Credit, Collections & Insolvency News
Link Financial Group has announced the completion of their acquisition of 100% of the shares of Obligo, a Polish credit management company based in Łódź. Obligo has a 20-year track record and deep experience in the industry having serviced more than 400,000 cases with a nominal value exceeding 1.7 billion PLN across performing and non-performing…
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Chancellor Rishi Sunak has announced changes to the Universal Credit Taper rate, which is the amount of Universal Credit (UC) withdrawn for every pound someone earns (from 63% to 55%, so for every extra £1 earned, 55p of Universal Credit will be withdrawn) as part of his latest budget announcement. StepChange Debt Charity says that…
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Chancellor Rishi Sunak has announced the extension Recovery Loan Scheme to 30th June 2022 as part of his latest budget announcement. Commenting on the budget Chirag Shah, CEO of Nucleus Commercial Finance, said “Today’s Budget demonstrates the government’s commitment to supporting British businesses. The extension of the Recovery Loan Scheme will provide SMEs with a…
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KBC Bank Ireland has confirmed the sale of all of its performing loan assets and liabilities to Bank of Ireland Group. Bank of Ireland has agreed to buy practically all of KBC’s performing assets after the Belgian financial group confirmed it would leave the Irish market. KBC Bank Ireland had entered into a Memorandum of Understanding…
Read moreThe number and total value of judgments registered against Irish consumers saw large rises in Q3 2021 compared to the same quarter last year, figures released by registrar Irish Judgments show. The number of judgments registered against Irish consumers in Q3 2021 was 233, an increase of 85 percent on the 126 seen in the…
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The number and total value of judgments registered against Irish businesses rose significantly in the last quarter according to new analysis by The registrar Irish Judgments. The number of judgments registered was up by three quarters, from 78 in Q3 2020 to 137 in Q3 2021. The total value owed in Q3 2021 was €3.7…
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Transport disruption, labour shortages and fears of a winter fuel crisis have failed to dent resurgent small business confidence for the three months to Christmas. After a significant bounce-back in the spring, small business growth forecasts have hardly changed over the last nine months, with 35% of business owners predicting growth for the next three…
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The UK is set for a significant rise in business failures as firms readjust to life without government Covid-19 pandemic support measures, according to trade credit insurance firm, Euler Hermes. The underwriter forecasts that, compared to pre-Covid levels, UK insolvencies could increase by a total of +32% by the end of 2022, with more than…
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UK business insolvencies are set to rise 33% on pre-pandemic levels, according to new economic research by trade credit insurer Atradius. Contrary to initial expectations, the new Insolvency Forecast reports UK business insolvencies declined 27% in 2020 as a result of fiscal support schemes and anti-bankruptcy measures. As these measures continued in 2021, buffering businesses from…
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Exports of goods in the Czech Republic have surpassed pre-pandemic levels, however, rises in insolvencies are expected according to tothe latest trading insight report by Atradius. The trade credit insurer’s new Czech Republic Country Report reveals total exports are forecast to rise 10.5% in 2021 following a marked decline of around 7% last year. Atradius…
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New research by European open banking platform Tink has revealed that in spite of growing positivity, the complete implementation of open banking will take financial institutions many years to realise. The survey of 308 executives across 12 countries found that four in ten (40%) believe it will take their institution between 5-10 years to realise…
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As many as 15% of the UK’s SMEs are rated ‘fragile’ and risk insolvency during the next four years as Covid-19 state support schemes are withdrawn, according to research by Euler Hermes. State support softened the blow of the Covid-19 shock in 2020, reducing the number of fragile SMEs by more than 8,000 in Germany,…
Read moreA KPMG poll of 1,325 business leaders in the world’s largest economies, has found increasing confidence in the global economy is set to spark an acquisition spree. The survey saw 87% of respondents say they were looking to do deals to help boost and transform their businesses within the next three years, with mergers and…
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