Credit, Collections & Insolvency News
Profit warnings issued by listed companies increased by 19% year-on-year in Q4 2021, with record levels of warnings citing supply chain disruption and rising costs in the final quarter of the year, according to EY-Parthenon’s latest Profit Warnings report. In the final quarter of 2021, UK listed companies issued 70 warnings, up 19 from the…
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Aryza has announced it is accelerating its European roll-out through the acquisition of Collenda, a leading DACH and Benelux credit management software provider. Collenda provides an end-to-end integrated credit lifecycle platform for banks, corporates, and debt collection agencies. It covers the entire credit value chain from origination and servicing to collection and recovery. The Collenda…
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The number of judgments registered against Irish consumers saw a small increase in 2021 compared to 2020, figures released by registrar Irish Judgments show. Judgments against Irish businesses saw a small increase of five percent, from 455 in 2020 to 476 in 2021. The total value owed in 2021 was €12.6 million, nearly double the…
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The number of judgments registered against Irish consumers saw a small fall in 2021 compared to 2020, figures released by registrar Irish Judgments show. The number of judgments registered against Irish consumers in 2021 was 912, a fall of two percent on the 930 seen in 2020. However, the total value of consumer judgments registered…
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Real wages officially began to fall in November, and the current period of shrinking pay packets is likely to get worse before it starts to ease in the second half of 2022, the Resolution Foundation said in response to the latest ONS labour market statistics. Real regular average weekly earnings wages fell by 1 per…
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Brexit combined with the coronavirus pandemic has created a double-edged sword for businesses with its full-scale impact yet to be realised with Economists from Atradius predicting that insolvencies will rise by 33%. As the UK marks its first anniversary of the Brexit withdrawal, Atradius reports that the true ramifications of Brexit have been overshadowed by…
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Business optimism and output growth across the UK fell in December, reflecting a cooling in economic activity as firms grapple with the effects of the Omicron COVID-19 variant, according to the latest Business Trends report from accountancy and business advisory firm BDO, The BDO Optimism Index slipped by 0.46 points to 103.81, driven largely by the…
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Global CEO advisory firm, Teneo has announced the acquisition of KPMG’s Cayman and British Virgin Islands (BVI) restructuring business. KPMG’s Cayman and BVI restructuring business, comprising over 25 professionals, will add specialist expertise in local and international restructuring, insolvency, e-Discovery and forensic technology services to Teneo’s global Financial Advisory offering. The team joining Teneo represents…
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The Government has announced £1 billion in support for businesses most impacted by Omicron across the UK. The new measures will mean businesses in the hospitality and leisure sectors in England will be eligible for one-off grants of up to £6,000 per premises, plus more than £100 million discretionary funding will be made available for…
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One in four consumers expects to take on additional debt at Christmas, according to Intrum’s annual consumer report conducted in 24 European countries. Although households with families are more likely to take on debt to pay for food and presents than the average consumer, the age group being most likely to do so is Generation…
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The Bank of England has raised interest rates for the first time in three years amid growing concerns over inflation. The Bank’s Monetary Policy Committee (MPC) voted by a majority of eight to one to raise rates from the historic low of 0.1%. With inflation at a ten year high, the Bank said this was…
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Figures from the Office for National Statistics (ONS) show that inflation hit 5.1% in the 12 months to November, exceeding forecasts of a 4.7% increase and driving the rate further beyond the Bank of England’s (BoE) 2% target. The rate up on the 4.2% recorded a month earlier and means inflation is now at its…
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A third of UK small businesses are planning to make staff redundant over the next few months, rising to more than four in 10 in London, according to a new survey analysis by Moore UK. The research found that 33% of owner-managed businesses in the UK are planning to make redundancies now the safety net…
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