Credit, Collections & Insolvency News
New TSB data shows a series of recent scams in which criminals use social media to lure people into online friendships, then extract money ranging into the tens of thousands. TSB’s fraud expert, Stephanie Harrison, warns that ‘friendship fraud’ mirrors romance scams in its approach – with fraudsters building trust and rapport before demanding money.…
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A business adviser from Surrey has been disqualified as a company director for a second time after failing to pay more than £100,000 in tax. Richard Beal was the sole director of management consultancy firm Larter Beal Limited, which owed more than £70,000 in corporation tax and £50,000 in VAT when it went into liquidation…
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Latest monthly figures from the Insolvency Service for England & Wales have indicated that personal insolvencies increased by 18% when compared to February 2025 and 6% higher than in January 2026, totalling 11,609 insolvencies. The personal insolvency data consisted of 768 bankruptcies, 4,210 debt relief orders (DROs) and 6,631 individual voluntary arrangements (IVAs). The 6,631 IVAs registered…
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Latest figures from the Insolvency Service have shown that the number of business insolvencies in England and Wales increased by 7.4% in February 2026 when compared to the previous month. The data showed that there were 1,878 business insolvencies. The figures was 7% lower than the same month in the previous year (2,015 in February…
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Latest monthly statistics from the Insolvency Service show that business insolvencies and personal insolvencies rose in Northern Ireland in February 2026. The data showed that there were 25 company insolvencies registered in Northern Ireland, 19% higher than in February 2025. The insolvencies comprised of eight compulsory liquidations, 16 CVLs and one administration. There were no CVAs or receivership…
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Latest figures from the Accountant in Bankruptcy (AiB) have shown that business insolvencies in Scotland fell in February 2026. The data show that there were 98 business insolvencies registered in Scotland, 5% lower than the number in February 2025. The business insolvencies comprised of 50 CVLs, 39 compulsory liquidations, six administrations, two receivership appointments and one CVA.
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A jailed fraudster has been ordered to hand back more than £120,000 after securing Covid loans in his wife’s name. Shohid Ahmed applied for three maximum-value Bounce Back Loans on behalf of Red Square Restaurants Limited, using his wife’s name because she had a better credit history. The 41-year-old, of Bardsey Crescent, Bradford, received £100,000…
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The British Business Bank’s Small Business Finance Markets 2025/26 report has found that gross SME bank lending increased by 9% to £68bn in 2025, making it the second highest level in the past 13 years after 2020’s covid peak, as credit conditions eased gradually through the year. Business dynamism is showing signs of improvement, with…
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Plans to reform the Financial Ombudsman Service (FOS) have been revealed by the Government. The reforms will return the FOS to its original role as a simple, impartial dispute resolution service that resolves complaints quickly and effectively, while ensuring it operates within a clearer and more predictable framework alongside the Financial Conduct Authority (FCA). The…
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Azets has announced that it has appointed Nick Cusack as an Insolvency Practitioner in its Restructuring & Insolvency team. Cusack has worked in the profession for over 22 years been a licensed Insolvency Practitioner for over ten years. He has gained a breadth of experience in all types of corporate rescues, but with a particular…
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Oakbrook has announed a new partnership with payments automation platform Modulr. The partnership will enable the lender to expand its repayment choices for customers and strengthening its technology-enabled servicing platform with the launch of Variable Recurring Payments (VRPs). The introduction of VRPs gives customers an additional way to manage their loan account repayments alongside Direct…
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Alternative SME finance provider, ThinCats, has announced the appointment of Dan Houman as Senior Director. In the new role, Houman will work with SMEs across Yorkshire and the North East to help them access the funding they need to grow. Working closely with the existing regional team, he will support businesses in securing bespoke, flexible…
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New research from StepChange has shown that one in two people (51%) have experienced problem debt, with 44% of them telling no one about their financial struggles. The debt charity is urging people to talk more openly about debt to help break down stigma and encourage those struggling to seek free, confidential advice sooner. New…
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