Debt collection agencies news

• Map shows where Bailiffs in London are most used to collect debts

  04-10-2024 10:22 via ukdcnews.co.uk
  
  The London Borough of Croydon sends out the highest number of bailiffs in all of England and Wales to collect debts, according to a new interactive map. It sent out the most bailiffs for debt collection in London between 2022 and 2023, a staggering 86,295 referrals, with 36,122 of these referrals for council tax arrears.
  Martin Lewis’s charity, The Money and Mental Health Policy Institute, has said councils’ use of bailiffs for debt collection is “grotesque”, and “a
  
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• Law firm ‘disappears’ owing £37.5m to Creditors

  02-10-2024 10:22 via ukdcnews.co.uk
  
  The administrators of a collapsed Liverpool law firm have admitted they do not know if creditors will receive a return, amid ongoing uncertainty over exactly how the business came to grief.
  Joint administrators from Quantuma handling the affairs of McDermott Smith gave an update this month on progress, but said it could be another two years for the business to be liquidated.
  Quantuma was appointed by one of the firm’s lenders, Fenchurch Legal, in July. The Solicitors Regulation Authority c
  
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• City Council owed £229m in Unpaid Debt

  18-09-2024 10:30 via ukdcnews.co.uk
  
  Bristol City Council is owed £229m in unpaid debt, included nearly £52m of council tax it has failed to collect.
  However unpaid invoices account for much of the debt – £88.6m – and £30.9m of this is not due until next year.
  Bristol City Council revealed the figure – which also included rent arrears and clean air zone (CAZ) charges – in a report to the strategy and resources policy committee on Monday.
  Other reasons cited in the report are cost of l
  
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• Authorities issue Scam Invoices warning

  17-09-2024 11:27 via ukdcnews.co.uk
  
  The Intellectual Property Office (IPO)  has issued a fresh warning to customers to beware of misleading requests for payments, sent by unsolicited organisations. These typically take the form of invoices requesting payment for trade marks, designs, or patents services.
  Such ‘services’ – once paid for – may simply never be provided, or may be of little or no benefit to the customer (for example, inclusion on an ‘exclusive online register’, not recogni
  
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• Londons lettings market being plagued by Rogue Tenants

  13-09-2024 12:58 via ukdcnews.co.uk
  
  London estate and lettings agent Benham and Reeves has uncovered a growing wave of fraudulent activity with rogue tenants targeting landlords in the capital. With forged IDs, doctored documents, and undeclared financial issues becoming increasingly common, the firm reports that fraudsters are finding new ways to exploit the city’s high-demand rental market. This alarming trend is prompting calls for greater scrutiny and human involvement in tenant screening processes to protect landlo
  
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• Charity’s plea to restrict Council tax Debt Collection

  12-09-2024 11:42 via ukdcnews.co.uk
  
  The Charity, National Debtline says action is needed to improve debt collection practices at a effectively-bankrupt authority.
  Financially-stricken Birmingham City Council sent almost 60,000 debts to bailiffs last year – as a charity warned the tactic risked pushing those who owed cash to despair. The authority said it referred more than 58,500 cases in 2023-24, with the number increasing again following a drop after the pandemic.
  Council bosses said the 2022/23 total of 39,618 &
  
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• SME Late Payments increase by 48% says New research

  10-09-2024 13:30 via ukdcnews.co.uk
  
  Over 3.6 million (72%) small and medium-sized enterprises (SMEs) have some form of outstanding late payment from customers, leaving them £96,772 out of pocket on average, according to new research from Aldermore’s SME Growth Index.
  The total value of late payments has increased from the end of 2023, up 41% from £68,715 with outstanding balances continuing to present huge challenges for SMEs.
  On average, SMEs are likely to wait an extra 46 days for a late payment to be settled a
  
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• Council’s ineffective Debt Recovery leading to increased Bailiff usage

