Credit, Collections & Insolvency News
The Insolvency Service is taking action against businesses abusing Covid-19 pandemic financial support with a Director disqualified for 12 years and five other companies wound up in the public interest after fraudulently claiming COVID-19 business support. Raashid Khan has been disqualified as a company director for 12 years after fraudulently claiming £50,000 through the Bounce…
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Almost one in six people expect to be over the age of 65 by the time they repay their mortgage (15%) according to research by Opinium. The research shows that among those who were aged 55 and over and still had a mortgage, one in five expected to repay over the age of 70 (19%),…
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Despite the extension of some lockdown measures across the household finances showed continued signs of improvement in the second quarter of 2021 according to new research by Scottish Widows. The research showed that there were improved trends for savings and a more positive outlook towards the longer term, as the easing of lockdown restrictions in…
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Insolvency and debt recovery specialist Moon Beever has announced that the firm has agreed to merge with Wedlake Bell effect from 12th July. Wedlake Bell is a top 100 City law firm with core strengths across Private Client, Real Estate, Business Services and Dispute Resolution. The firm has 60 Partners operating from its central City…
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One in five households (21%) are paying for subscriptions they have forgotten about or no longer use, according to research from comparethemarket.com these households are typically spending £265 a year on services they don’t need. The research found only 28% of households check every month how much they are spending on subscriptions. As a result,…
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Professional services business advice company, SKSi has announced the appointment of three insolvency experts to strengthen its team at its Edinburgh office. Shona Maxwell, Scott Bastick and Robin Panton join SKSi having previously worked together at another Scottish insolvency practice whilst Ross McClymont also joins the team as a Trainee Administrator. Maxwell has specialised…
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SMEs believe access to finance could become harder over the next three years, with the late payment of invoices flagged as an area of concern. A study by MBH Corporation found that while 40% of SME leaders believe applying for funding will become more difficult, just 10% expect the process to become easier. The study…
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Independent motor finance broker and technology provider Evolution Funding has announced it has appointed Daniel Reeve as its Chief Technology Officer (CTO). Prior to joining Evolution, Reeve held a number of senior technology appointments, including CTO at one of UK’s leading car park management companies, CTO at Capita (Travel and Events), and Technical Director at…
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The owners of small businesses in the UK are reporting increased levels of stress and anxiety as they try to plan a route back to profitable trading, according to a survey from ACCA UK (the Association of Chartered Certified Accountants) and The Corporate Finance Network (CFN). A figure of 37% business owners said they were…
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The number of pensioners in poverty has now passed the two million mark, with Black and Asian older people most at risk of struggling financially in later life, according to analysis by charity, Age UK. The charity is working with the DWP to encourage pensioners on low incomes to see if they can receive a…
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The trade body UKHospitality has warned that the newly announced four-week delay to restrictions being lifted could cost its sector as much as £3 billion in lost sales and will have a knock-on effect on bookings throughout the summer and into the autumn. Operators of bars, restaurants and nightclubs have been put under huge financial…
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The Federation of Small Business (FSB) is leading calls for a new strategy to help bolster ailing hospitality and tourism sector. Research by FSB has highlighted the devastating impact of the pandemic on the UK’s tourism and hospitality sector and its supply chain, and outlines what small firms, which make up the majority of the…
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The High Court Enforcement Officers Association (HCEOA) has released new guidance on VAT. The HCEOA has written to all members with an updated recommendation regarding the treatment of VAT on High Court enforcement fees, ahead of expected new guidance from the UK Government. The HCEOA has recommended to all members that their treatment of VAT…
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