Monthly Archives: November 2010

OFT crackdown on illegal cold-calling in debt management sector

The OFT (Office of Fair Trading) has taken direct action against the lead generation firm Compensation Professionals Network Ltd (CPN) as part of a targeted crackdown on illegal cold-calling practices within the debt management sector. As a direct result of the OFT blitz, CPN no longer holds a consumer credit licence. Lead generation firms source [...]
Posted in Industry News |

HMRC reveals increase in bad debts to £6.4billion

The amount of money owed to the taxman, that HM Revenue and Customs (HMRC) no longer thinks it will recover, i.e. bad debt, has jumped by 40% in the last 12 months alone from £4.5bn to over £6.3bn. Many business owners are worried that this widening hole will lead to much more aggressive debt collection [...]
Posted in Blog, Industry News |

Business debt up as level of distressed hotels and restaurants keeps rising

According to Business Intelligence experts, Christie & Co, the hotel industry has seen a staggering 88% increases in the level of distressed hotel businesses sold during the last quarter, when compared to the previous year. The number of distressed restaurant sales doesn’t fare much better and were also up by some 67%. Steve Rodell, of Christie [...]
Posted in Blog |

NZ Court rules on £1.1m debt recovery seizure from bankrupt Briton

New Zealand police have uncovered an impressive hoard of gold bars, silver coins and various foreign currencies worth some £1.1m, hidden in secret compartments in the home of a retired UK psychiatrist who was declared bankrupt in 2009. Back in September of this year, the New Zealand Government was asked to seize the property following a [...]
Posted in Industry News |

Insolvencies down but overall commercial debt unchanged?

The number of companies falling into insolvency has dropped by 19% according to recently released official figures by the Government’s Insolvency Service. It was reported that some 633 companies in England and Wales were placed into administration during the third quarter (Q3) of this year which is the sixth consecutive quarterly drop and a 35% reduction [...]
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Even Sir Fred Goodwin’s new firm has cash flow problems

RMJM the Edinburgh based global architecture giant behind the Scottish Parliament and ranked the 5th largest architectural firm in the world has admitted cash flow problems resulting in wages being paid late over the past 12 months which is believed to have created an exodus of senior staff. When quizzed by press, an RMJM spokesman, refused [...]
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Business Debt News – Corporate Insolvencies are on the rise again?

Recent figures published by the Insolvency Service are thought to show that despite a growing economy, rates of personal and corporate insolvencies are on the rise again. According to reports, UK personal debt is just over £1.45 trillion (as at 31st September), meaning that individuals still owe more than the whole UK’s GDP (i.e. the amount [...]
Posted in Blog, Industry News |