  06-09-2024 19:12 via ukdcnews.co.uk
  
  A debt advice charity has urged Warrington Borough Council to improve debt recovery methods after bailiffs were instructed 6,432 times in a year.
  New findings following a Freedom of Information Request revealed Warrington Borough Council sent 6,432 debts to bailiffs in 2022/23 – although the council says this was due to a backlog after suspending debt recovery for a three-year period during the pandemic.
  Now National Debtline has called for improvements to debt collection practices and is
  
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• New Data says outstanding invoices reach shocking levels

  02-09-2024 16:56 via ukdcnews.co.uk
  
  New research by Upflow has found that over half of outstanding invoices (57%) are late, with a third of invoices (33%) taking longer than 90 days to be paid.
  Upflow says that throughout several industries, there is a worrying trend that if outstanding invoices are not paid on-time or within the first 30 days of becoming overdue, they have a high chance of still being outstanding 90+ days after the due date.
  These numbers make it clear that we need to find a way to solve this growing issue. On av
  
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• Overdue Invoices in Scotland reaching high levels

  22-08-2024 09:32 via ukdcnews.co.uk
  
  The number of overdue invoices in Scotland has reached its highest level this year, according to new research from R3, the UK’s insolvency and restructuring trade body.
  R3’s analysis of data provided by Creditsafe shows that businesses in Scotland had 538,172 unpaid invoices on their books last month – the highest monthly total in 2024 so far.
  Unpaid Invoices in Scotland
  Overdue invoices in Scotland increased by 27.7% in July 2024 when compared to July 2023’s figure of 42
  
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• Contractor wins Late Payments legal dispute

  19-08-2024 09:26 via ukdcnews.co.uk
  
  An East Grinstead contractor has successfully overturned a legal decision that found it was wrong to terminate its contract with a housing association over repeated late payments.The dispute arose from a JCT contract between Providence Building Services Limited and Hexagon Housing Association Limited (Hexagon) for the construction of buildings in Purley, valued at £7.2m.
  The key issue was whether Providence could terminate its contract after Hexagon failed to pay an invoice on time, even t
  
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• 2.7m Debt Cases passed to Bailiffs by Councils

  06-08-2024 10:22 via ukdcnews.co.uk
  
  More than 2.7 million debts were referred to bailiffs by local authorities in England and Wales during the 2022/23 financial year, according to new research conducted by the Money Advice Trust, the charity that runs National Debtline, and the Centre for Social Justice think-tank.
  The findings, based on Freedom of Information requests to local authorities, form part of wider research into council tax debt and collection practices published by the Centre for Social Justice, which reveals that 1.3
  
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• Report estimates 110,000 SMEs at risk of Insolvency

  01-08-2024 09:34 via ukdcnews.co.uk
  
  A new SME insights report by Dojo has revealed that an estimated 110,940 SMEs are at risk of going bust due to having no cash left to support business operations.
  The study also revealed that over 30% of SMEs cited rising inflation and high interest rates as their biggest challenge for 2024. Additionally, 1 in 6 SME owners felt unconfident to some extent in their understanding of the term ‘cash runway’ – the number of months a business has until cash runs out.
  2% of businesses
  
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• Arrest warrant issued for Insolvent celebrity after Court no show

  31-07-2024 09:19 via ukdcnews.co.uk
  
  An arrest warrant has been issued for Katie Price, after she failed to attend a court hearing relating to her bankruptcies.
  Insolvency and Companies Court Judge Catherine Burton said Ms Price had received “very clear warnings” that she must attend the hearing on Tuesday.
  The former glamour model had not responded to HM Revenue & Customs (HMRC) over her debts, a court heard.
  The demand for payment was made by HMRC last October.
  A judge at a previous hearing said the former glamour
  
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• New Data shows Small Business Late Payments increasing

