Credit, Collections & Insolvency News
Profit warnings issued by listed companies increased by 19% year-on-year in Q4 2021, with record levels of warnings citing supply chain disruption and rising costs in the final quarter of the year, according to EY-Parthenon’s latest Profit Warnings report. In the final quarter of 2021, UK listed companies issued 70 warnings, up 19 from the…
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Almost one in ten private landlords renting to Universal Credit claimants have experienced at least one tenant having difficulties paying their rent due to benefit cuts according to research by National Residential Landlords Association (NRLA). In October last year the Government cut Universal Credit by £20 a week following a temporary increase in response to…
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Credit applications and approvals hit seven-year low amid fears lenders will replicate approach to last recession, according to latest Small Business Index (SBI) by the Federation of Small Businesses (FSB). The research indicated that most small firms plan to grow over the coming 12 months but are being held back by struggles to recruit, increasing…
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The Insolvency Service has announced bans for two directors who abused the Bounce Back Loan scheme. Aamer Aslam, from Huddersfield, and Razwan Ashraf, from Keighley, were co-directors of Scholars Academy based in Brighouse, West Yorkshire. They have been disqualified for 11 and 10 years respectively. Scholars was incorporated in December 2018 and purported to be…
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Aryza has announced it is accelerating its European roll-out through the acquisition of Collenda, a leading DACH and Benelux credit management software provider. Collenda provides an end-to-end integrated credit lifecycle platform for banks, corporates, and debt collection agencies. It covers the entire credit value chain from origination and servicing to collection and recovery. The Collenda…
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Virgin Money has announced the appointment of Susan Poot as Group Chief Risk Officer. Poot joins Virgin Money from ING Bank, where she spent over 20 years in a number of commercial and risk roles, the most recent of which was Chief Risk Officer, Retail Banking. In her role she was responsible for setting the…
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The Financial Conduct Authority (FCA) says competition in retail banking is growing, with a shift from large banks to small businesses. In an update to its 2018 strategic review of retail banking, the FCA says the increase in competition is providing more choice and lower prices for consumers. The analysis shows that the share of…
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The Government should reject over-complicated solutions to the cost-of-living crisis and simply make one-off cash payments to millions of households, according to Dr Aveek Bhattacharya, Chief Economist of the Social Market Foundation. The Social Market Foundation says that cash payments of up to £500 would be the best answer to the cost-of-living crisis, allowing households…
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Enforcement association CIVEA has announced that the annual CIVEA conference, which brings together leading players from the enforcement sector, has expanded for 2022 to include an awards ceremony for the very first time. The event titled Reflection & Collection, the past, present and future of enforcement is set to be held at the De Vere…
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Arvato Financial Solutions have announced the appointment of Peter Wallwork as Non-Executive Director. Over the last twenty years, Wallwork has built a reputation for managing complex external messaging and stakeholder relationships, positioning innovative solutions into often misunderstood, highly-regulated customer-facing markets. During his ten years as CEO of the Credit Services Association (CSA), Wallwork led a…
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County Court Judgments (CCJs) against businesses in England and Wales rose by 13 percent in 2021, compared to 2020, according to the latest figures released by Registry Trust. The number of business CCJs increased from 77,134 in 2020 to 87,441 in 2021. The total value of CCJ debt owed by businesses rose by 12 percent,…
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The number of decrees and total amount of debt registered against Scottish businesses in 2021 declined when compared to 2020, according to figures released by the Registry Trust. The number of decrees against incorporated businesses also fell, by 13 percent, from 1,687 to 1,472. The total value saw even larger falls, down 21 percent, from…
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The number of judgments registered against Irish consumers saw a small increase in 2021 compared to 2020, figures released by registrar Irish Judgments show. Judgments against Irish businesses saw a small increase of five percent, from 455 in 2020 to 476 in 2021. The total value owed in 2021 was €12.6 million, nearly double the…
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