City Council writes off £7.26m after Debt Collection efforts fail
Edinburgh City Council has been forced to write off a whopping £7.26m after Debt Collection efforts have failed to recoup monies owed to them.The accumulated debts were for unpaid parking fines, council tax and...
Insolvency service payouts hit new levels
The Insolvency Service paid out £453.4 million in missing wages and benefits to workers at firms that went bust last year. This is according to new data obtained.
The payments made by the agency, which...
Average Unpaid Small Business Debts rise by £173k
New research from Sage, has highlighted the impact of the Covid-19 pandemic with the average SME business now burdened with £173,000 additional debt per year.Ahead of the UK’s 2021 Budget and Economic Recovery Plan,...
Covid Loan Debt Collection talks hit brick wall
Plans to create a Nationwide Debt Collection service to recoup unpaid covid Business support loans have hit a brick wall according to latest reports.£45 Billion pounds have been lent to Small Businesses to help...
Drop in UK Business Insolvencies masking a grim reality
According to latest figures, Corporate and Business Insolvencies fell by 27.1% for 2020 in England and Wales. Unfortunately the statistics do not tell the whole story as many businesses in the UK are in...
Covid-19 continues to increase Business late payment
The coronavirus pandemic has exacerbated Business late payments for UK businesses, new figures from the Institute of Directors reveal.Over a third of company directors were polled by the IoD. They said they had faced...
630,000 UK Companies facing Insolvency
Around 630,000 businesses were experiencing significant financial distress in the last quarter of 2020, ahead of the current lockdown, according to research by the restructuring firm Begbies Traynor.The latest research for Q4 2020 recorded...
Millions of pounds going unpaid in rent arrears
is is now estimated that over Half a million private renters in the UK are behind on their rent. This information is according to new analysis by Citizens Advice.With a temporary ban on evictions...
Watchdog asks for help with Debt Collection guidance
The Financial conduct authority has asked banks, lenders and debt collectors for advice on how to deal with the fall out from emergency Covid-19 loans given out during the pandemic.The FCA is preparing new...
Top Legal firm warns of Insolvency tsunami
A Top 100 Law firm has warned of a possible tidal wave of insolvencies in Spring 2021 which risks paralysing the UK's courts system.Manchester based JMW Solicitor's analysis shows that corporate insolvencies are down...
