Credit, Collections & Insolvency News
Debt charity, Business Debtline, has called for further action to support small business owners and self-employed people affected by late payments, where businesses are uncertain when the money they have earned will be paid. In its response to the Department for Business, Energy and Industrial Strategy’s call for evidence on tackling late payments, the charity…
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The average small business is owed £24,841 in late payments according to research by accounting software provider Xero.On any given day, 78% of businesses are owed money outside of agreed payment terms. The research was based on data taken from two million invoices issued by Xero’s UK small business subscriber base which showed that in…
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Accountancy and business advisory firms, BDO and Moore Stephens LLP, are in advanced merger discussions to create a market-leading firm. The new firm will be the leader in advising the UK’s entrepreneurial mid-sized businesses but will also challenge its larger competitors for more complex audit, tax and advisory work. The proposed deal further cements BDO’s…
Read moreResearch commissioned by Dun & Bradstreet revealed UK small and medium-sized enterprise (SME) confidence in future financial success is down 19% compared to last year. The study found that almost a third (32%) of respondents have considered leaving the UK to increase their chances of success. As well as ongoing uncertainty over Brexit impacting growth,…
Read moreSpark Energy Supply, a domestic energy supplier with about 290,000 customers, has ceased trading in the energy supply market. Under Ofgem’s safety net, the energy supply of Spark Energy’s customers will continue as normal. The outstanding credit balances of domestic customers will be protected. Ofgem will choose a new supplier to take on Spark Energy’s…
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Property and audit specialist Capa has announced the appointment of retail surveyor James Ratcliffe. Formerly head of retail at the Leeds office of property advisory business GVA, Ratcliffe has joined as a Director, taking responsibility for asset management of the 300-store estate of fashion retailer Bonmarchè. He joins the property team led by Capa’s co-founder and…
Read moreMid-size and Northern companies have the highest insolvency risk according to analysis from new statistics published by the Government. R3 has reviewed the number of England & Wales corporate insolvencies in 2017, broken down by company age, size and location. The research has found that: Enterprises aged 4-9 years old, or with turnover of £0.5-1m,…
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The proportion of Scottish companies at elevated risk of insolvency fell slightly between October and November, by 1.3% – the first monthly fall in nearly two years, according to research by insolvency and restructuring trade body R3. Just over one in three (35%) companies in Scotland is at higher than usual risk of insolvency in…
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Judgments against businesses in England and Wales jumped nearly a third during the third quarter of 2018, compared with the same period a year ago, according to figures released today by Registry Trust. During Q3 2018, there were 32,629 CCJs against businesses in England and Wales, 32 percent more than in Q3 2017. The total…
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Trade credit insurer Atradius has published a new report revealing the challenges and opportunities facing the global machinery and engineering sector. The Atradius Market Monitor reveals that after a reasonably good performance in 2017 and a continuing trend at the start of 2018, growth within the sector is expected to slow alongside a rise in…
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The number of debt decrees registered against Scottish businesses rose by more than a third during the third quarter of 2018, according to figures released today by Registry Trust. There were 754 decrees issued against all businesses in Scotland during Q3 2018, 34 percent more than during the same period the previous year. A 44…
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High street shops closing at a rate of ’14 per day’ according to a new report released by accountancy specialist PwC and the Local Data Company. The report says high street shops are still facing testing times as new research shows the gap between closures and openings widens to a record level, but closures have stabilised.…
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Gavin Savage has joined CVR Global as a Partner. Savage has 30 years’ experience handling turnaround, restructuring and insolvency cases. Simon Lowes, who will work alongside Savage, said “Gavin’s appointment is a fantastic opportunity for us to continue to develop our experienced team here on the South Coast and I very much look forward to…
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