Debt collection agencies news

• 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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• 6 in 10 Small Businesses restricted by late payments

  11-03-2025 12:08 via ukdcnews.co.uk
  
  A new report from GoCardless, in partnership with the Federation of Small Businesses (FSB), has revealed an escalating late payments crisis threatening UK small businesses.
  A survey of over 2,000 small Business owners found that 45% are experiencing more late payments than a year ago, while 50% fear the situation will worsen in the next 12 months. For many, the delays are severe—almost a quarter (24%) of SMBs report receiving payments up to 60 days late.
  With small businesses accounting fo
  
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• Scam Debt Collectors firm shut down by Authorities

  05-03-2025 15:12 via ukdcnews.co.uk
  
  Bristol based debt recovery business which didn’t hand over money is shut downAn Insolvency Service investigation found that Encore Capital Group Inc Ltd trading as Encore Debt Recovery failed to fully hand over the money it collected it has been revealed.
  The Scam debt collectors service was incorporated in late 2021 and targeted businesses and private individuals with their false debt recovery services.Encore Capital Group Inc Ltd cold-called businesses and potential customers and then c
  
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• Businesses suffering from significant Late Payment delays

  18-02-2025 12:14 via ukdcnews.co.uk
  
  Latest data from Money.co.uk has found that on businesses are facing 47-day payment delays.
  The FSB has described late payments as one of the ‘biggest problems’ facing small businesses and with the Government announcing plans to crack down on late payments with stricter laws to help smaller businesses and grow the UK economy The research highlights the problem.
  The research analysed data from the Department for Business and Trade to show how late payments affect UK businesses.
  Busine
  
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• Trade Body calls on Government to improve its Debt Collection methods

  12-02-2025 10:14 via ukdcnews.co.uk
  
  In a new report, the Credit Services Association (CSA), the UK trade body for the debt collection and debt purchase sector, has called on the Government to improve its debt collection methods for collecting debts to help service users more effectively and boost collections revenues.
  The report praises the accomplishments of the Government Debt Management Function and the Treasury’s cross-government ‘Fairness Group’ but highlights the need for continued progress and a focus on l
  
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• Late Payments identified as top cause of Cash Flow issues for SMEs

  27-01-2025 16:42 via ukdcnews.co.uk
  
  Late payments are the primary culprit for causing cash flow problems for businesses according to two fifths (41%) of UK small and medium-sized enterprises (SMEs) while making sure the bills are paid was an issue for a third (32%) and having access to emergency cash (21%) was also top of the list. That’s according to Allstar, one of the UK’s leading business, EV and fuel expense payment companies, which researched the issues plaguing the nation’s small businesses.The 20th of Jan
  
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• Company Insolvencies drop by 5% for the year 2024

  24-01-2025 10:07 via ukdcnews.co.uk
  
  Annual figures from the Insolvency Service have shown that there were 23,872 registered company insolvencies in England and Wales in 2024 a fall of 5.1% from 2023’s figure of 25,163.
  The company insolvencies comprised of 18,840 creditors’ voluntary liquidations (CVLs), 3,230 compulsory liquidations, 1,597 administrations, 202 company voluntary arrangements (CVAs) and three receivership appointments.
  The slight decrease in the total number of company insolvencies in 2024 was driven by
  
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• Gin Company seen on Dragons Den, collapses with Business debts

  15-01-2025 14:06 via ukdcnews.co.uk
  
  Didsbury Gin was founded by best friends and gin lovers Liam Manton and Mark Smallwood in 2017, who according to the brand’s website, wanted to ‘take gin to the next level’.
  A year after founding the brand, the pair won a £75,000 (US$88,952) grant after appearing on BBC television series Dragons’ Den, which in return would take a 10% stake in their business.
  Manton and Smallwood were awarded a Medal of the Order of the British Empire (BEM) in the King
  
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• Self Employed Tradespeople owed £3.5Bn in Late Payments

  17-12-2024 12:17 via ukdcnews.co.uk
  
  BILLIONS of pounds in late payments are owed to self employed tradespeople across the UK, according to new research from Ford Pro.
  The vehicle manufacturer’s research found delayed or missing payments to tradespeople was reported as the major issue facing sole traders heading into 2025.
  Tradespeople are owed as much as £3.5 billion in overdue payments, which equates to an average of £3,942 each. It’s the equivalent of over a month’s salary for a typical UK tradesper
  
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• Famous Training College forced into Liquidation

  16-12-2024 15:57 via ukdcnews.co.uk
  
  An internationally recognised boatbuilding training college is set to close its doors in Suffolk for the final time as it heads into liquidation.
  The award-winning International Boatbuilding Training College (IBTC) has been based on the edge of The Broads since 1975.
  Ideally situated on Sea Lake Road, Oulton Broad in Lowestoft, IBTC has ensured that traditional boatbuilding skills have been preserved for almost 50 years.
  But it has been announced the college is to c
  
