Credit, Collections & Insolvency News
Transport disruption, labour shortages and fears of a winter fuel crisis have failed to dent resurgent small business confidence for the three months to Christmas. After a significant bounce-back in the spring, small business growth forecasts have hardly changed over the last nine months, with 35% of business owners predicting growth for the next three…
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Latest figures from the Insolvency Service have indicated that person insolvencies increased by 9.2% to 9,954 in September 2021 compared to August’s figure of 9,118, and were 33.2% higher than September 2020’s figure of 7,471. There were 614 bankruptcies were registered, which was 42% lower than September 2020 and 55% lower than September 2019. Numbers…
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The number of businesses in England and Wales that failed last month was the largest since the pandemic began, with Insolvency Service data showing that 1,446 company insolvencies were logged in September. Business insolvencies increased by 7.2% in September 2021 compared to August’s figure of 1,349, and increased by 55.8% compared to September 2020’s figure…
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Latest figures released by Accountant in Bankruptcy (AIB) have indicated that Scottish business insolvencies rose by 63% in September 2021. In September 2021 there were 70 company insolvencies registered in Scotland, 63% higher than in September 2020 but 8% lower than in September 2019. This was comprised of eight compulsory liquidations, 52 CVLs and 10…
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Latest statistics from the Insolvency Service have shown that Northern Irish personal declined and that business insolvencies increased in September when compared to 2020’s figures. In September 2021 there were 11 business insolvencies registered in Northern Ireland, 10% higher than in September 2020 but 69% lower than September 2019. This comprised of one administration, nine…
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Online shoppers are being bombarded with Buy Now Pay Later (BNPL) payment options at the checkout, often with little or no information about late fees, credit checks and the risk of falling into debt, a Which? investigation of more than 100 major retailers has found. Which? looked at 111 of the biggest online retailers in…
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Charles Randell, Chairman of the Financial Conduct Authority (FCA), will step down from the regulator a year earlier than planned. Randell, who took up the role in April 2018 and was meant to serve a five-year term, will leave the FCA and the Payment Systems Regulator in spring 2022, having spent four years in the…
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The High Court Enforcement Officers Association (HCEOA) has welcomed this week’s publication of a new Ministry of Justice guidance document entitled VAT on High Court Enforcement Officer Fees. The Ministry of Justice has released the new official guidance, which clarifies how VAT on High Court enforcement fees should be treated, following a range of discussions…
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Over one-third of care home residents face long term struggle of paying for their care according to new ONS statistics. The research found that in 2019/20 it is estimated 143,774 or 36.7% of people in care homes in England were self-funders. This compares to 248,153 who are state-funded. The South East had the highest proportion…
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The number of profit warnings issued by UK listed companies rose to 51 in the third quarter of the year, up 19 from Q2 2021, as threats to growth and profitability increased, according to EY-Parthenon’s latest Profit Warnings report. The report reveals that whilst a post-pandemic demand surge boosted sales for many businesses over the…
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New research from, fintech in account-to-account payments, GoCardless has revealed that the stigma attached to talking about money has left British small businesses vastly under- and unpaid. The findings indicate 29% of SME leaders feel uncomfortable asking customers for payment and nearly three-quarters (73%) are willing to forgo up to 10% of their annual turnover…
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A Bank of England (BOE) survey of lenders suggests that more households are expected to have defaulted on mortgages and other loans by the end of November. The Bank’s credit conditions survey asks banks and building societies to detail the climate over the previous quarter and what they expect in the next three months. While…
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Gas-only retailer, Daligas, has confirmed it is ceasing to trade, blaming the unprecedented energy market conditions, the record high wholesale prices and the current energy cap. Daligas becomes the 15th energy company to go bust year meaning that a total of almost 2.4 million customers have now seen their energy supplier exit the market in…
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