Credit, Collections & Insolvency News
A study by the Institute for Fiscal Studies (IFS) suggests there is unlikely to be a Christmas spending spree despite consumers having around £150 billion of savings, with much of the money people have saved during the pandemic likely to remain in bank accounts until there is an upturn in the economic outlook. A survey…
Read more
Almost half (41%) of finance leaders say they are focusing on cloud computing and Software as-a-Service (SaaS) in 2022, as many are still working towards supporting remote teams, a new survey has found. Cybersecurity (31%) was second on the tech wish-list, followed by Big Data analytics (22%) and Artificial Intelligence (13%). The research, commissioned by…
Read more
Interpath Advisory has announced that Peter Collini, Founder of corporate finance business Riverhill Partners has joined the firm as of 1st November 2021 as a Managing Director. During a career spanning more than 30 years, Collini has personally led over 70 financial restructuring and debt financing transactions with a combined value of over £20 billion,…
Read more
New Investec research has shown that nearly three out of four (73%) corporates and large SMEs are looking to strengthen cash reserves as part of the long-term switch in risk management, so they are in better shape for any future crisis. The change in policy and planning builds on experience during the Coronavirus crisis which…
Read more
New research by GoCompare has revealed the impact that soaring household energy prices are having on consumers’ plans to decorate their homes this Christmas. The research showed that 23% of those questioned will use fewer lights to save on energy whilst 12% will have no lights at all this Christmas. With a further 6% investing…
Read more
New research by finance company, Premium Credit has revealed that 59% of SMEs are relying on credit to pay for their insurance, borrowing on average around £1,832. Some 16% of SMEs claim to be using over £3,000 of credit a year to buy their cover. Premium Credit’s Insurance Index, which monitors insurance buying and how…
Read more
Trade credit insurer Atradius has appointed Oliver Ford as Country Manager, heading up multinational business for the UK. Ford returns to the Atradius UK headquarters in Cardiff after a decade, following senior roles in Hong Kong and London. With a degree in French, the Cardiff University graduate first joined Atradius in 2007 as a client…
Read more
Savants Restructuring and Savants Covenant Advisory have appointed Quantuma to oversee their own administration with immediate effect. The company has ceased to trade with immediate effect, after Adrian Duncan, a sole practitioner and Director of Savant, had his insolvency licence withdrawn by the Insolvency Service. Carl Jackson and Michael Hall of business advisory firm Quantuma…
Read more
Danske Bank has been reprimanded by the Competition and Markets Authority (CMA) over the treatment of some small businesses applying for Coronavirus Bounce Back loans, having required up to 205 firms to open business accounts to access a loan. The CMA said this meant the firms faced new fees, warning that the practice restricts customer…
Read more
Credit Connect’s hosted its inaugural Credit & Collections Technology Think Tank at the beginning of November in Manchester which saw credit and collections strategies and the impact of the pandemic discussed by sixteen professionals from a variety of industry sectors at the Midland Hotel in Manchester. The themes of credit and collections risk, affordability, vulnerability…
Read more
Late payments by UK retailers are at the highest-recorded levels, according to research by Sidetrade. The analysis found that almost a quarter (23%) of UK retail company invoices were deemed overdue in October. The research revealed that the proportion of invoices left unpaid* by UK retail companies in October 2021 hit an all-time high since…
Read more
New research from GoCardless, has revealed a quarter (25%) of British small business owners feel uncomfortable talking to their customers and suppliers about money in a business context, rising to 32% for women. Almost four in ten (38%) SME decision-makers say they feel awkward chasing customers for late payments and one in ten (10%) believe…
Read more
An investigation by consumer group Which? has found that banks are getting decisions about certain customer scams and reimbursement wrong in the majority of cases. The research has analysed which banks are most often found to be treating authorised fraud victims unfairly, with some firms getting decisions over scams and reimbursement wrong in nearly nine…
Read more