Credit, Collections & Insolvency News
Latest figures from the Insolvency Service have shown that the number of business insolvencies in England & Wales increased by 39.4% in March 2022 to a total of 2,114 compared to February’s total of 1,517, and increased by 111.6% compared to March 2021’s figure of 999. The increase in company insolvencies was driven by an…
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Retail sales fell unexpectedly by 1.4 per cent last month, as consumers reduced their spending due to the increase in living costs, according to figures published by the Office for National Statistics (ONS). The ONS said the fall was largely down to a decrease in demand for online purchases. New retail figures show the amount…
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A new survey by KPMG has highlighted the impact of the rising cost of living on consumer spending with consumers expected to spend £82.80 more each month on bills and taxes. With the cost of living squeeze tightening, KPMG asked 3000 consumers about their 2022 purchasing and their spending intentions for the rest of the…
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International SME funder, Bibby Financial Services (BFS), and regional accountancy and specialist SME business advisory firm, Azets, have announced a strategic partnership to provide whole-turnover invoice finance facilities. The agreement will see BFS become Azets’ preferred partner for funding facilities up to £250,000, enabling its network of 3,500 accountancy and advisory specialists to access working…
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CIVEA has announced the winner of its first-ever enforcement industry excellence awards, following the annual Reflection & Collection conference in London last Thursday. The CIVEA Enforcement Excellence Awards took place directly after the conference and saw a number of businesses and personnel recognised for ongoing commitment, contributions and success within the sector. CIVEA Chief Executive…
Read moreJaywing has appointed Dean Mitchell as Managing Director (MD) of Consulting Services. Mitchell will be responsible for the delivery of services of Jaywing’s risk consulting business which has recently seen a series of new client wins, alongside its longstanding relationships with existing clients, many of whom are among the UK’s leading financial services brands. Mitchell…
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Latest figures from Accountant in Bankruptcy (AiB) have indicated that business insolvency numbers (liquidations and receiverships) in Scotland doubled in March. In March 2022 there were 86 business insolvencies registered in Scotland, 100% (2 times) higher than March 2021 but 11% lower than in March 2019. The insolvencies comprised of nine compulsory liquidations, 71 CVLs…
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Latest statistics from the Insolvency Service have indicated that Northern Irish business insolvencies increased whilst personal insolvency figures declined in the latest monthly figures round-up. In March 2022 there were 20 business insolvencies registered in Northern Ireland, almost three times as many as in March 2021, but 35% lower than March 2019. This was comprised…
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A review by the Financial Conduct Authority (FCA) has found that challenger banks need to improve how they assess financial crime risk, with some failing to adequately check their customers’ income and occupation. In some instances, challenger banks did not have financial crime risk assessments in place for their customers. The regulator’s review, conducted over…
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Despite a return to normal for many economies in 2022, insolvencies are set to rise according to trade credit insurer, Atradius. The company predicts that the global economy will emerge gradually from the Covid pandemic in 2022, with restrictions unwound in most countries and regions. But despite a return to normality for many, Atradius reports…
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Credit Management Group Intrum UK has announced the appointments of David Price as Compliance Director and David Stranaghan as Strategic Account Manager for its partnership with retailer Sainsbury’s Bank. Price has twenty years’ experience in compliance with firms such as Vanquis Bank, Chase De Vere, American Express and Lloyds Banking Group. He has a track…
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Ofwat has announced the appointment of David Black as its permanent Chief Executive Officer (CEO), following an open recruitment process. Black joined Ofwat in 2012 and was previously Chief Regulation Officer and Board member responsible for leading the PR19 price review. Throughout his time at Ofwat he has been instrumental in shaping and leading the…
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Motor finance applications, including Personal Contract Purchase (PCP) and Hire Purchase (HP), rose by 13% month-on-month in March as the new ‘22’ plate launched, marking the highest rate in March since 2019, according to new research by Experian. Experian says that car deal searches have returned high levels of car finance applications following a turbulent…
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