Credit, Collections & Insolvency News
One in ten retailers is facing imminent collapse as the economic damage of the pandemic begins to accumulate according to findings of the Opinium-Cebr Business Distress Tracker. Anticipated business recovery time increases to 28 weeks, suggesting the longer lockdown persists, the longer it will take to rebuild Despite this, more than two-fifths of businesses (41%) report…
Read moreScottish football clubs are being pushed to ‘brink of insolvency’ by coronavirus crisis despite good management and prior health according to a new report by Begbies Traynor. The report says that Scottish football club finances had gained unprecedented stability by the end of March this year, with none of the 42 professional clubs in Scotland…
Read more
Petitions to wind up restaurants increased by 165% last year with another surge expected once lockdown ends according to research by UHY Hacker Young. The research shows that the number of petitions to wind up restaurants over unpaid bills has jumped to 53 so far this year, up 165% from 20 in the same period…
Read more
The Insolvency Service has published its latest business insolvency statistics which have revealed that the overall numbers of business insolvencies dropped in the days immediately after the UK lockdown was applied. The short term effects of the lockdown show that during the first three weeks of March, prior to the UK lockdown on the 23rd…
Read more
The Accountant in Bankruptcy, Scotland’s Insolvency Service that administers company insolvencies in Scotland has published its statistics for April 2020 which indicated that there were 46 total company insolvencies last month. The figures were a fall of 55% in comparison to April 2019. The insolvencies comprised o 24 CVLs, 17 compulsory liquidations 4 administrations and…
Read more
Figures from the Office for National Statistics (ONS) have revealed that almost half of UK businesses are concerned that they will run out of cash in less than six months. The survey of over 5,000 firms found that a quarter (24%) said they were unsure about their level of reserves. Some 4% reported having no…
Read more
A majority of football clubs now face unprecedented financial distress in wake of coronavirus pandemic. Football club finances were continuing to grow in stability by March this year, with only five clubs in financial distress across the 71 clubs that make up the English Football League (EFL) since Bury FC’s expulsion in August 2019, according…
Read more
The British Retail Consortium (BRC) says that there has been a record decline in retail sales as the lockdown bite hits businesses hard. On a Total basis, sales decreased by 19.1% in April, against an increase of 2.4% in April 2019. This is the worst decline recorded since the BRC monitor began in January 1995,…
Read more
High-cost short term lender Nextcredit has entered administration. The company had around 9,000 customers. Based in Tewkesbury in Gloucestershire, the company was incorporated in 2011 with the aim of providing high cost short term credit to individuals. In 2017, the business model was realigned, with a revised focus on an alternative consumer retail lending market.…
Read more
Small and medium-sized (SMEs) businesses are concerned about the longer-term impact of the coronavirus storm, though many have benefited from the government support measures over the past month according to a new survey by chartered accountancy body ICAEW has found. The ICAEW asked its members both working in SMEs and servicing SME clients across the…
Read more
A new study has revealed that one in three closed small firms fear they’ll never reopen amid widespread redundancy plans. The Federation of Small Businesses (FSB) survey of over 5,000 firms has laid bare the impact of coronavirus pandemic as one in three small employers consider redundancies as they struggle to pay bills, shelve exports and…
Read more
A survey of over 500 pub owners undertaken by the Forum of Private Business (FPB), found that nearly four out of every ten reported that they are less than confident of surviving a June lockdown. The survey of 560 pubs carried out on behalf of the FPB in the last two weeks of April indicates…
Read more
Scottish Parliament has published a new bill to amend bankruptcy legislation. The Coronavirus (Scotland No.2) bill will be subject to an expedited procedure and subject to Parliament’s approval, is likely to come into force by the end of the month. The Bill includes proposals to make a number of important changes to current bankruptcy legislation,…
Read more