Credit, collections & insolvency news
Brexit combined with the coronavirus pandemic has created a double-edged sword for businesses with its full-scale impact yet to be realised with Economists from Atradius predicting that insolvencies will rise by 33%. As the UK marks its first anniversary of the Brexit withdrawal, Atradius reports that the true ramifications of Brexit have been overshadowed by…
Read more
A new report by Atradius for Eastern Europe indicates a promising future for businesses that have maintained the status-quo, despite the challenges faced during the second year of the pandemic. Key metrics, including the percentage of write-offs and total volume of overdue Business to Business (B2B) invoices, show little year-on-year change. Write-offs averaged 5% of…
Read more
Arrow Global, a European investor and alternative asset manager in credit and real estate, has announced the creation of a dedicated corporate restructuring business to cater to the growing market opportunity in Portugal. The new business builds on Arrow Global’s market-leading experience and capabilities in Portugal through its Whitestar and Norfin servicing and asset management…
Read more
New research by credit insurer, Atradius has highlighted increasing insolvency risks in customer markets within Western Europe. The report has indicated that for Western Europe as a whole, overdue payments amounted to 53% of the total value of invoices, an increase on last year’s 47%. The percentage of write-offs increased from 7% to 10% of…
Read more
European countries with stable and developed economies are leading in terms of consumer and business lending according to researchby Robocash. The complete digitalisation of the financing process becomes one of the most important advantages of Peer 2 Peer (P2P) loans compared to traditional banks. Germany leads in consumer lending among other European countries due to…
Read more
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…
Read more
A new report from Juniper Research has found that global contactless card transaction values will reach $2.5 trillion in 2021, from $1.7 trillion in 2020, with cards retaining the majority share of overall contactless transaction values at 79% in 2021. The pandemic has significantly accelerated an existing contactless card usage trend, and these value increases…
Read more
New research by Uswitch.com has revealed impersonation scams as collectively having had the highest financial impact from fraud in the UK. with £96.6 million lost to impersonation fraud of police or bank staff in 2020, alongside £53.7 million lost to other types of impersonation scams. Unlike impersonation scams, where collectively more than half (56%) of…
Read more
Intrum has announced that Alberto Marone has been appointed Managing Director for Intrum’s operations in Italy. Marone has been promoted from the position of Group Investment Director at Intrum. Marone has also been part of Intrum Italy’s senior management team, where he has covered the role of Head of M&A and Strategy for the joint…
Read more
Analysis by the Resolution Foundation suggests that British households have been hit harder by the pandemic than those in France and Germany. As part of a new project, supported by JP Morgan Chase, the Resolution Foundation has examined and compared the strengths and weaknesses of family finances across the UK, France and Germany on the…
Read more
Irish regulator, The Central Bank of Ireland, has fined Ulster Bank €37.8 million (€37,774,520) for its role in Ireland’s tracker mortgage scandal. The Central Bank of Ireland issued the penalty after finding that 5,940 people were denied tracker mortgages, resulting in “significant and widespread overcharging”. The Central Bank’s investigation found that the Bank had breached…
Read more
Deceased account management specialist Phillips & Cohen Associates has announced that Amy Perkins has joined its senior executive leadership team in the newly created role of Global Chief of Staff. Perkins is a proven leader, with several years of collections strategy and operational experience at the highest levels at NCO Group, Bank of America, and…
Read more
Intrum has announced the appointments of two new Managing Directors (MDs) for Intrum Spain and Intrum Italy respectively. José Luis Bellosta Rigo has been appointed Managing Director for Intrum’s operations in Spain. Rigo has 25 years’ of international experience from the financial services sector, and comes most recently from the position as Managing Director of…
Read more