Credit, Collections & Insolvency News
Latest figures from Accountant in Bankruptcy have shown that overall, personal insolvency numbers (bankruptcies and protected trust deeds) in Scotland for Quarter 4 2021-2022 were 13% higher compared with Q4 2020-2021, at 1,894 (2021-2022) against 1,677 (2020-2021). A total of 551 bankruptcies were awarded during this quarter – a 2.1% decrease on the same quarter…
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The number of new tech companies incorporated in the UK jumped 62 per cent in 2021, according to new analysis by leading audit, tax and consulting firm RSM UK. A total of 38,240 tech businesses were incorporated in 2021 according to an analysis of data held by Companies House, up from 23,579 in 2020. London…
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Average UK rents have increased for the sixth consecutive quarter, according to The Deposit Protection Service (The DPS). The research also showed that some tenants are paying above the going rate to secure a property. The UK’s largest protector of deposits, which safeguards 1.8m rent securities, says that average rents now stand at £849 a…
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New IFS research has found that a blanket minimum eligibility requirement (MER) for access to student loans would be a highly imperfect way of improving student outcomes. It would increase the already large socio-economic gaps in higher education and would disproportionally affect ethnic minority students. The government recently announced a consultation on changes to the…
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More than 200,000 private renters in England have been served eviction notices without doing anything wrong in the three years since the government first promised to ban the practice according to research by Shelter. The research found that every seven minutes a private renter in England is handed a Section 21 no-fault eviction notice by…
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The use of Buy Now, Pay Later (BNPL) services has increased b 64%, according to research by Snoop. The company has released its latest UK Consumer Spending Snapshot, based on transactions from over 100,000 customers spanning April 2021 to March 2022, highlighting a striking picture of a nation in the grip of the worst cost-of-living…
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Yorkshire Building Society has announced that Angela Darlington has joined its Board as Non-Executive Director. Darlington has over 30 years’ experience in financial services and an extensive executive career. She started her career with Bacon & Woodrow and then worked with William M Mercer on a wide variety of actuarial assignments across many countries. Darlington…
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A new Fintech, Saltare has launched with the aim of improving cashflow, strengthen supply chain relationships and give more certainty over their payments. The company says it was born out of the knowledge that 82% of businesses fail not because of lack of profit, but through lack of cash. Yet, recent studies suggest UK SMEs…
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Research by consumer watchdog Which? has revealed that 4,685 bank branches have closed over the last seven years with a further 226 set to disappear by the end of year – accounting for almost half of the country’s network. According to the study, the elderly and those in rural areas who most relied on cash…
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The Office for National Statistics (ONS) has published its latest cost of living statistics finding that one in four (23%) adults find it difficult to pay household bills in the last month, compared with a year ago. The research also found that nine in ten (87%) adults reported an increase in their cost of living…
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Global demand for pharmaceuticals remains strong, but the UK will need to reassess impending risks, according to leading credit insurer, Atradius. Throughout 2020, the UK’s pharmaceutical industry surged its value-added output by 13.6% – leading to a 13% boost above the 2019 pre-pandemic level. And although year-on-year growth in this sector levelled off in 2021,…
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Close to half of small firms do not expect to grow over the coming year amid a cost-of-doing-business crisis and widening sectoral optimism gap, according to the latest SBI from the Federation of Small Businesses (FSB). The headline SBI UK confidence reading stands at +15.3 for Q1 2022, meaning more small business owners expect an…
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Latest figures from the Insolvency Service have indicated that personal insolvencies in England & Wales increased by 17.2% to 11,530 in March 2022 compared to 9,836 in February and were 5.3% higher than March 2021’s figure of 10,953. There were 2,512 DROs and 633 bankruptcies in March 2022 in England & Wales. The number of…
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