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Recovering Business Debts during Coronavirus

Recovering Business Debt during Coronavirus New Emergency Business measures have been revealed that will restrict recovering business debts during the Coronavirus pandemic. Yesterday, details of the expedited measures to ‘protect’ companies were reported in a shock move by the Department for Business. The New measures purport to include preventing Court Action to recover Business Debt and […]

23% Increase in Unpaid Business invoices

23% Increase in Unpaid Business invoices Unpaid Business Invoices are on the increase according to new data from finance experts. There has been a sharp rise of 23% according to AI platform provider Sidetrade since the lockdown began. This follows an analysis of 26 million B2B invoices. The payment behaviour of 3.7 million firms in […]

Business Customers not paying due to Coronavirus?

Business Customers not paying due to Coronavirus? It is an unfortunate fact that many firms in the UK are faced with Business Customers not paying due to Coronavirus. As well as decreased sales, existing customers not paying is putting a major strain on small Businesses cash flow situation. Whilst it is understandable that some business […]

Student Loans Firm Tightening Debt Procedures

£29m has been written off as the firm responsible for the student finance system firm tightens its debt recovery procedures. With new means of revealing debtors’ work and income status, and advancement in chasing European students who have since left the country, the Student Loans Company (SLC) have made improvements across the board in an attempt […]

Are Directors Liable for Company Debts?

Are Directors Liable for Company Debts? Normally, Directors of Limited Companies in the UK are not usually held personally liable for Limited Company debts. Sometimes, the courts can hold one or more of a company’s Directors accountable for a firm’s debts during an insolvency process if a Director has found guilty of wrong-doing. Once a […]

“Take action to collect owed Monies”

Take action to collect owed Monies Experts are sending out the message to take action to “Collect owed monies or put your company at risk”. More than ever, businesses are failing due to the very solvable issue of unpaid business invoices. According to R3, a leading UK trade insolvency trade organisation, almost a quarter of […]

Customer gone into liquidation – so what now….?

Customer gone into liquidation? After the Christmas period, January is often a very challenging time for businesses – large and small. If the Christmas period hit them particularly hard, some firms are forced to call in the administrators or go into liquidation. If you have a supplier or customer that has gone into liquidation taking […]

UK economy needs infrastructure stimulus, says BCC

The British Chambers of Commerce has called for more government spending on infrastructure as it predicted that UK GDP would shrink by 0.4% in 2012. The BCC also cut its forecast for 2013, from 1.9% to 1.2% growth. The industry body said the eurozone crisis and a sharp rise in food and oil prices posed […]

Commercial Insolvency levels Improve

Business insolvencies have fallen slightly in June, according to Experian’s latest Business Insolvency Trends report. 0.08% of the business population became insolvent in June, a small improvement on 0.09% in the previous month. SMEs with between 1-100 employees were the only group to see improvements in their insolvency rates. Those businesses with 101 or more […]

Government scrap Insolvency reforms

Despite complaints from insolvency practitioners that staff and budget cuts at the Insolvency Service are allowing unscrupulous directors to escape justice, the Department for Business, Innovation and Skills shelved an initiative to streamline the process for reporting misconduct. The Government said a drive to reduce red tape for the smallest companies was behind the decision. […]

Banks hit by fresh mis-selling scandal

Britain’s big four high street banks could be forced to pay millions of pounds in compensation to small businesses, after the main City regulator found they mis-sold complex insurance products in more than 90% of cases. The Financial Services Authority said the banks will conduct a review of small business accounts to determine the extent […]

Bankrupt Man sent to prison for Debt evasion

  A bankrupt has been handed a 12-month prison sentence after he was found guilty of removing money from accounts and failing to disclose funds to the Insolvency Service. Michael Gerald Sheehy of Exeter pleaded guilty to three counts of removing money from his accounts and one count of failing to inform the official receiver […]

Our top 10 tips for avoiding bad debtors

Despite the assurances of an improving economy, many businesses are still vulnerable in the chase for new business. Small businesses especially are vulnerable to slow-paying or non-paying large clients. It is an unfortunately common situation for businesses to experience clients that leave invoices unpaid. Maintaining a positive cash flow and avoiding bad debts should be […]

Exclusive look: UK’s No1 Debt Collection Agency

Federal Management is the UK’s Number 1 debt collection agency that specialise in Private & Commercial claims. When it comes to collection we pride ourselves on being professional, proactive and pragmatic. Our collection agents are extremely competent in maintaining the highest standards of ethics and are 100% committed to achieving outstanding results for our clients. […]

Stricter Credit Control Key to Improving Cashflow

Businesses are being urged to impose stricter cash and credit control procedures as a means of preventing late payments by a leading UK bank. A recent survey by Yorkshire Bank has indicated that although the amount of time taken to collect overdue payments fell slightly from 52 to 49 days many firms are still worried […]

British Chambers of Commerce Slashes Growth Rate

The forecast for economic growth for 2012 has been slashed from 0.6% to 0.11% by the British Chambers of Commerce. However, the group did increase its forecast for 2012 with a change in figures from 1.8% to 1.9%. The data was revealed in the latest Quarterly Economic Forecast, released by the British Chambers of Commerce, which […]

New Credit Ratings Rules ‘To Help Markets’

Tighter controls on credit ratings agencies should steady volatile markets and cut out conflicts of interest, MEPs have said. A plan approved by the European Parliament’s Economic and Monetary Committee now triggers talks with EU governments and the European Commission on the final terms of new legislation designed to curb agencies’ powers. Italian socialist MEP […]

Chairman of Barclays Resigns

Barclays today announces the resignation of its Chairman, Marcus Agius. The search for a successor both from within the existing Board members and from outside will be led by Sir John Sunderland and will commence today. Mr Agius will remain in post until an orderly succession is assured and Sir Michael Rake has been appointed […]

ONS: UK Unemployment Rates Drop

New figures released by the Office for National Statistics has revealed that UK unemployment rates have fallen for the first time since last spring. The amount of unemployed fell by 35,000 to a new figure of 2.65 million for the period of December to February and the rate of unemployment dropped slightly from 8.4% to […]

Council -Utilising Debt Collection Service

Sheffield council have joined the list of bodies that have introduced debt collection agencies and bailiffs in an attempt to recover unpaid debts. With councils encouraged to utilise private debt collection agencies and then Councils Following Up On Debt Collection Agency Recommendation by utilising more debt collection agencies as a means of recovering outstanding debt it is evident that […]