Credit, Collections & Insolvency News
Record levels of employment, Brexit and the ongoing skills shortage have resulted in increased business for recruiters in the last year, according to new research from independent financial services provider, Bibby Financial Services (BFS). Nearly three-fifths (59%) of companies in the sector experienced improved business performance over the past 12 months, with nearly two thirds…
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European credit management firm Intrum, has published a new European Consumer Payment report based on a survey with responses from 24 398. European consumers. Intrum, who are in contact with 250 000 indebted consumers around Europe every day, sees a widening gap in the wake of a rising economy. While more and more people are able…
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The Financial Conduct Authority (FCA) has published a further consultation on its approach to the UK’s exit from the EU. The paper sets out additional proposals to prepare for the possibility the UK leaves the European Union on 29 March 2019 without an implementation period. The FCA is working to ensure as smooth a transition…
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Debt Purchaser, Lowell, has announced its Q3 results, for the period ending 30 September 2018. James Cornell, Group CEO, said “Our performance again shows that this is a resilient business, managed effectively to deliver growth and returns. “We seek growth that increases scale and diversification, while remaining mindful of leverage. Capital is deployed rationally for attractive…
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New Irish association The Receivables Management Services Association (RMSA) has released the first review of the Irish collections industry. The Review looks at the size of the current market, the debt levels in the SME sector and the reasons why more businesses are not using the services of collections companies. The review (launched in partnership with…
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The number of business debt judgments registered in the Republic of Ireland during the third quarter of 2018 fell to the lowest levels on record for any third quarter, according to figures released today by Registry Trust. In Q3 2018, 137 business judgments were issued, 10 percent fewer than Q3 of last year and the…
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Latest figures from UK finance show that the mortgage market has softened following period of strong growth. The figures indicate that there were 29,400 new first-time buyer mortgages completed in the month, some 4.5 percent fewer than in the same month a year earlier. The £5.0bn of new lending in the month was the same…
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The lack of improvement in the UK’s standing in the World Bank’s latest insolvency rankings underlines the need for UK corporate insolvency reform, says insolvency and restructuring trade body, R3. For the second year running, the UK is at 14th place in the “Resolving Insolvency” table in the World Bank’s Doing Business report (published on 31 October).…
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A new report by research specialist Gartner says that Digitalisation will make most heritage financial firms irrelevant by 2030. These firms will struggle for relevance as global digital platforms, fintech companies and other nontraditional players gain greater market share, using technology to change the economics and business models of the industry. Speaking at Gartner Symposium/ITxpo 2018 on…
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Bibby Financial Services (BFS) Specialist Director, Kash Ahmad, has been appointed to the board of the Institute of Export and International Trade (IOE&IT). Established in 1935, the IOE&IT is the professional membership body representing and supporting the interests of those involved in importing, exporting and international trade. Ahmad joined BFS in December 2017, following a…
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The Central Bank of Ireland has fined E-Services & Communications Credit Union (ESSCU) €155,000 and reprimanded it for a contravention of regulatory requirements contained in Section 21 of Central Bank Reform Act 2010. The contravention was admitted by E-Services and the enforcement action has been concluded by way of settlement agreement between the parties. A…
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Suppliers are at risk of having insufficient trade credit insurance as some British firms, such as retailers and manufacturers, stockpile goods amid mounting concerns of a no-deal Brexit, according to Marsh, an insurance broking and risk management solutions specialist Traditionally, buyers purchase goods on credit terms, sell these goods on to the consumer, and use…
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Dilosk DAC, the parent of Ireland’s mortgage lender ICS Mortgages, announced that it is to acquire an interest in a €182 million portfolio of residential mortgages which were initially originated by Leeds Building Society, who have decided to exit the Irish market. The portfolio contains Irish Private Dwelling House Mortgages which are primarily performing and…
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