The Insolvency Service has today released it’s monthly report on company insolvency which shows a blanket rise across the board, compared to March 2022. Of the 2,457 registered company insolvencies in March 2023: There were 2,011 CVLs, which is 9% higher than in March 2022; 288 were compulsory liquidations, which is more than twice the number […]… Continue Reading
Government efforts to reform Companies House won’t achieve their aims without closing risky loopholes, insolvency and restructuring trade body R3 has warned. The Economic Crime and Corporate Transparency Bill aims to address the misuse of UK company registrations and removals by reforming the powers of Companies House. Nicky Fisher, Vice President of R3 said “The […]… Continue Reading
Recent statistics from the Government-backed British Business Bank (BBB) reveal that challenger & specialist banks have now overtaken traditional banks when it comes to small business lending. In a survey carried out in the last quarter of 2022, 55% of the small businesses questioned had accessed finance from a challenger or specialist bank as opposed […]… Continue Reading
Have you heard of the British Business Bank (BBB)? It was set up by the UK Government to help improve access to finance for smaller businesses. The bank doesn’t lend directly but has relationships with 130 lenders, leasing companies and venture capital funds. The BBB is currently administering the ‘Recovery Loan Scheme’ which helps UK […]… Continue Reading
New data from Mazars, the international tax firm, shows that HMRC tried to shut down 440 limited companies in the last quarter of 2022 over unpaid tax debts, a 46% increase from the 301 that it tried to close the previous quarter. Michael Pallott, Partner at Mazars, says that the number of winding-up petitions can […]… Continue Reading
National Insolvency figures published (14 February 2023) by the Government’s Insolvency Service have indicated that the number of registered company insolvencies in January 2023 was 1,671: 7% higher than in the same month in the previous year (1,567 in January 2022), and 11% higher than the number registered three years previously (pre-pandemic; 1,502 in January 2020). There were […]… Continue Reading
Bank-to-business lending is forecast to contract 3.8% (net) this year, from net growth of 3.7% in 2022, before returning to growth (of 0.9% net) in 2024 according to research by leading economic forecasting group EY Item Club. The outlook for business lending is set to improve next year as the economy begins to recover. However, […]… Continue Reading
At Top Service we promote the use of great customer relationships to support our members’ business growth and help to improve cash flow. For us, credit management starts right at the beginning of your customer relationship. There are a few simple steps you can take that will make big improvements: 1) Use a credit application […]… Continue Reading
A survey by the Association of Chartered Certified Accountants (ACCA) and the Corporate Finance Network reveals confidence among SMEs has fallen from 38% in the summer last year to 17% now. The number of SMEs who have plans for growth has plummeted from 38% in the summer of last year to just 17%. The research […]… Continue Reading