  29-07-2024 11:41 via ukdcnews.co.uk
  
  Late payments to UK small businesses surged over the last three months, with payments delayed by more than a week on average, according to the latest research by Xero.
  Payments to small businesses were made 7.3 days late, on average, between April and June. This is an increase of 1.8 days compared to the January and March Quarter, and represents the largest quarterly increase for four years, when pandemic uncertainty prompted a short-term spike. The largest increases in late payments were seen i
  
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• EU Late payment reforms to be scrapped

  25-07-2024 07:59 via ukdcnews.co.uk
  
  The European Commission is reportedly set to scrap a controversial overhaul of EU late payment rules after a lack of support from several EU member states.
  The Commission proposed in September last year to limit all payment terms to a maximum of 30 days, prompting warnings from trade bodies that the reforms could make it unviable for banks to support supply chain finance facilities and increase costs for SMEs. 
  An amended version of the text was adopted by the Europ
  
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• Agricultural firm collapses into Administration

  23-07-2024 18:00 via ukdcnews.co.uk
  
  A highly regarded Newton Abbot Agricultural farm and garden machinery specialist has formally entered administration.At a meeting held with creditors last Tuesday (July 16), directors passed a resolution to voluntarily wind up C R Willcocks and Company Ltd and to appoint Mark Bowen of MB Insolvency as liquidator.
  C R Willcocks, which sold and repaired farm and garden machinery, unexpectedly shut its doors for good in June. At the time, the firm gave no explanation for its sudden closure and dele
  
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• Sharp rise in June for Business Insolvencies

  23-07-2024 11:27 via ukdcnews.co.uk
  
  Latest figures from the Insolvency Service have shown that there were 2,361 business insolvencies in England & Wales in June 2024, 16% higher than in May 2024 (2,040) and 17% higher than the same month in the previous year (2,016 in June 2023).
  The insolvencies consisted of 302 compulsory liquidations, 1,866 creditors’ voluntary liquidations (CVLs), 170 administrations and 23 company voluntary arrangements (CVAs). All types of company insolvency were higher than in both June 2023 and M
  
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• Council turns to Debt Collection Agencies for help

  22-07-2024 18:08 via ukdcnews.co.uk
  
  A Freedom of Information request has revealed £1.997 million of Maldon district council-related debt was sent to external debt collection agencies in the 2023/24 financial year.
  These debts include failures to pay Council Tax, Business Rates, parking fines and housing arrears.
  This is the highest amount of debt sent in the last three years, with debt sent totalling £1.39 million in 2022/23 and £1.93 million in 2021/22.
  The information detailing the total amount of recovered deb
  
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• Council’s huge £12.4m Debt Collection Challenge

  18-07-2024 10:16 via ukdcnews.co.uk
  
  Steps have been taken to claw back millions of pounds owed to Swansea Council after auditors warned that action was needed. At the end of January this year debtors owed the council £12.4 million, a council report said. This was money owed for upwards of one month, in some instances for more than a year, and in a small number of cases more than seven years – at which point the debt is written off.
  In-house auditors assessed the team responsible for managing council unpaid in
  
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• Rogue Insolvency firm shut down by Courts

  17-07-2024 07:50 via ukdcnews.co.uk
  
  A court has wound up a Manchester firm which offered unlicensed Insolvency Practitioner (IP) services.
  Save Consultants Ltd claimed to provide insolvency practitioner services when none of its current or former directors were licensed. Its actions risked undermining the insolvency regime and the company’s directors refused to explain its trading practices to investigators
  The company has been closed down following investigations by the Insolvency Service, with the Official Receiver appoint
  
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• Consumers want New Government to act on Late Payments

  12-07-2024 09:55 via ukdcnews.co.uk
  
  Xero, the global small business platform, today announced the findings of its ‘Settle Up’ report, which found 62 per cent of UK consumers surveyed expect tackling late payments to be a priority for government.
  For decades, policymakers pledged to address the power big businesses hold over small firms, which last year cost small businesses an estimated £1.6 billion. Now, as the issue has become more entrenched, so has it entered public discourse; in fact, 80 per cent of consumer
  
