Monthly Archives: May 2011

Increased levels of late payments, debt recovery and bankruptcy for hauliers

According to research conducted by the invoice finance firm, Bibby Financial Services, more than 50% of UK logistics firms had to cut costs during Q1 of this year, due to an industry wide poor start to 2011. Edward Rimmer, UK CEO of Bibby Financial Services speaking of smaller firms in the sector, said: “The SMEs will [...]
Posted in Blog, Industry News |

Bad Debt fears widen as Retail failures continue to increase

Further to last week’s blog on the risk to bad debt levels as retail administrations hit a two year high, further scrutiny of the latest statistics from the Insolvency Service and analysis from KPMG have also shown a substantial rise in the number of retail administrations, but also in a rise in retail company voluntary [...]
Posted in Blog, Industry News |

Debt Recovery and Debt Collection Mis-trace issues

Mis-trace is one of the biggest issues for the Debtor Tracing, debt collections industry and for the debt buying industry, and recently the improvement in the accuracy of debt data has been championed by The Debt Buyers and Sellers Group (DBSG). The Debt Buyers and Sellers Group which in turn is part of the Credit Services [...]
Posted in Blog, Industry News |

HMRC tax evasion and tax debt task force

As HM Revenue & Customs (HMRC) announces that it has launched task forces across the UK to tackle tax evaders, RSM Tenon, (a top 10 UK accounting firm) says this is yet another example in a series of initiatives that HMRC have begun to step up the battle against tax evasion, non compliance and bad [...]
Posted in Blog, Industry News |

Bad Debt risk as retail administrations hit two-year high

The number of retail firms in the North West which fell into administration during the first quarter of 2011 has increased by 30% to 60, compared with 46 in the same period last year (2010). The figures, according to accountancy firm Deloitte mean that this is the highest rate of retail administrations for more than [...]
Posted in Blog, Industry News |

What is a CVA , or Company Voluntary Arrangement?

A CVA is similar to an IVA (Individual Voluntary Arrangements), but is instead for use by companies rather than individuals. It is a legal procedure that enables a company in financial difficulty to make a legally binding agreement with its creditors in order to clearly outline how the company’s debtors and creditors will be handled. A [...]
Posted in Blog, Debt FAQs |