Credit, Collections & Insolvency News
In May the following administration notices have been issued and advertised in the London Gazette for the following companies: A.C. CANOE PRODUCTS (CHESTER) LTD A1 SUPA SKIPS LTD ALL OUTDOOR LTD ALMA DE CUBA HOTEL LTD AMBIENT FOODS LTD ANDRON HANDLING LTD ASHCROFT DEMOLITION (CUMBRIA) LTD BARLOWS SERVICES LTD BAYSCAPE RESIDENTIAL (NUMBER 2) LTD BENTLEY…
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New data for April from StepChange Debt Charity shows that the cost of living is now the second most commonly cited reason for debt, up from the third most common in March and the sixth most common in 2021. The proportion of clients citing the cost of living as a driver of their problem debt is now 15%,…
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Nine out of ten (93%) 11-18-year-olds in the UK are aware of the cost of living crisis and six out of ten (61%) worry about their parents or guardians not having enough money to do the things they want or have the things they need, according to new research from Yorkshire Building Society. More than…
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The Government has announced that it will revamp the UK’s corporate reporting and audit regime through a new regulator, with the aim of providing greater accountability for big business and addressing the dominance of the main audit firms. The Business Secretary announced the plans to provide a new effective corporate reporting and audits to ensure…
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The May 2022 Directors’ Economic Confidence Index, which measures business leader optimism in prospects for the UK economy, slid to its lowest level since October 2020 of -45, down from -36 in April. Of those that said they were pessimistic about the prospects for the UK economy, the overwhelmingly most frequent reason given for this…
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Businesses are paying their suppliers even later, despite admitting that they have a responsibility to smaller firms, according to early findings from Intrum’s 2022 European Payment Report. The annual report by credit management services company Intrum surveyed more than 11,000 businesses in 29 countries. It found the business landscape under pressure from new uncertainty, while…
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A new study by Experian has found that the cost of living crisis is significantly impacting people’s home improvement plans. The research found the majority of UK homeowners (67%), are planning a renovation in 2022. Average planned spend is £6,959, with around 50% intending to spend £2,500 or less. Just one in ten (9%) are…
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LendingMetrics has announced that it has launched a new SaaS platform called DeeJoop. The data specialist’s DeeJoop platform, which is set to be used by lenders for the first time this week, distills credit risk data from multiple bureaus to produce a ‘net’ credit file for consumers. Using proprietary algorithms, it interrogates the large quantity…
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IE Hub has announced that Mark Thundercliffe will be joining the business as Chairman of the Board. Thundercliffe joins the team with over 34 years of experience in corporate, retail, and business banking. He has built and developed dynamic financial services companies, products, customer propositions, and distribution capabilities in both developed & emerging markets. IE…
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Research HBB Solutions, has indicated that South East has the most repossessed homes and the high cost of homeownership in the region could see it cement its place as the nation’s repossession hotspot, as rising inflation and interest rates pose further economic instability for the year ahead. Previous research by HBB Solutions revealed that the…
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Latest Bank of England data has indicated that credit card borrowing is rising at its fastest annual rate in 17 years. The annual growth rate for credit card borrowing hit 11.6% in April – the highest figure since November 2005. The figures also reveal that the rate for all consumer credit increased to 5.7% in…
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Businesses are increasingly confident that they can use high inflation to rebuild their margins, the monthly barometer by Lloyds Bank has found. Confidence among firms has risen by five points on the index to reach 38%, significantly higher than the long-term average of 28%. This marks the first increase since Russia launched its invasion of…
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Three-quarters of SMEs are worried about the long-term impact the cost of living crisis, soaring energy bills and rising inflation. Barclays’ SME Barometer, a quarterly survey of business sentiment, saw 51% say they were concerned that surging prices would dent consumer spending, while more than a quarter said they feared that having to increase their…
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