Credit, Collections & Insolvency News
The Insolvency Service has announced the appointment of a new Chair and three new non-executive board members to it’s Board. Incoming Chair, Mark Austen, will be joined by Gary Kildare, Samantha Durrant and Rob Hunt on the Insolvency Service Board. The new non-executive board members, together with Mary Chapman who is continuing in her role…
Read moreUK quoted companies issued 50 profit warnings in Q1 2021, an 83% decrease from the 301 warnings recorded in Q1 2020 according to a latest report from EY-Parthenon’s which indicated the biggest year-on-year percentage fall in UK profit warnings on record. Profit warnings were pushed to record levels in Q1 2020 at the onset of…
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Business Peer to Peer (P2P) platform, Growth Street, as announced that it is nearing the completion of its solvent wind down and will shortly enter liquidation. The announcement follows the return of 100% of peer-to-peer (P2P) investor funds and a ‘highly successful’ recovery process. Growth Street was launched in 2015 with the mission to support…
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The number of empty shops has risen, with one in seven now vacant, according to new research by the British Retail Consortium (BRC). The quarterly report found that in the first three months of 2021, the overall vacancy rate increased to 14.1%, from 13.7% in the previous quarter. This was 1.9 percentage points higher than…
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County Court Judgments (CCJs) against businesses in England and Wales fell by 55 percent from 33,518 in Q1 2020 to 15,210 in Q1 2021, according to figures released by Registry Trust. Numbers are up 20% from the recent low seen in Q2 2020 but have ranged around the 15,000 mark for the past three quarters.…
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The number of decrees registered against Scottish businesses during the first Quarter of 2021 fell by over 40% according to latest Registry Trust data. The number of decrees against Scottish businesses fell from 722 to 434. The total value fell by 27 percent from just under £3 million to £2.2 million. The average value rose…
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The number of debt judgments registered against Northern Ireland businesses in the first Quarter of 2021 fell by 42% according to the latest Registry Trust figures. The number of judgments registered in Q1 2021 was just 152, compared to 261 in Q2 last year, a fall of 42 percent. The total value of judgments against…
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SME leaders believe it will take on average 12 months for their businesses to regain lost revenue caused by the Covid-19 pandemic, according to research revealed today by Nucleus Commercial Finance. Over half a million SMEs (590,000) say it will take between 10-12 months to make up the lost revenue caused by Covid-19 and 1.6…
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The latest Red Flag Alert research for Q1 2021 has recorded 723,000 businesses in ‘significant financial distress1’ after the largest numerical quarterly leap (93,000) recorded in the research since its new version was launched in 2014. The 15% increase (from 630,000 in Q4 2020) comes as the UK starts its exit from lockdown. This newly…
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Business Loan Network, a peer-to-peer business lending platform has been placed into administration. The company was incorporated and commenced trading in 2010 operating an electronic peer-to-peer platform, with retail and institutional lenders investing in secured business loans. In December 2019 the company took the decision to close the platform to new business and following…
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Latest figures from the Insolvency Service have indicated a 44% rise in business insolvency rates across England & Wales. Business insolvencies in England increased by 44.8% to 992 in March 2021 compared to February’s figure of 685 and were 19.7% lower than March 2020’s figure of 1,236. The number of business insolvencies in March 2021…
Read moreLatest figures released by the Accountant in Bankruptcy (AIB) have indicated that Scottish business insolvencies continued to remain low in March 2021. The number of corporate insolvencies (liquidations and receiverships) in Scotland fell by 31% in January-March 2021 compared with October-December 2020, and fell by 63% compared with January-March 2020. In March 2021 there were…
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Latest statistics from the Insolvency Service have shown that Northern Irish personal and business insolvencies continue to remain low in comparison to previous years. In March 2021 there were 184 personal insolvencies in Northern Ireland, this was 82% higher than March 2020 but 19% lower than March 2019; this consisted of 140 IVAs, 36 DROs and 8…
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