Small Businesses in ‘distress’ number triples
New data released by Accountancy firm Mazars has shown a worrying rise in the amount of UK Small Businesses in financial distress. Over 135,000 Companies were shown to be suffering from financial strain this...
New Small Business Commissioner urged to tackle late payments
Uk Sole traders group IPSE has called upon the new Small Business Commissioner Liz Barclay to take a tougher approach to late payments. IPSE has claimed the issue has become worse during the covid-19...
Public rallies to save Debt ridden Railway
News that the popular Welsh Llangollen railway has had to call in the receivers has been met with a wave of public support since it was announced. The North Wales tourist attraction had been...
Debt Collection notices helped reveal Employee’s £1.7m scam
When Company Bosses at a Scunthorpe based Business started receiving Commercial Debt Collection Agency letters alarm bells rang. Shortly after they found that one of their employees was stealing from the business on a...
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...
