Credit, Collections & Insolvency News
The Financial Conduct Authority (FCA) has today announced that it will take action to improve competition in the current account market. This follows a series of recommendations which were proposed by the Competition and Markets Authority (CMA) as part of its investigation into retail banking. Christopher Woolard, Executive Director of Strategy and Competition at the…
Read moreCentral Trust has announced the appointment of a Regulatory Consultant to its board of directors. Jane McMahon has joined the second charge mortgage lender as a regulatory consultant. As well as Central Trust, McMahon has also been appointed as regulatory consultant for Central Trust Syndicate Number One Limited, Central Loans Limited, Commercial Trust Limited and…
Read moreLindorff has announced a strong a strong performance in Q3 2016. Net revenue in the quarter was EUR 167m, an increase of 26 percent compared to the same quarter last year, and adjusted EBITDA excluding non-recurring items was up 32 percent to EUR 110m compared to the same quarter last year. The growth was driven…
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The number of debt judgments against businesses in England and Wales in the third quarter of 2016 fell for the seventh consecutive year, according to figures released by Registry Trust. Registry Trust is the non-profit organisation which collects judgment information from jurisdictions across the British Isles and Ireland. In England and Wales, it operates the…
Read moreThe Chartered Institute of Credit Managers (CICM) has issued a warning following publication of responses to the Review of the Corporate Insolvency Framework. The publication has prompted fears from the credit community that failing businesses may now be disproportionately protected at the expense of their creditors. Philip King, Chief Executive of the Chartered Institute of Credit…
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A new report suggests that a failure to address financial difficulty in the main NHS talking therapies programme is holding back the recovery of tens of thousands of people with depression and anxiety. A quarter of people with ‘common’ mental health conditions like depression or anxiety are also in problem debt, which is likely to be holding…
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Motormile Finance UK Limited, a debt purchase and collections firm, has entered into an agreement with the Financial Conduct Authority (FCA) to provide redress to more than 500,000 customers for historic failures in its due diligence and collections process. The firm had inadequate systems and controls over due diligence. In particular, it failed to conduct sufficient…
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Petitions have been issued and advertised in the London Gazette on the following: 09247972 LIMITED 2012 ADVOCATES LIMITED 21ST CENTURY CONSTRUCTION LIMITED A & D ROBINSON INVESTMENTS LIMITED A & S GLAZING SERVICES LIMITED A.C.E.E.I LTD A.M. CONTRACTORS CONSTRUCTION SERVICES LIMITED AARON ENGINEERING LIMITED AB SOUTH CONSTRUCTION LTD ABBEYLANDS TRANSPORT LIMITED ABBFAB ENGINEERING LIMITED ACCOUNTING…
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Appointment of Administrators Notices – October 2016 Administration notices have been issued and advertised in the London Gazette for the following companies: 3 C’S LOGISTICS LIMITED AFOD LIMITED AIC STEEL LIMITED AKULA FURNITURE LIMITED AMF SYSTEMS LTD ANDEVA UNDERWRITING AGENCY LIMITED ANDREW PAGE LIMITED ASCOT CABLE LTD ATRUL REALISATIONS LIMITED AUM CARE LIMITED BANK CHARGE REFUNDS LIMITED…
Read moreUlster Bank has been fined 3.3 million (£3 million) by Ireland’s financial watchdog over breaches of money laundering and terrorist financing rules. The Central Bank said its inquiries uncovered significant failings in Ulster Bank’s procedures practices over six years from July 2010. It said its inquiries uncovered significant failings in Ulster Bank’s procedures but no money…
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New proposals made by HMRC risk innocent businesses that unknowingly get caught up in VAT frauds being heavily fined, says UHY Hacker Young. HMRC plans to fine businesses up to 30% of the VAT due, and to ‘name and shame’ them for trading with companies that commit VAT fraud, even if they were unaware of…
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A new government scheme to help small businesses turned down for loans find alternative means of finance launches today (1st November). Under the Government’s bank referral scheme, RBS, Lloyds, HSBC, Barclays, Santander, Clydesdale and Yorkshire Bank, Bank of Ireland, Danske Bank and First Trust Bank will be obliged to offer to pass on details of…
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Research by Opus Restructuring has revealed that administration business rescue procedures are ineffective in over two thirds of cases. Using data and analytics supplied by Company Watch, Opus reviewed the outcomes of 4,581 Administration cases in England & Wales which started in the past five years. Almost 2,000 of the Administrations remain in progress. Out of the…
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