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• Increase in UK Businesses filing for Administration

  09-07-2024 07:42 via ukdcnews.co.uk
  
  A total of 879 UK businesses filed for administration in the first six months of 2024 – a 42% and 16% increase compared to 2022 and 2023 respectively, according to analysis by full-service law firm Shakespeare Martineau.
  Retail, manufacturing, construction, real estate and hospitality were the worst-hit sectors for the second year in a row, accounting for 57% of all administrations.
  Regionally, Greater London led the way with 22% of the filings, followed by the North West (17%) and Yorkshi
  
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• Commercial Landlords struggling says new study

  08-07-2024 08:04 via ukdcnews.co.uk
  
  A new study from infinitSpace also found more than one-in-seven commercial landlords believe their buildings are at risk of closing by 2029, amid affordability and mounting debt concerns.
  From early in the first lockdown in 2020, commercial landlords were banned from exercising most of the usual remedies available to them to enforce rent arrears that fell due during the period of the pandemic, as a measure to protect tenant businesses.
  The banned remedies included forfeiture of leases due to ren
  
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• Unpaid Architect Fees forces firm to close down

  04-07-2024 14:13 via ukdcnews.co.uk
  
  Well established Gareth Hoskins Architects has announced a shock decision to cease their UK operations as a result of unpaid architect fees.
  In a statement, the practice cited an ‘outstanding six-figure debt’ for precipitating the decision amidst a difficult trading environment contributing to multiple project delays.
  In a trading update, the practice wrote: “Hoskins Architects Group Limited is sorry to announce that the directors of its UK trading subsidiary Gareth Hoskins Arc
  
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• Liquidators appointed as Cazoo officially winding up

  04-07-2024 09:14 via ukdcnews.co.uk
  
  Cazoo Group Ltd has announced that the company is officially winding up, following the company’s extraordinary general meeting yesterday (July 2).
  Shareholders approved resolutions for the company to be placed in voluntary winding up, the appointment of voluntary liquidators and their renumeration at the EGM.
  The Securities and Exchange Commission notice from Cazoo says that it will be placed in voluntary liquidation based on the fact ‘it is unable to pay its debts’.
  The volunt
  
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• Election sheds light on each Parties plans to combat Late Payment

  03-07-2024 13:00 via ukdcnews.co.uk
  
  With tomorrow’s election looming, promises have been made by the Politicians on how they each plan to combat late payment.
  All the major political parties are making pledges to tackle late payments that hurt business growth in the UK. The Conservatives, Labour and Liberal Democrats have all made promises to tackle the late payments crisis harming businesses.
  Labour says it would stamp out the late payment of invoices via new legislation to force large businesses to reveal their payment pra
  
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• Football Club handed fine due to Unpaid Invoices

  02-07-2024 10:19 via ukdcnews.co.uk
  
  Oxford United have been fined £3,500 and handed a suspended one-year transfer fee ban,  as a result of the club accumulating 30 days or more of late payments in the 12-month period from 1 July 2023 to 30 June 2024.
  Initially, the U’s were issued with a three-transfer window fee restriction which would have seen them only able to sign free agents during that period of time.
  “Due to an isolated administrative error, the club were reported to the EFL for late payments to
  
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• ‘Fresh Air Invoicing’ Fraud rising warns Insolvency Practitioner

  01-07-2024 09:37 via ukdcnews.co.uk
  
  An Insolvency practitioner for an accountancy firm has warned of a growing trend of ‘fresh air invoicing’.
  Stephen Grant of Azets, an accountancy and advisory firm with offices in Poole and Blandford, announced rising instances of financially strained firms issuing invoices unrelated to any trading transaction.
  The practice – coined ‘fresh air invoicing’ – deceives finance companies into advancing 70 per cent to 90 per cent of the falsely c
  
