Credit, Collections & Insolvency News
Retailers suffered a “historic” collapse in sales as the lockdown set in as even food retailers reported a slowdown, according to new CBI figures. The CBI’s monthly Distributive Trades Survey (conducted between 27th March 2020 and 15th April 2020) reveals that retailers expect a similar pace of decline in annual next month – the weakest…
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The Chancellor has just days to act to support struggling small businesses, to save the millions of jobs they represent, and to prevent many of the UK’s three million self-employed workers losing their livelihoods according to a new report by TaxAssist Accountants. The research shows that more than nine out of ten (93%) have significant…
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Colin Haig, Restructuring Partner at BDO, has been appointed President of R3, the insolvency and restructuring trade body. Haig takes over from Duncan Swift, Corporate Advisory Services Partner at Moore UK, who has just completed his year-long term as R3’s President. Haig, who has over 40 years’ experience as an insolvency practitioner, will work with…
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The number of judgments against businesses in Northern Ireland. fell 27 percent in the last quarter. Total and average values rose by 38 and 89 percent respectively. There fewer cases consisting of larger value. The total value of Northern Irish business judgments reached almost the £1 million mark this quarter. Businesses owed 24 percent of…
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County Court Judgments (CCJs) against businesses England and Wales fell six percent in Q1 (January-March) 2020, compared to the same quarter in 2019, according to figures released by Registry Trust. The number of CCJs against businesses decreased from 35,781 in Q1 2019 to 33,520 in Q1 2020. The total value of judgments saw an increase…
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Ahead of the second reading of the Finance Bill on today (27th) April, Duncan Swift, President of insolvency and restructuring trade body R3, has called on the Government to scrap proposals to make HMRC a preferential creditor in insolvencies. R3 says that there has been widespread concern that the proposals will have a significant negative…
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The number of decrees against Scottish businesses rose by 29 percent over the period according to the latest figures from the Registry Trust. Decrees numbers increased from 561 to 722 in Q1 (January-March) 2020. The total value of decrees against businesses fell 5%, to just under £3million. The average value also fell by 10% as…
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The UK government has temporarily banned landlords from using winding-up orders and from what the government calls aggressive debt recovery tactics against retailers while the COVID-19 crisis continues. The Business Secretary has set out new measures to protect high street shops and other companies under strain. The companies will be asked to pay what they…
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The number of unpaid UK business invoices has increased by 23% according to new tracker by AI platform provider, Sidetrade. Sidetrade’s tracker is based on a statistical analysis of 26 million invoices, representing €54bn of business to business transactions with the payment behaviour of over 3.7 million businesses is tracked week by week. The company…
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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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