Bankruptcy figures hit 22 year record low
The number of individuals entering bankruptcy has hit a record 22-year low with only 1,938 bankruptcies occurring in the third quarter of 2021. At the same time, the number of individuals entering a debt...
Unpaid Invoices as high as £200k affecting 1 in 5 SME’s
Newly released data from Time Finance has revealed some startling findings. The data shows that an astonishing 70% of SME's and Small businesses are suffering from late payments from their customers. Time finance, a...
Survey shows true cost of Businesses chasing late payments
A shocking survey has revealed that 32% of businesses are spending up to 75% on late payment issues. Businesses are surprisingly spending more time chasing overdue debts when that time would be better used...
Number of Insolvent Businesses rises in September
The number of businesses in England and Wales that went bust last month was the largest since the pandemic began. The latest Insolvency Service data shows that 1,446 company insolvencies were registered last month.Business...
Small Business Debt Collection action ‘imperative’
New figures released show that Small Business Debt Collection is needed more than ever.It has long been known that Late Payments threaten the well being of Small Businesses. New invoicing app players 'Tomato Pay'...
The real cost of Small Business late payment
The financial impacts from COVID is forcing many SME's into bankruptcy. One of the major instigators of this is the late payments issue, which has increased by 20% from last year, to £61billion.
As the...
A third of SME’s worried about repaying Covid Support loans
Over a third (35 per cent) of small- and medium-sized enterprises (SMEs) are concerned about their ability to start repaying Covid support loans, research has found.An EY survey of 712 UK SMEs has found...
Unpaid CCJ offers early ‘Insolvency Warning sign’ says new data
New data from the Registry Trust has indicated that 47% of businesses that became insolvent in May and June 2021 had an outstanding county court judgment (unpaid CCJ) against them. Whilst 78% of those...
Waves of Small Business Insolvency expected over next few years
As many as 15% of the UK’s SMEs are rated ‘fragile’ and risk insolvency during the next four years as Covid-19 state support schemes are withdrawn, according to research by Euler Hermes.State support softened...
Debt Collection firms targeted via the ‘Buy now, Pay later’ industry
Debt Collection firms that collect monies on behalf of the BNPL (buy now pay later) sector are being targeted. Regulators have been called upon to crack down on ‘buy now, pay later’ companies.A recent...