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• Director ordered to pay back £50m to pay Company Debts

  28-06-2024 07:58 via ukdcnews.co.uk
  
  Ex-BHS director Dominic Chappell has been ordered to pay £50m to cover company debts and losses the firm incurred before its collapse.
  A High Court judge said Mr Chappell tried to “plunder the BHS Group whenever possible” after he bought the company for £1 from Sir Phillip Green in 2015.
  The ex-director was imprisoned for six years in 2020 over tax evasion.
  He has since been sued by BHS liquidators FRP Advisory.
  At a hearing on Tuesday, Mr Justice Leech said Mr Chappell n
  
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• Small Business Late Payment a growing issue for 1 in 5 SMEs

  26-06-2024 09:50 via ukdcnews.co.uk
  
  New research from Premium Credit has shown that late payment issues are easing for SMEs but still remain a concern.
  Its Insurance Index, which monitors insurance buying and how it is financed, found one in five (20%) of firms reporting a growing problem with late payment of bills with 5% warning the issue has become much worse.
  That is substantially down on the 28% of firms saying late payment problems had worsened in the past 12 months which included 7% saying it had become much worse when the
  
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• HMRC ‘sorry’ for Terminally ill Pensioner’s Debt Collectors threat

  25-06-2024 14:18 via ukdcnews.co.uk
  
  A pensioner who is terminally ill has been threatened with debt collectors by HMRC, after he didn’t receive confirmation that he had paid the correct tax bill.
  HMRC has been accused of threatening a terminally ill 92 year old man with debt collectors. A reader of The Guardian newspaper wrote in to share that “he is 92 and doesn’t actually owe the money, but there is nothing he can do to stop the tax demands coming”.
  The reader, identified as JP, explained: “HMRC has
  
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• Law Firm Manager stole £176k from Clients Account

  24-06-2024 09:44 via ukdcnews.co.uk
  
  A former Law Firm manager who transferred thousands of pounds from client accounts has said she was trying to stop the business from failing.
  Jacque Aitken, an Office Manager employed by Hampshire law firm Simpkins & Co Solicitors for eight years, admitted transferring money from the client account to the office accounts on two matters without the client’s knowledge or consent, according to a Solicitors Regulation Authority (SRA) decision notice. She accepted that her conduct had been
  
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• British Gas Apologises for Debt Collection Agency Error

  23-06-2024 17:22 via ukdcnews.co.uk
  
  British Gas has apologised after it told a customer it was sending his details to a debt collection agency for a £2,500 bill which the energy supplier had charged in error.
  John Spink received a letter in April saying he owed the large sum following months of seeing his gas and electricity bills spiral after he had a smart meter installed in his home.
  Despite several letters, emails and phone calls with the help of a neighbour objecting to the bill, British Gas told the 79-year-old his det
  
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• Business Insolvencies drop 6% in May

  21-06-2024 10:00 via ukdcnews.co.uk
  
  Latest figures from the Insolvency Service have shown that there were 2,006 business insolvencies in England & Wales in May 2024, a decrease of 6% when compared to April 2024 figures (2,144) and 21% lower than the same month in the previous year.
  The business consisted of 271 compulsory liquidations, 1,590 creditors’ voluntary liquidations (CVLs), 126 administrations and 19 company voluntary arrangements (CVAs).
  CVLs accounted for 79% of all business insolvencies. The number of CVLs de
  
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• Unpaid Council Tax Debt hits £6bn pounds

  20-06-2024 10:05 via ukdcnews.co.uk
  
  Latest data published by the Department for Levelling Up, Housing and Communities (DLUHC) show unpaid council tax debt has reached a total of £6 billion as of 31stMarch 2024.
  This shows a 9% year-on-year rise and an 71% increase since before the pandemic – the total outstanding arrears stood at £3.5 billion in 2019 to 2020.
  Over the same period, the average amount of unpaid council tax debt per StepChange client has risen by over 50% from £1,146 in 2019 to £1,726 in
  
