Credit, Collections & Insolvency News
Experian, and other credit reference agencies (CRAs), have confirmed new guidance to protect business credit scores during the Covid-19 pandemic. Lenders can now offer an ‘emergency payment freeze’ to businesses that may be worried about meeting regular payments because of the pandemic. Once agreed, lenders should not report a build-up of arrears to the four…
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More than one in four UK companies are being heavily impacted by the coronavirus pandemic. That is the conclusion of the business intelligence specialist Graydon which it says is based on the financial health of UK businesses and the current economic situation. Graydon estimates that of all companies that identified as healthy at the beginning…
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Duff & Phelps has announced that it has appointed Joanne Wright as Managing Director in its Restructuring Advisory practice. She will lead the firm’s UK Personal Insolvency team. Wright, who is based in Manchester, joins Duff & Phelps with over 30 years of experience in the insolvency industry, with the last 20 years spent specialising…
Read moreA third of UK SMEs will be unable to cover their costs by the end of July despite an unprecedented £330bn package of loans and guarantees from the Government, according to the latest research from Bibby Financial Services (BFS). The new study of SMEs shows this number rising to more than half should the lockdown…
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The Office for National Statistics (ONS) says Government measures designed to slow the spread of coronavirus has seen a quarter of businesses close down temporarily. A poll of 5,316 businesses, saw 25% say they had closed between 23rd March and 5th, while 38% of those that continued to trade said that their turnover was substantially…
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Kevin Hellard, Partner and Insolvency and Asset Recovery Practice Leader at Grant Thornton UK LLP, has been announced by the Insolvency Practitioners Association (IPA) as its President for the next 12 months, serving as Chair of the Association’s Board of Directors and acting as key representative of the Association. Hellard has more than 25 years’…
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Latest Red Flag Alert data for Q1 2020 found there were large numbers of UK businesses experiencing significant financial distress at the end of March 2020, with the overall figure now exceeding half a million for the first time. New research from insolvency and advisory Begbies Traynor Group, has found that the largest quarterly increase…
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Retail sales fell by 27% in the first two weeks of the UK’s lockdown, resulting in the worst monthly decline on record for the sector overall last month, according to industry figures. by the British Retail Consortium (BRC) On a total basis, sales decreased by 4.3% in March, against a decrease of 1.8% in March…
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Some 60% of the UK’s event industry’s supplier base is facing collapse within three months, unless event businesses receive further support from the Government, according to an online survey carried out by the Events Industry Forum (EIF) and Business Visits and Events Partnership (BVEP) and co-ordinated by the Production Services Association (PSA) between 3-7th April, …
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Oasis and Warehouse have fallen into administration, with over 202 jobs lost. A further 1,800 employees will be furloughed as the Oasis, Warehouse and Idle Man brands continue to trade online in the short-term. The company operated 90 standalone stores and more than 400 concessions in department stores. Icelandic bank Kaupthing, which owned the business,…
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Half of the UK’s high street retailers could go bust by the end of the summer as a result of the coronavirus crisis according to a new report by global professional services firm Alvarez & Marsal (A&M), in partnership with Retail Economics. The report found that the companies could deplete their entire working capital should the COVID-19 lockdown continue…
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Data from the London Gazette, the UK’s official public record for insolvencies, show the appointment of receivers, liquidators or administrators surged to 3,736 between March 10th and April 9th, compared with 2,495 in the same period last year. Established companies that have fallen over in the period include Debenhams, upmarket restaurant chain Mark Hix and…
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The insolvency litigation market has increased by 50% in the past four years to £1.5 billion per annum, with litigation funding fast catching up with ‘no-win no-fee’ arrangements, research has revealed. The research report by Professor Peter Walton of Wolverhampton University found that the value of insolvency claims has risen by 50% to £1.5 billion…
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