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• Commercial Late Payment to be tackled by Government’s Fair Payment Code

  04-12-2024 09:10 via ukdcnews.co.uk
  
  The Government has announced the launch of a new Fair Payment Code aimed at tackling late payments, with research showing that SMEs are on average owed £22,000 a year. It comes on top of an earlier announced consultation which will investigate the scale of the problem and best solutions.
  Tackling Commercial Late Payment
  The code, overseen by the Small Business Commissioner Liz Barclay, introduces a gold, silver, and bronze system to reward best payment practices and help smaller firms
  
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• Number of Insolvent Businesses decreases by 10%

  20-11-2024 15:16 via ukdcnews.co.uk
  
  Latest figures from the Insolvency Service have shown that the number of business insolvencies in England and Wales was 1,747 in October 2024, 10% lower than in September 2024 (1,950) and 24% lower than the same month in the previous year.
  The business insolvencies figures consisted of 188 compulsory liquidations, 1,445 creditors’ voluntary liquidations (CVLs), 100 administrations and 12 company voluntary arrangements (CVAs).
  CVLs accounted for 83% of all company insolvencies. Th
  
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• Council To Review £20m Debt Recovery Headache

  20-11-2024 15:01 via ukdcnews.co.uk
  
  Dudley Council is chasing an eye-watering £20m in unpaid debts owed for more than three months despite battling a financial black hole.
  The authority is currently working to balance the books ahead of next year’s budget with a gap of £35m between what it spends and its income.
  Despite the financial crisis there are millions of pounds in bills from the council that have been unpaid for more than 90 days.
  Dudley’s cabinet member for finance, Cllr Steve Clark, did not explai
  
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• Large rise in Logistics Company Insolvencies

  19-11-2024 12:01 via ukdcnews.co.uk
  
  Research by Forvis Mazars has found that insolvencies of logistics companies’ have risen 14% in the past year, from 464 in 2022/23 to 530 in 2023/24.
  Many logistics businesses were set up during the pandemic to meet the sudden rise in demand for home delivery. As this surge in demand reversed, some of these companies are struggling to survive.
  In May 2020, during the height of the pandemic, internet sales made up 34% of all retail sales. By July 2024 online sales were only 28% of all retai
  
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• Welsh Businesses seeing rise in Overdue Invoices

  05-11-2024 12:57 via ukdcnews.co.uk
  
  The number of Welsh companies with overdue invoices on their books reached a 2024 high in September, according to new research from R3, the UK’s insolvency and restructuring trade body.
  Analysis of data provided by Creditsafe shows that 18,360 Welsh businesses had unpaid invoices on their books last month – the highest monthly total of the year so far.
  The number of Welsh firms with overdue invoices on their books rose by 3.7% in September 2024 when compared to September 2023’s
  
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• 6% of Debt Collection visits breaching National Standards

  04-11-2024 09:35 via ukdcnews.co.uk
  
  New research has shown that debt collectors are breaching national standards in 6% of visits to individuals facing enforcement.
  The study into doorstep interactions in civil enforcement – published by the Enforcement Conduct Board (ECB) – found a noticeable area in which the standards are least commonly met is in acknowledging and taking into account self-identified or obvious vulnerability.
  One of the most common areas in which breaches occur is in ensuring that individuals facing e
  
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• Small Business Bad debt increases by 127%

  23-10-2024 11:09 via ukdcnews.co.uk
  
  The value of bad debt suffered by small businesses has surged by a staggering 127 per cent in the last six months, according to a report by SME funder, Bibby Financial Services (BFS).
  According to the latest SME Confidence Tracker from Bibby, businesses have written-off an average of nearly £40,000 in unpaid invoices in the last 12 months, up from an average of £17,500 in the spring. The proportion suffering from non-payment has risen too, reaching 40 per cent, up from 30 per cent in
  
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• Self Employed Tradespeople chasing debts of £6k on average

  11-10-2024 10:47 via ukdcnews.co.uk
  
  New research by Direct Line has found that the average self-employed tradesperson is chasing £6,000 in late payments.
  The data has shown that 81 per cent of tradespeople are chasing late payments, with the average tradesperson chasing seven outstanding invoices
  A fifth (22 per cent) of tradespeople say pursuing late payments is taking time away from work whilst almost one in ten (eight per cent) tradespeople have been forced to write off an invoice of over £10,000
  Half of tradespeopl
  
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• Government slammed over plans that will fuel Private Rent Arrears

  08-10-2024 15:06 via ukdcnews.co.uk
  
  Government Ministers are being urged to do more to prevent tenants building up private rent arrears, not allow them to get bigger as currently planned.
  The call comes as the government’s Renters’ Rights Bill proposes increasing the amount of arrears a tenant can build from two to three months of rent before landlords can serve notice to repossess a property.
  In addition, the Bill seeks to double the notice period landlords must give in such cases, before waiting an average of seven m
  
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• 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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