Thousands of restaurants at risk of insolvency from Brexit

7th December 2016 Commercial Credit Management |

More than 5000 restaurant companies are at risk of insolvency as a result of the Brexit vote and business cost increases. A total of 5,570 restaurant companies have at least a 30% chance of going insolvent within the next three years according to Moore Stephens. Higher costs and stagnating incomes have put a strain on businesses, and…

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Business closures have risen since Brexit

8th November 2016 Commercial Credit Management |

The number of business closures have risen since the Brexit vote, according to Quarter 3 insolvency statistics released by the HMRC. Business insolvencies are up by 2.2% and voluntary liquidations are up by 5.5%,. Simon Underwood, partner and business recovery specialist at Menzies said “Currency fluctuations and the challenging UK financial market have left many…

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British businesses brush off Brexit vote

7th November 2016 Commercial Credit Management |

Three-in-four UK businesses (74%) say they have yet to feel any financial impact – positive or negative – from the 23rd of June vote to leave the EU, according to new research by the insolvency and restructuring trade body, R3. However, 16% of all businesses, equivalent to 283,000 businesses, say the vote has already had…

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54% of businesses don’t know about unfair contract rules

24th October 2016 Commercial Credit Management |

The Competition and Markets Authority (CMA) has published research amongst UK businesses which reveals that 54% of those surveyed don’t fully understand the rules on unfair terms, which directly impacts how they treat their customers. Research for the CMA also revealed that some businesses think a signed contract is final, not realising that they can’t enforce…

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15 shops close every day in the UK

23rd October 2016 Commercial Credit Management |

https://www.theguardian.com/business/2016/oct/25/britains-high-streets-under-strain-as-15-shops-close-every-day

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CICM barometer: third consecutive fall for overall economic confidence

14th October 2016 Commercial Credit Management |

Confidence in the UK’s economy has fallen again, being driven primarily by a steady decline in manufacturing, according to preliminary results from the Chartered Institute of Credit Management’s (CICM) latest quarterly barometer.  Early indications from Q3 of the Credit Managers’ Index (CMI) show a third consecutive quarterly fall in the index’s headline figure, representing a worrying trend. The…

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Asset Finance growth in August

12th October 2016 Commercial Credit Management |

New figures released by the Finance & Leasing Association (FLA) show that asset finance new business (primarily leasing and hire purchase) grew by 18% in August, compared with the same month last year. New business reported by the commercial vehicle finance and business equipment finance sectors grew in August by 28% and 24% respectively, while…

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Prompt Payment Code a success in changing payment culture

14th September 2016 Commercial Credit Management |

New measures to support the Prompt Payment Code (PPC) and drive a culture of better payment practice have been confirmed in a letter to PPC signatories from Margot James, minister for Small Business and Philip King, chief executive of the Chartered Institute of Credit Management (CICM). The letter highlights the significant success of the code…

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HMRC business asset seizures up 145% in a year

12th September 2016 Commercial Credit Management |

Research from Funding Options has announced that the number of businesses whose assets were seized by the HMRC in order to settle outstanding debts grew sharply in the last year is up 145%, from 649 in 2014/15 to 1,592 in 2015/16. Funding Options adds that HMRC seized assets to recover £42.6m of outstanding debt in the last…

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Construction firms top Insolvency list in Q1

8th September 2016 Commercial Credit Management |

The construction sector saw the highest number of company insolvencies in the first quarter of the year, despite numbers falling year-on-year, latest data from the Insolvency Service has shown. In total 672 construction firms went bust in England and Wales between January and March, outstripping other sectors such as the ‘wholesale and retail trade; repair…

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Late Payment and business failure responsible for one in five Insolvencies

22nd August 2016 Commercial Credit Management |

A R3 report has found that at least one fifth of UK corporate insolvencies in the past year were caused by late payment or the insolvency of another company. The survey of the insolvency profession reveals that late payment for goods or services was a primary or major cause of 23% of insolvencies in the last…

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Strategic Banking Corporation of Ireland and Bibby Financial Services launch invoice financing fund

18th July 2016 Commercial Credit Management |

The Strategic Banking Corporation of Ireland (SBCI) and Bibby Financial Services Ireland (BFSI) have announced a €45million lower-cost invoice financing fund for Irish SMEs. An extension of SBCI’s on-going efforts to drive competition and choice in the Irish lending market, the announcement sees €45 million in funding being made available to Irish businesses. The agreement enables…

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New Justice Secretary confirmed

14th July 2016 Regulation and Compliance |

Liz Truss has been appointed the new Lord Chancellor and Secretary of State for Justice. Truss was Secretary of State for Environment, Food and Rural Affairs.

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