Credit, Collections & Insolvency News
Two in five people receiving Universal Credit were forced into debt this winter as payments failed to cover soaring cost of living according to new research by the Trussell Trust. Trussell Trust says new research has revealed the true and devastating consequences of the current cost of living crisis, with hundreds of thousands of families…
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The poorest households could see their cost of living jump by as much as 10% by this autumn, the Resolution Foundation think-tank has warned. Office for National Statistics (ONS) figures show that the unemployment rate fell 0.2 percentage points between November and January to 3.9%. Meanwhile, the number of UK workers on payrolls rose by…
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NatWest Group, Citizens Advice and Citizens Advice Scotland are working together on a pilot project to provide debt support and advice to customers Since 2020 members of staff from Citizens Advice have supported teams from across NatWest by providing a referral service for customers who contact NatWest with issues including with debt, benefits, relationships and…
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PKF Smith Cooper has announced the appointment of Harnil Motivaras as Corporate Finance Senior Executive. Motivaras joins from PwC where he worked alongside large corporate clients, as well as SME’s and owner-managed businesses, operating across a range of industries. Commenting on the appointment James Ward, Corporate Finance Director based in the Nottingham office said “I am…
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Aberdein Considine has announced that it has strengthened its Lender Services Practice Group (LSPG) with the appointment of a new Partner and two lawyers. Neil Patterson has been appointed a Partner in the firm’s Banking Litigation team (part of LSPG) and he will be working with financial services organisations across the UK. He has over…
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Marston Holdings, a provider of integrated technology-enabled solutions from design through to implementation, management and recovery, has announced it has acquired Grosvenor Services Group (GSG), supplier of specialist services to utilities. GSG will form part of Engage, a technology-driven field services provider that conducts over 50,000 visits to people, businesses and their properties every month…
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Latest figures from the Insolvency Service have indicated that the number of business insolvencies in England & Wales more than doubled year-on-year last month, with 1,515 business insolvencies in February. The increase was 121.2% compared to February 2021’s figure of 685. They were also 12.6% higher than in February 2020 (1,346). The increase in company…
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Latest figures from the Insolvency Service have indicated that personal insolvencies in England & Wales increased by 15.8% to 9,825 in February 2022 compared to 8,486 in January, and were 43.7% higher than February 2021’s figure of 6,839. They were also 14.4% higher than in February 2020 (8,590). There were 2,242 DROs and 588 bankruptcies. The…
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Latest figures from Accountant in Bankruptcy (AiB) has indicated that business insolvency numbers (liquidations and receiverships) in Scotland nearly tripled in February. In February 2022 there were 73 business insolvencies registered in Scotland, 181% (2.8 times) higher than February 2021 but 15% lower than in February 2020. The business insolvencies comprised of 10 compulsory liquidations,…
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Latest statistics from the Insolvency Service have indicated that Northern Irish business and personal insolvency figures increased the latest quarterly figures. In February 2022 there were 18 business insolvencies registered in Northern Ireland, this was over three times as many as in February 2021, but 33% lower than February 2020. The insolvencies comprised of 10…
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Restaurant insolvencies increases by a fifth to reach highest levels since pandemic began according to new research by UHY Hacker Young. The data shows that restaurant insolvencies rose to 354 in the last quarter of 2021, up from 296 in the previous three-month period. UHY Hacker Young says that restaurants will also have to contend…
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The poorest households could see their cost of living jump by as much as 10% by this autumn, the Resolution Foundation think-tank has warned. The Foundation says that rising food and energy prices risk driving a second inflation spike this autumn that could reach over ten per cent for poorer households – significantly higher than…
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Over 1.8 million adults in Scotland have seen their finances get worse during the Covid pandemic, according to new analysis from Citizens Advice Scotland (CAS). Polling for the charity by YouGov found 41 per cent of Scottish adults found their financial position got worse during the pandemic, with 15 per cent saying their position has…
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