Credit, Collections & Insolvency News
2.4 million employees still furloughed after May reopening according to latest HMRC JRS statistics. The HMRC data shows that the number of people on furlough fell by over a million during May, from 3.5 million on 30th April to 2.4 million on 31st May. Resolution Foundation analysis suggests that the number of employees on the…
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Analysis of official data by real estate advisers Altus Group shows that companies owe English local authorities almost £2.5 billion in unpaid business rates, with the pandemic and subsequent restrictions driving up debt piles. The increase in rates arrears comes despite the Government offering retail, leisure and hospitality companies a rates holiday since the onset…
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Credit Connect’s hosted its first-ever Online Commercial Credit & Collections Conference last week which saw trade credit, insolvency, business change and technology discussed by eighteen leading credit, collections and insolvency professionals. Commenting on the event, event panel speaker Liam Bell. Director at Memery Crystal said “As a solicitor, it is easy to get caught up…
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The number of company directors that have been disqualified by the Insolvency Service fell by 24% in the last year, from 1,280 the year before to 972 in 2020/21 according to new research by UHY Hacker Young. The fall in disqualifications of directors last year is an unusual result given the scale of last year’s…
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The latest Lloyds Bank UK Recovery Tracker has shown that the delay in removing Covid-19 restrictions is putting hospitality firms under increased pressure. Eleven of the 14 sectors monitored by the Tracker reported faster output growth month-on-month during May, up from nine in April, as the UK moved further out of lockdown. The tourism and…
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The Insolvency Service is taking action against businesses abusing Covid-19 pandemic financial support with a Director disqualified for 12 years and five other companies wound up in the public interest after fraudulently claiming COVID-19 business support. Raashid Khan has been disqualified as a company director for 12 years after fraudulently claiming £50,000 through the Bounce…
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Insolvency and debt recovery specialist Moon Beever has announced that the firm has agreed to merge with Wedlake Bell effect from 12th July. Wedlake Bell is a top 100 City law firm with core strengths across Private Client, Real Estate, Business Services and Dispute Resolution. The firm has 60 Partners operating from its central City…
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SMEs believe access to finance could become harder over the next three years, with the late payment of invoices flagged as an area of concern. A study by MBH Corporation found that while 40% of SME leaders believe applying for funding will become more difficult, just 10% expect the process to become easier. The study…
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The trade body UKHospitality has warned that the newly announced four-week delay to restrictions being lifted could cost its sector as much as £3 billion in lost sales and will have a knock-on effect on bookings throughout the summer and into the autumn. Operators of bars, restaurants and nightclubs have been put under huge financial…
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The Federation of Small Business (FSB) is leading calls for a new strategy to help bolster ailing hospitality and tourism sector. Research by FSB has highlighted the devastating impact of the pandemic on the UK’s tourism and hospitality sector and its supply chain, and outlines what small firms, which make up the majority of the…
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Almost 200,000 travel jobs already lost or at risk due to the pandemic according to new analysis from ABTA which estimates that 195,000 people working in the UK travel industry have either lost their job or are at risk of losing their job. The Association is reiterating its calls for the UK Government to provide…
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The Government has announced that a ban on landlords evicting firms for unpaid commercial rent is being extended for another nine months. The ban, which stops landlords from taking tenants to court for non-payment, was due to end on 30th June. The Government says that the extension to the order will give places such as…
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The Government has announced the extension of temporary insolvency measures which includes the restrictions on issuing of winding up petitions and statutory demands. The change to the regulations will mean restrictions on statutory demands and winding up petitions will remain for a further three months until 30th September 2021. The measures were introduced in the…
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