Credit, Collections & Insolvency News
Billions of pounds in EU funding dedicated to supporting small firms must be replaced to avoid the risk of an economic slowdown post-Brexit, according to the latest Federation of Small Businesses (FSB) report. FSB is calling on the new Government to seize the opportunity presented by Brexit to radically reform England’s business support landscape. Its…
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Fewer debt judgments were recorded in the Four Courts during the first three months of 2017 than in any other first quarter on record, according to figures released today by Registry Trust. There were 535 judgments registered against consumers in Q1 2017, three percent fewer than the same period last year. It marks the fourth…
Read moreThe Central Bank of Ireland today publishes its Annual Report for 2016, which contains the Statement of Accounts, and the Annual Performance Statement for Financial Regulation. In line with the mandate to safeguard stability and protect consumers, the Annual Report provides an overview on key activities and developments in 2016 and the Annual Performance Statement…
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Lindorff Group has announced it’s Quarter 1 results. Net revenue in the quarter was EUR 179m, an increase of 33 per cent compared to the same quarter last year and EBITDA excluding non-recurring items was up 38 percent. The growth this quarter was driven mainly by the Debt Collection business following the acquisition of Aktua, the…
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A total of 196,909 court fines imposed since 2011 in Ireland, worth a total of €48.5 million, remain unpaid. The latest figures from the Courts Service of Ireland show that the rate of evasion is increasing, with €16.5 million overdue at the end of 2017 compared to €7.5 million in 2011. Jim O’Callaghan, justice spokesperson…
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Arrow Global has completed its £14 million acquisition of Italian business Zenith Service S.p.A, having received regulatory approval from the Bank of Italy. Zenith is also a leading servicer of salary assignment loans , managing about €1.9 billion of CQS assets. In June 2016, the estimated stock of the securitized market for CQS in Italy…
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The Central Bank of Ireland has fined Allied Irish Banks,(‘AIB’) €2,275,000 and reprimanded it for six breaches of the Criminal Justice (Money Laundering & Terrorist Financing) Act, 2010. All six breaches have been admitted by AIB. The Central Bank identified six breaches of the CJA 2010 as a result of significant failures in AIB’s anti‐money…
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The Asset Based Finance Association (ABFA) has appointed Michael Walsh as Chairperson of the organisation in Ireland and Mark O’ Rourke as Vice Chairperson. Walsh, who has over 25 years’ experience in the Irish banking sector, is currently Director of Ulster Bank Invoice Finance. Michael has held a number of senior roles within the company…
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With the implementation date just over a year away, there is still a lot of conjecture surrounding the impending General Data Protection Regulation (GDPR), particularly around its appropriateness and applicability once the UK leaves the EU. One thing that is clear, however, is that now is the time for any firm handling personal data to…
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Intrum Justitia has entered into an agreement to acquire Top Factoring, one of the leading companies for purchased debt in Romania. The purchase price on a cash and debt free basis (enterprise value) is about EUR 25 million, attributable mainly to a diversified portfolio of receivables. Top Factoring has about 210 employees, primarily involved in…
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The Central Bank of Ireland has announced the appointment of Bernard Sheridan, as Acting Deputy Governor (Financial Regulation) with effect from 8 April 2017. This interim appointment follows the resignation of Deputy Governor (Financial Regulation) Cyril Roux, who gave notice of his resignation on 28 February last. During this interim period, Bernard Sheridan will take…
Read moreThe Central Bank of Ireland has released Ireland’s Money and Banking Statistics for February 2017. Here is an overview of the main findings. Irish residents’ draw-downs of non-housing loans were €162 million higher than repayments over the year to February 2017. This compares with net repayments of €614 million in the year to February 2016. The…
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Irish Legal rights group FLAC (Free Legal Advice Centres) has raised concerns over mortgage arrears figures released by the Central Bank of Ireland’s latest statistics on Residential Mortgage Arrears and Repossessions from Quarter 4 in 2016. The group said the data confirms that worrying trends continue where family homes are in mortgage arrears. Over 5,000…
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