Credit, Collections & Insolvency News
The Federation of Small Business (FSB) is calling on Sajid Javid to bring forward radical interventions to address an unprecedented long-term slump in small business confidence, slowing economic growth and a widening trade deficit when he publishes the 2019 Autumn Budget on 6th November. Writing to the Chancellor, the group calls for a major reduction…
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The Office for National Statistics (ONS) data has shown that UK retail sales were flat last month after a decline in August, with volumes in the three months to September up 0.6% on the previous quarter. An increase in online sales in July was largely responsible for the growth. Sales were up 3.1% year-on-year in…
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New research from Begbies Traynor has revealed that numbers of businesses in significant1 financial distress has increased 40% in the three years since the EU referendum, affecting 489,000 UK businesses with the real estate and property, construction, retail and travel sectors the most severely affected. The latest data for Q3 2019 found that a large…
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A new trade credit report focused on South Africa by Atradius has highlighted a rise in business insolvencies with an increase of 30% year-on-year to March 2019. With a subdued performance in manufacturing and mining alongside a struggling consumer sector, linked to weaker household spending, it is expected insolvencies will increase further. The report analyses…
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New legislation is being proposed by the government to create a new class of special administration to allow failed insolvent airlines to be able to fly passengers home. Under the existing system, when an airline folds its planes are grounded, leaving passengers at risk of being stranded The government believes enabling the CAA to use…
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Ofgem has announced that Rutherford Energy Supply (trading as Uttily Energy), an energy supplier with around 280 business customers has ceased to trade. Under Ofgem’s safety net, the energy supply of Rutherford Energy’s customers will continue. Ofgem will choose a new supplier to take on all of Rutherford Energy’s customers. This supplier will contact these…
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The Official Receiver and Special Managers from KPMG have announced that an agreement has been reached with Hays Travel Limited to acquire Thomas Cook’s entire UK retail estate. The agreement will see Hays Travel acquire a total of 555 stores around the UK, providing re-employment opportunities for a significant number of former employees of Thomas Cook’s retail…
Read moreOne third (33%) of UK businesses are concerned about the potential impact Brexit will have on their suppliers and customers, according to new research from R3, the insolvency and restructuring body. The research, a survey of 1,200 senior business financial decision-makers, carried out for R3 by BVA BDRC, found that 11% of businesses have reviewed…
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Rising costs are the greatest challenge facing small businesses around the world, according to the latest Global Business Monitor study from global SME partner, Bibby Financial Services (BFS) and global leader in trade credit insurance Euler Hermes. Findings of the research, based on a survey of more than 2,300 SMEs in 13 countries across Asia,…
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Global insolvencies are rising for the first time in a decade with the greatest uptick seen in the UK, reports leading economists at trade credit insurer Atradius. The Insolvency Outlook report by Atradius forecasts business failure rates in developed markets will increase by 2.8% this year – the first rise since the global financial crisis.…
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The second Commercial Credit & Collection conference has been confirmed as Thursday 23rd January by the organiser Credit Connect Media. The event will once again be hosted in partnership with CVR Global and Aon. The conference will tackle issues across the full life-cycle of business credit and collections. The conference series also aims to provide…
Read moreThe latest Purchasing Managers’ Index data for the service sector highlights the rising risk of a recession in the UK. The drop from 50.6 points to 49.5 points in September, means the service sector is the latest to fall below the neutral 50-points line that divides expansion from contraction. This is only the fifth time…
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In September, Winding Up Petitions (Companies) have been issued and advertised in the London Gazette for the following companies: 1 LOVE COMMUNITY C.I.C. 4 SEASONS WINDOWS DOORS & CONSERVATORIES LTD AAM FAST FOODS LTD ABSOLUTE VINTAGE LTD ACTIVESALE LTD ADBASE LTD AFFINITY ELECTRICAL SOLUTIONS LTD ALL STAR LEISURE (GROUP) LTD AMERICAN SWEET WORLD LTD AMIR…
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