and they predict to rise a further 19% in 2023. Allianz says that 2023 will see a catch up with pre-pandemic levels by the end of next year. High energy…
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Liz Truss has resigned as Prime Minister. The announcement will trigger another Conservative Party leadership contest. Responding to the resignation National Chair of the Federation of Small Businesses (FSB) Martin McTague said “It is incumbent upon the next Conservative Party leader to show they can provide stability and take the necessary steps to secure economic…
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Business output and confidence fell to its lowest level since February 2021 last month as employers put the brakes on recruitment because of growing economic uncertainty according to research by BDO. The latest numbers mark the first time all four of BDO’s Business Trends indices have fallen together since the first national lockdown in April 2020.…
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The UK’s Supreme Court has dismissed a claim calling for the law to be changed to force company directors to start taking creditors into account at the first risk of insolvency. The ruling clarifies the current legal position under which directors’ duties to creditors are triggered only when a company is either insolvent or on…
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Analysis by KPMG shows that while most Chief Executive Officer (CEOs) are preparing for a downturn, most expect it to be short-lived and are confident about the longer-term economic outlook. The research revealed that 8 out of 10 Global and UK CEOs are anticipating a recession, and 58 percent of them (62 percent in the UK) expect…
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More than two-thirds (68%) of European small and medium enterprises (SMEs) are planning to adopt real-time payment processing in the next 12 months, according to new research by Vodeno. At present, just 10% of SMEs said they receive payments instantly, and only 11% within an hour. By comparison, 35% said it takes between two and three…
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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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Despite the considerable headwinds of soaring energy prices, recession forecasts, and soaring inflation, small business leaders in the UK nonetheless remain bullish in their approach, with the majority adapting and reacting to the changing economic environment according to new research from Novuna Business Finance. The quarterly tracking study of 1,201 small business leaders found that…
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Almost two-thirds of consumers believe banks and other financial providers should be doing more to help their customers during difficult economic times. While the majority of people in the UK plan to cut back on both essential and non-essential spending, one in five (19%) people in the UK say they still plan to borrow more…
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New research from SME funder, Bibby Financial Services (BFS), has indicated that many businesses are at breaking point, with almost four in five (79%) stating the current economic landscape is worse than the pandemic and just one in ten (11%) fully prepared to deal with further cost rises expected. Derek Ryan, Managing Director of Bibby…
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