Credit, Collections & Insolvency News
Payment company Ingenico has today a partnership with European payments company, Trustly, that will enable customers in Europe to make secure online transactions directly from their bank account. The collaboration will see Ingenico expand its range of online payment solutions and enhance its position in 26 European countries, with online banking payment method now integrated into…
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New research from Coface shows that Argentina and Turkey, two countries already hampered by major external imbalances and their dependency on external financing, are experiencing a deepening in their currency crises. Against a backdrop of rapidly tightening credit conditions, Coface has downgraded six of Argentina’s business sectors suffering from a severe downturn in economic activity…
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A third of the 1.1 million UK SMEs with EU suppliers would be unable to operate without imports from the bloc, according to the latest SME Confidence Tracker from independent financial services provider, Bibby Financial Services (BFS). The research news comes as a potential ‘no-deal’ Brexit threatens to disrupt trade between the UK and EU, and…
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More than half (53%) of the medium-sized and large businesses in the UK use a bank for international payments potentially costing them more than £426 million a year in currency costs, according to foreign-exchange and treasury management specialist Centtrip. Centtrip’s survey of 500 medium-sized and large companies has revealed that on average each spent £978,000…
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The Financial Conduct Authority (FCA) has published two consultation papers, setting out its proposals in the event the UK leaves the European Union on 29 March 2019 without an implementation period. It also set out its approach to the regulation of Credit Ratings Agencies, Trade Repositories and Data Reporting Services Providers. The two consultation papers…
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Citibank Europe has been fined €1,330,000 and reprimanded by the Central Bank of Ireland in respect of six breaches of its Code of Practice on Lending to Related Parties. The Code requires credit institutions, including banks and building societies, to have the proper systems, controls, independent oversight and regulatory reporting processes in place to support…
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A new report on the Central and Eastern European region (CEE) by Coface has revealed that the region has seen an increase in insolvencies. The report says that the region has been enjoying the improved economic activity in recent years. This was particularly noticeable in 2017, when the region’s average GDP growth soared to 4.5%…
Read moreIrish accountancy firm Smith & Williamson has announced its merger with Dublin-based firm LHM Casey McGrath, creating a total workforce of 135 people based in its two Republic of Ireland offices. The merger positions Smith & Williamson in the top tier of accountancy and financial services businesses in Ireland. It also achieves a key strategic…
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The vast majority (85%) of small firms that operate within European supply chains report being paid late, according to research from the Federation of Small Businesses (FSB). The FSB’s report, ‘Pay it Forward: Lessons and recommendations for Europe from the UK payment landscape’, reveals that despite positive steps, like the introduction of the Late Payment…
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Less businesses in Eastern Europe are offering credit to customers, a report by trade credit insurer Atradius has found. The 2018 edition of the Atradius Payment Practices Barometer for Eastern Europe, reports that the proportion of B2B credit sales in Eastern Europe has decreased from an average of 40.3% in 2017 to 36.9% this year. Businesses in…
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The impact of prolonged Brexit negotiations is taking its toll upon the UK automotive sector, warns trade credit insurer Atradius. A new economic report by Atradius highlights that economic uncertainty has led to a 6% drop in new car registrations in the first half the year and a significant decline in investment; from £1.7bn in 2016…
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The potential impact of a ‘no deal’ Brexit on cross-border insolvency cases, as set out by the Government in a just-published technical note, is deeply concerning, says insolvency and restructuring trade body R3. Stuart Frith, R3 president, said “We would be deeply concerned about the impact of a ‘no deal’ on the UK’s insolvency and restructuring…
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The Central Bank of Ireland has published its latest quarterly bulletin showing that household debt as a proportion of disposable income has fallen by 79.2 percentage points since its peak in Q3 2011. The latest statistics also show: Irish household debt as a proportion of disposable income fell by 9.7 percentage points over the year…
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