Credit, Collections & Insolvency News
A new survey by credit card brand Aqua has revealed that almost two in five people (38.8%) typically run out of money before their next payday. Almost a quarter of people (23%) worry every day about having enough money till payday, highlighting the financial pressures many households may face when trying to make their income…
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Latest figures from the Insolvency Service have shown the number of business insolvencies in England and Wales increased by 1% in August 2026 when compared to the previous month, with 1,946 cases compared to 1,934 in July. August’s figure was 3% lower than the same month in 2025, when there were 2,007 cases. The number…
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Latest monthly figures from the Insolvency Service for England & Wales showed that personal insolvencies decreased by 2% in August 2026 compared to the previous month, with 11,644 individuals entering insolvency in England and Wales. This was similar to July 2026 and 3% higher than in August 2025. The personal insolvencies consisted of 725 bankruptcies,…
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Latest figures from the Accountant in Bankruptcy (AiB) have shown that business insolvencies in Scotland fell in August 2026. There were 73 company insolvencies registered in Scotland, down 23% from August 2025. The business insolvencies comprised 30 CVLs, 35 compulsory liquidations and eight administrations. There were no CVAs or receivership appointments.
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Latest data from the Insolvency Service has shown that personal insolvencies increased whilst business insolvencies fell in Northern Ireland in August 2026. The data showed that there were 140 personal insolvencies; this was 4% higher than in August 2025. The insolvencies comprised 117 IVAs, 16 DROs and seven bankruptcies. Business insolvency data showed that insolvencies…
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Opus Advisory Group has announced the promotion of Mark Boast to Partner within its Restructuring & Insolvency division. Boast has nearly two decades of experience advising businesses, lenders and stakeholders across a wide range of complex restructuring and insolvency matters. Since joining Opus in 2022, he has played a key role in supporting clients and…
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New analysis from debt advice provider PayPlan has found that the average person seeking debt advice in 2026 is juggling 10 separate unsecured debts (such as credit cards, personal loans and overdrafts) totalling £22,717 – and is left with just £194 a month once essential living costs are met. The findings, drawn from 24,406 people…
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The Bank of England has held interest rates at 3.75%. Policymakers voted 6-3 to make no change, with three members voting for an increase by 0.25 percentage points. Three members voted to increase base rate by 0.25 percentage points, to 4%. Tamsin Powell, Consumer Finance Expert at Creditspring, said “Today’s decision to keep the base…
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Directors are being warned to verify their identities with Companies House or risk prosecution after the Insolvency Service secured its first convictions for these offences. Jill White and Marc Dillon, directors of White (Reading Properties) Limited, and Modinat Banjo, director of J Isogony Apparel Limited, were fined at City of London Magistrates’ Court. Identity verification…
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The Finance & Leasing Association (FLA) has welcomed proposals from the Solicitors Regulation Authority (SRA) to strengthen consumer protections around third-party litigation funding, but says the Government must go further by bringing commercial litigation funders within the scope of Financial Conduct Authority (FCA) regulation. The FLA’s response to the SRA consultation says regulating solicitors is…
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Bank lending to small businesses across Great Britain falls £27bn in three years, with nine in 10 postcode sectors receiving less finance. The data has revealed a sustained and widespread decline in high street bank lending to UK small businesses, with total outstanding SME credit falling to its lowest level in more than a decade.…
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Credit Connect has announced the shortlist of companies and partnerships for this year’s ninth annual Credit & Collections Technology Awards. The finalists for this year’s awards consist of 112 entrants (whittled down from nearly 130 entries) from over 60 companies on the shortlist. There are also 20 partner entries in the running to win across…
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A review by the Financial Conduct Authority (FCA) has found no evidence that its regulation is a major barrier to SME access to finance. Many of the challenges identified relate to wider market, information and capability challenges. The review found that the challenges are often greatest for microbusinesses, which make up 95.5% of all SMEs…
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