Credit, Collections & Insolvency News
Latest figures from the Insolvency Service have shown that the number of business insolvencies in England & Wales decreased by 7.2% in June 2022 to a total of 1,691 compared to May’s total of 1,822, but were still 40.1% higher compared to June 2021’s figure of 1,207. Of the 1,691 registered company insolvencies in June 2022…
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Latest figures from Accountant in Bankruptcy (AiB) have indicated that business insolvency numbers (liquidations and receiverships) in Scotland were stable in June 2022. In June 2022 there were 76 business insolvencies registered in Scotland, equal to the number in June 2021 but 12% higher than in June 2019. The insolvencies comprised of eight compulsory liquidations,…
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The latest statistics from the Insolvency Service indicate that Northern Irish business insolvencies and personal insolvency figures fell in the latest monthly statistics round-up for June. The figures showed that there were 26 company insolvencies registered in Northern Ireland, 2.4 times as many as in June 2021, but 10% lower than June 2019. The insolvencies…
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New data from HR, payroll and finance expert MHR reveals eight in ten (78%) employees believe the UK is heading for a recession, with nearly a quarter (23%) of poll respondents fearing their employer would not make it through one. Organisations across the UK and Ireland are tackling record inflation levels, up 7.9% in the 12 months to May…
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Business insolvencies have jumped 70%, from 11,261 to 19,191 in the last year according to analysis by international audit, tax and advisory firm Mazars. The company says the highest interest rates in 13 years have made businesses’ debts more expensive to service and has led to an even greater number of indebted businesses falling into…
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Open Banking adoption is growing, driven by the rapid digitisation of finance according to the data from global information and insights company, TransUnion. The Open Banking data shows that financial institutions have been experiencing the highest volume of Open Banking transactions, caused in part by banking becoming more digitised during the pandemic. Shail Deep, chief…
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Sidetrade has revealed that agriculture companies in the UK increasingly paid supplier invoices late in Q2 2022, hinting at possible cash flow struggles within the sector. The Sidetrade Unpaid Invoice Tracker shows almost one-fifth (17.3%) of invoices issued to UK agriculture companies were deemed overdue* on average in Q2 2022, compared to 12.0% in Q1…
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Latest quarterly figures from the Insolvency Service for England & Wales have indicated that personal insolvencies numbers decreased by 6.4% to 9,824 in June 2022 compared to 10,497 in May, and were 0.3% lower than June 2021’s figure of 9,852. For individuals, 471 bankruptcies were registered, which was 37% lower than in June 2021 and 64%…
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Latest Bank of England figures show that people turning to credit cards and loans to cope with the cost of living crisis are being hit by higher interest rates. Average credit card rates hit 21.43% in June, with this an 0.87 percentage point rise on a year ago when the average credit card rate was…
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New research from national poverty charity, Turn2us, has highlighted the impact of soaring living costs as almost half its users (47%) report being left with nothing to live on each week after paying housing, council tax and utility bills. The survey, completed by 2,730 of the charity’s service users, found that the same group of…
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Almost one in four families across England, Wales, Scotland and Northern Ireland are set to receive £326 the Government’s first cost of living payment today which will be sent directly to them with the second instalment of £324 sent later this year as part of the government’s £37 billion support package. Over eight million households…
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StepChange debt charity guided, advised or supported more than half a million people last year, according to the charity’s impact report for 2021. The support included providing full debt advice to over 157,000 people, helping clients to repay more than £402 million of debt, and seeing over 24,000 people becoming free from problem debt with…
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Benefit cuts have pushed up relative child poverty in the years running up to the pandemic, measured as living in a household with incomes below 60% of median income. However, based on asking their families whether they could afford essentials, the share of children in material deprivation fell by a quarter, from 24% in 2013…
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