Value of business loans written off by banks almost doubles

The value of UK business loans written off by banks nearly doubled in the last quarter of 2021, rising 87% from £190 million in the third quarter to £356 million in the fourth quarter according to research by debt advisory specialists ACP Altenburg Advisory. Altenburg explains that write-offs of loans have been subdued throughout the…

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Developing countries facing triple crisis

An economic research report by Atradius has found that many developing countries are facing a triple crisis in 2022 with the impact of the pandemic is being felt across the globe, particularly in small island economies which have historically been heavily reliant on tourism. Existing debt vulnerabilities were only aggravated by the pandemic. With global…

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Scottish business insolvencies rise by 58%

18th November 2021 Business | #business debt

The number of business insolvencies (liquidations and receiverships) in Scotland rose by 58% in October 2021 when compared with October 2020 according to latest Accountant in Bankruptcy (AiB) figures. In October 2021 there were 68 company insolvencies registered in Scotland, 58% higher than in October 2020 but 18% lower than in October 2019. This comprised…

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Government announces new laws to resolve remaining pandemic commercial rent debts

The Government has announced new laws and a Code of Practice to resolve the remaining commercial rent debts accrued because of the pandemic, Under the new code, commercial tenants will be protected from eviction until 25th March 2022, this follows government action last year to provide firms with breathing space and help protect jobs when…

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‘Toxic business debt’ soars to £1.9tn

New data from Begbies Traynor Group has found that UK corporate debt soared by £1.9 trillion in 2020 to £6.6 trillion, and 52% of UK businesses are now saddled with ‘toxic debt’ that may never be repaid. The analysis of 3 million tax returns by the restructuring and insolvency specialist, discovered that 2020 accounts show…

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One in ten small businesses worried about debt

26th October 2021 Business Lending | #business debt

Despite a big increase in the amount of borrowing by businesses since the start of the pandemic, only 11% of small and medium-sized enterprises (SMEs) say they are worried about their current level of business debt, according to new research from Lloyds Bank Business. The research, which polled SME business owners and decision-makers right across…

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Small businesses face risk of high indebtedness

13th October 2021 Business Lending | #business debt

The number of heavily indebted small businesses rose considerably over the course of the pandemic, the Bank of England has warned. Analysis by the Bank’s Financial Policy Committee has shown that debt taken on by SMEs rose by a quarter, with many companies which had not previously borrowed going into the red for the first…

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