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• Construction sector has the highest rate of Insolvencies

  19-06-2024 09:09 via ukdcnews.co.uk
  
  The Construction sector was the worst hit industry for insolvencies in the year to April 2024, the Insolvency Service has revealed.
  Some 4,401 construction companies in England and Wales registered as insolvent in the period – 18 per cent of all businesses to do so.
  The figure is almost 500 more than the next worst-hit industry, wholesale and retail, which saw 3,906 insolvencies. Accommodation and food service activities was the third-worst sector, seeing 3,821 cases.
  New Construction sec
  
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• Troubled Fashion retailer avoids Administration

  18-06-2024 10:24 via ukdcnews.co.uk
  
  Troubled fashion retailer Superdry has received court approval for its restructuring strategy as it looks to avoid administration.
  The announcement on Monday comes after the firm’s shareholders on Friday approved a proposed £10m equity raise to help turnaround its finances.
  The raise will be underwritten by Superdry’s chief executive Julian Dunkerton and is due to take his total stake to 75 per cent. The majority of Superdry’s creditors, including land
  
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• Increase in Unpaid Rent Arrears at the end of tenancies

  14-06-2024 11:29 via ukdcnews.co.uk
  
  Tenancies ending with unpaid rent arrears of more than five weeks’ rent have leapt to 17%, new research reveals.
  The findings from deposit alternative platform Reposit show that landlords needed to reclaim at least five weeks of rent to cover costs such as arrears or damage.
  Increasing problem
  This figure rose 4% from a previous average of 13% last year.
  Reposit examined its own data from tenancy agreements that have come to an end during 2024.
  So far this year, Reposit found 49%
  
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• ULEZ fines create £218 million pound Debt Pile in London

  13-06-2024 12:25 via ukdcnews.co.uk
  
  A staggering £218 million is owed in unpaid ULEZ fines in London, according to official figures.
  A Freedom of Information (FOI) request revealed that more than 1.3 million penalty charges (PCNs) were issued from September 2023 to April 2024.
  But Transport for London (TfL) admitted that over 70% of the fines have remained unpaid.
  The transport authority also revealed that one driver had received over 200 fines for a single non-compliant vehicle, but hasn’t yet paid a penny of the
  
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• Labour promises to crack down on Small Business Late Payment

  12-06-2024 10:56 via ukdcnews.co.uk
  
  Labour says it will scrap business rates and crackdown on Small Business late payment as part of a package of measures to help small businesses.
  The party is also planning to boost small business exports by publishing a trade strategy and delivering clear advice to get new businesses exporting, and tackle anti-social behaviour with town centre police patrols.
  It says that scrapping business rates will level the playing field between the high street and online retailers.
  On Saturday, Labour leade
  
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• Bankrupt Sporting legend could be forced to sell Gold Medals

  10-06-2024 08:49 via ukdcnews.co.uk
  
  Sporting legend Sir Bradley Wiggins has been declared bankrupt and could be forced to hand over his medals and trophies as his financial difficulties continue to mount.
  Wiggins, who retired from the sport in 2016 after a decorated career, has racked up huge amounts of debt with numerous business ventures over the years.
  Wiggins Rights Limited, a company owned by ­Wiggins, his former wife Cath and his mother Linda, entered liquidation in 2020 with debts amounting to £650,000.
  
