Credit, Collections & Insolvency News
A jump in creditors using court action to recover debts has sparked fears of a surge in insolvencies, with the 21,764 county court judgments lodged against companies in the three months to the end of September marking a 51% increase on the previous quarter. The latest red flag research for Q3 2021 from Begbies Traynor,…
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Recent changes to laws around insolvency could cause major problems for suppliers according to Bishop & Sewell. The London law firm is recommending that companies proactively review their commercial relationships and, where necessary, take steps to re-negotiate contracts and reduce their exposure to creditors. George Marques, a Senior Associate Solicitor in Bishop & Sewell’s Corporate…
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Legal and professional services business Knights has announced the launch of its debt advisory services, making it the first UK legal services business to establish a specialist debt advisory offering. Knights’ specialist debt advisers act independently from lenders, offering clients a unique proposition whereby they can receive both debt and legal advice from one trusted…
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Business energy supplier. CNG Energy has announced they are ceasing to trade after almost three decades supplying power to non-domestic customers. The company, which served around 41,000 businesses, is the sixth supplier to exit the market so far this week and the 22nd to enter the supplier of last resort process this year. Under Ofgem’s…
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Omni Energy, MA Energy, Zebra Power and Ampoweruk have announced they are the latest energy companies ceasing to trade. Omni Energy supplies around 6,000 domestic pre-payment customers, MA Energy supplies around 300 non-domestic customers, Zebra Power supplies around 14,800 domestic customers, Ampoweruk supplies around 600 domestic customers, and around 2000 non-domestic customers. Under Ofgem’s safety…
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A review of the methodology for setting the energy price cap has been announced by Ofgem following the unprecedented rise in wholesale costs in recent months. In a letter to the industry, the regulator’s chief executive Jonathan Brearley also revealed plans to facilitate faster payments to suppliers of last resort and pause all new applications…
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Latest figures from the British Retail Consortium have shown that shop vacancy rates have stabilised after rising for three years The figures indicate that the rate was 14.5% in the third quarter, the same as the second. While no UK regions saw an increase, the vacancy rate is still at a record high. The proportion…
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Latest figures from the Insolvency Service has shown that ehe number of businesses in England and Wales that there were 3,765 seasonally adjusted business insolvencies in Quarter3 2021, an increase of 16.7% compared to Q2 2021’s figures of 3,226 and a rise of 43.5% compared to Q3 2020 (2,624). The Insolvency Services says that teh…
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Latest statistics from the Insolvency Service have shown that Northern Irish business insolvences increased by 42% whilst personal insolvences rose by 1% in the latest quarterly figures. Latest business insolvencey figures have shown that there were 34 company insolvencies in Northern Ireland in Q3 2021, an increase of 42% on the same quarter of 2020.…
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The number of business insolvencies (liquidations and receiverships) in Scotland rose by 29.4% to 211 in July-September 2021 compared with April-June 2021 (163), and rose by 80.3% compared to July-September 2020 (117) according to latest Accountant in Bankruptcy (AiB) figures. Creditors’ Voluntary Liquidations rose to 179 for July-September 2021 – an increase of 35.6% on the…
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Credit Connect has confirmed the line-up for next week’s Credit & Collections Technology Awards which takes place at the Midland Hotel in Manchester next Thursday (4th November). The awards are judged by a panel of industry experts who have reviewed technological excellence in four different categories sections: creditor and lender, collections and recoveries, applied technology, and…
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The number of businesses in England and Wales that failed last month was the largest since the pandemic began, with Insolvency Service data showing that 1,446 company insolvencies were logged in September. Business insolvencies increased by 7.2% in September 2021 compared to August’s figure of 1,349, and increased by 55.8% compared to September 2020’s figure…
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Latest figures released by Accountant in Bankruptcy (AIB) have indicated that Scottish business insolvencies rose by 63% in September 2021. In September 2021 there were 70 company insolvencies registered in Scotland, 63% higher than in September 2020 but 8% lower than in September 2019. This was comprised of eight compulsory liquidations, 52 CVLs and 10…
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