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UK Debt Collection News

www.ukdcnews.co.uk is a Industry Website specialising in relevant Uk debt collection news
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UK Debt Collection News is an industry based News website reporting stories and content relevant to the UK Debt Collection Industry. We lean more to the commercial sector but welcome stories from all areas & aspects of the Debt Collection Industry from the UK & overseas. https://news.google.com/publications/CAAqBwgKMMPilQsw5oStAw?oc=3&ceid=GB:en

02/10/2024

Liverpool Law firm disappears owing £37.5m to Creditors https://ow.ly/8vj850TAUlM

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 progre...

18/09/2024

City Council owed £229m in Unpaid Debt https://ow.ly/9q8250TpNKT

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 ren...

17/09/2024

Authorities issue Scam Invoices warning https://www.ukdcnews.co.uk/economy/general-news/scam-invoices/

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 pa...

13/09/2024

Londons lettings market being plagued by Rogue Tenants https://www.ukdcnews.co.uk/economy/general-news/rogue-tenants/

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 findin...

12/09/2024

Charity's plea to restrict Council tax Debt Collection https://ow.ly/nVBF50TlLBc

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....

10/09/2024

SME Late Payments increase by 48% says New research https://ow.ly/qZ8X50TjWr4

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 20...

06/09/2024

Councils ineffective Debt Recovery leading to increased Bailiff usage https://ow.ly/MhNy50ThEoV

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 counc...

02/09/2024

New Data says outstanding invoices reach shocking levels https://ow.ly/C4fo50Tcycj

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 firs...

22/08/2024

Overdue Invoices in Scotland reaching high levels https://ow.ly/nVaQ50T3IJP

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 ...

19/08/2024

Contractor wins Late Payments legal dispute https://www.ukdcnews.co.uk/debt-collection-2/late-payments-legal-dispute/

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 Limit...

06/08/2024

2.7m Debt Cases passed to Bailiffs by Councils https://ow.ly/btlc50SRPLG

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...

01/08/2024

Report estimates 110,000 SMEs at risk of Insolvency https://ow.ly/PxNa50SOSKe

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. Additio...

31/07/2024

Arrest warrant issued for Insolvent celebrity after Court no show https://ow.ly/hQpe50SNR80

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...

29/07/2024

New Data shows Small Business Late Payments increasing https://ow.ly/uIMS50SLZbu

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 t...

25/07/2024

EU Late payment reforms to be scrapped https://ow.ly/7KEz50SJMYp

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...

22/07/2024

Council turns to Debt Collection Agencies for help https://ow.ly/ljiT50SHqXu

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 a...

18/07/2024

Council's huge £12.4m Debt Collection Challenge https://ow.ly/y9UT50SEZ3s

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 ...

17/07/2024

Rogue Insolvency firm shut down by Courts https://ow.ly/CyrZ50SCW7h

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 com...

12/07/2024

Consumers want New Government to act on Late Payments https://ow.ly/fqah50SA9Qu

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 ...

09/07/2024

Increase in UK Businesses filing for Administration https://ow.ly/N01650SxzE5

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 wor...

08/07/2024

Commercial Landlords struggling says new study https://ow.ly/OQQi50SwGbO

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 rem...

04/07/2024

Unpaid Architect Fees forces firm to close down https://ow.ly/UR6A50Svl88

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 m...

04/07/2024

Liquidators appointed as Cazoo officially winding up https://ow.ly/z2OM50Sv9Ii

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...

03/07/2024

Election sheds light on each Parties plans to combat Late Payment https://ow.ly/1v8T50SuqTP

With tomorrow's election looming, promises have been made by the Politicians on how they each plan to combat late payment.

02/07/2024

Football Club handed fine due to Unpaid Invoices https://ow.ly/VkSz50StsMP

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 w...

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