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• Scottish Man sent to prison after ‘trying’ to collect Business Debt

  06-06-2024 10:37 via ukdcnews.co.uk
  
  A Scottish man who decided to recklessly act as a unlicensed Debt Collector recovering a business debt, has been punished in the courts for his unlawful actions.
  The man banged on a customers door and shouted threats in the middle of the night over an unpaid business debt has been subsequently jailed.
  The unpaid business debt is believed to have been owed to the mans employer.
  Christopher Bett, 34, of Cardenden, appeared for sentencing at Dunfermline Sheriff Court.
  He admitted that on September
  
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• Iconic UK Bicycle manufacturer enters liquidation

  05-06-2024 13:00 via ukdcnews.co.uk
  
  An iconic bicycle manufacturer is to enter voluntary liquidation after almost 80 years crafting and designing bicycle frames.
  Mercian Cycles, based in Derby, launched in 1946 and has continued to create bespoke bikes by hand throughout its history.
  Its products have been used by cyclists who have set world records and individuals who have undertaken trips around the globe.
  Opus Business Advisory Group, which is acting for the company, has confirmed Mercian Cycles is in the process of entering vo
  
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• Debt Relief Orders hit record numbers

  05-06-2024 08:46 via ukdcnews.co.uk
  
  A record number of Debt Relief Orders (DROs) were taken out in April, as the £90 fee for the insolvency option was scrapped.
  DROs are available to those on low incomes and clear existing debt on everything from council tax to energy bills and rent.
  Some 3,436 Debt relief orders were taken out in April – the highest monthly number since they were introduced in 2009, figures from the Insolvency Service, external show.
  It drove a rise in the total number of insolvencies in Eng
  
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• Mortgage Borrowing decreasing in 2024

  04-06-2024 14:26 via ukdcnews.co.uk
  
  UK Finance has released its latest Household Finance Review for Q1 2024 with the reporting highlighting that mortgage borrowing has decreased when compared with the same period the year before, despite a rise in mortgage applications at the end of 2023.
  Towards the end of last year as mortgage borrowing rates started to reduce, there was a noticeable uptick in the number of mortgage applications. This suggested the market might see a recovery in the first half of 2024 as the applications followe
  
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• RS Group Maintains An Unparalleled Lead In Quality In Sounder Beacon

  04-06-2024 14:13 via ukdcnews.co.uk
  
  An emergency can disrupt your flow and cause massive havoc. Mass discord and hysteria among people can lead to more casualties. Therefore, emergency alert systems have emerged as a valuable tool to mitigate such risks. Among these, sound beacons have become a valuable contributor. 
  While countless options are available to select sounder beacons, RS Group has surpassed quality expectations. With their RS Pro Range, they are achieving new benchmarks. Here is a brief evaluation of RS Group&rsq
  
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• Small Businesses owed £23k on average amid rising energy bills

  03-06-2024 17:01 via ukdcnews.co.uk
  
  Small businesses were owed almost £23,000 in late payments for a month, according to new data, adding to the sky-rocketing energy bills that are piling pressure on concerned business owners.
  Late payments totalled £22,700 for the average small business, with at least one overdue invoice in May, representing a 6% year-on-year rise.
  This amounts to 65% of their average monthly turnover, new data from accounting software Intuit QuickBooks showed.Companies are expected to pay most invoic
  
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• US Company seizes Football club over large Unpaid Debt

  03-06-2024 10:47 via ukdcnews.co.uk
  
  US investment fund Oaktree Capital Management has taken control of Italian champions Inter Milan after the football club’s previous owners, Chinese conglomerate Suning International Holdings, defaulted on a large unpaid debt of £335m.
  Suning’s debt relates to a loan of €270m taken out in 2021, which has accrued interest at 12 per cent and was due for repayment on Tuesday. The default entitles Oaktree to Suning’s stake, although it must pay for the share according to
  
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• April saw surge in Company Insolvency says latest data

  31-05-2024 09:50 via ukdcnews.co.uk
  
  The latest Insolvency Service figures for April 2024 show there was a startling rise in Company Insolvencies.
  England and Wales witnessed a significant rise in company insolvencies, marking an 18.4% increase from March 2024 and a 5.4% uptick compared to April 2023.
  The total number of registered business insolvencies for the month reached 2,177, comprising 300 compulsory liquidations, 1,715 creditors’ voluntary liquidations (CVLs), 144 administrations, and 18 company voluntary arrangements
  
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