In its latest “Red Flag” report, Begbies Traynor highlights a 12% quarter-on-quarter rise in UK businesses with “critical” financial problems, while the number firms with “significant” problems fell away, indicating that many distressed companies made a one-way transition. At the end of June 2011, a total of 5,179 companies made up the insolvency specialist’s “critical” [...]
In its latest Red Flag Alert, Begbies Traynor reports a 15% increase in financial distress across all UK business sectors, with sectors dependent on discretionary spending suffering “particularly badly”. The recovery specialist’s survey for the first quarter of 2011 reveals that 186,554 firms are experiencing “significant” or “critical” financial problems, compared with 161,601 in the [...]
Figures published by the Insolvency Service have revealed personal insolvencies climbed to a new high in 2010. According to the Insolvency Service, there were 135,089 personal insolvencies in 2010 – a rise of 0.7% compared with 2009. This was also double the number of people declared insolvent in 2005 and represented the highest figure since [...]
A report by insolvency specialist Begbies Traynor has revealed 2011 could see a 10% hike in insolvencies. According to the report, 147,836 firms are facing serious difficulties than at any time since the beginning of 2009. The report suggests firms are still feeling the effects of the recession and the Government spending cuts will only [...]
Figures from the Insolvency Service have revealed that personal insolvencies were up 28% in the third quarter of 2009 compared with the same period a year ago. There were 35,242 personal insolvencies in the period – a 6.6% increase on the second quarter. However, the number of businesses declared bankrupt declined, with 4,716 company liquidations, [...]
Recovery and restructuring company, Begbies Traynor, is forecasting a difficult time for businesses next year. Its report titled ‘Red Flag Alert’ is a monitor of early warning signs of company distress and its latest report reveals that during the July to September 2009 period, 134,000 businesses still showed “material signs of distress” with the engineering [...]
Individual insolvencies are at a record high with an average of 330 people going bust everyday, with the latest insolvency data for the first three months of 2009 showing a 19 percent year-on-year rise inclusive of Individual Voluntary Arrangements (IVAs) and bankruptcies. KPMG has stated that 51 per cent of people entering into IVAs are [...]
Insolvency expert Begbies Traynor are warning that more retail chains will go bust before the middle of January. Begbies said it would not be surprised if between 10 and 15 well-known chains did not make it beyond the festive period. Should its warning ring true, then more retail workers will face 2009 jobless. It was [...]
M&S Money launches 3% cash ISA
M&S Money has launched an Advantage Cash ISA paying 3 per cent, and which allows transfers in from other ISAs. It can be opened with a minimum deposit of £100 lump sum followed by minimum monthly deposits of £25. The 3% rate is variable, but there is no short-term bonus so the return won’t plummet [...]
Google suspends UK Compare Mortgages site
Google has closed its UK mortgage comparison site which it launched in July last year, after it proved to be less popular than expected. Mortgage comparison sites are designed to allow visitors to compare mortgages quickly and easily without having to visit each lender’s individual site. Google was competing with several well-established comparison sites, including [...]
AA launches ‘black-box’ policy for young drivers
The AA is launching an innovative car insurance policy called Drivesafe which could help younger drivers save up to £850 a year. Younger drivers already pay substantially higher premiums than other motorists and these costs are increasing. A new study by Confused.com suggests insurance costs for younger driver have gone up by 5.7 per cent [...]
ATOL scheme updated to protect online bookers
ATOL, a financial protection scheme managed by the Civil Aviation Authority, is being extended to protect up to six million more holidays a year. The scheme ensures that holiday makers do not lose out financially if a travel company collapses, and that they are not stranded abroad. An increase in the number of holidays booked [...]
Home repossessions lowest for four years
The number of UK homes repossessed fell to 36,200 in 2011, significantly below the Council of Mortgage Lenders’ forecast of 40,000, and lower than 2010 when 37,100 homes were repossessed. With interest rates remaining low and lenders adopting a sympathetic attitude to customers in financial difficulty, repossessions fell to their lowest level since 2007. However, [...]
Monthly pay lasting just 17 days
Workers are running out of money just 17 days after receiving their monthly pay, according to new research by the Halifax bank. This means that the average UK worker spends half the month worrying about money. The study, based on the responses of more than 2,000 adults, found that 10 per cent of workers start [...]
Women disadvantaged by auto-enrolment changes
Government proposals to increase the auto-enrolment threshold to £10,000 could put 1.8 million women at risk of missing out on a pension, the TUC has warned. Under the auto-enrolment scheme, which will be phased in from October, private sector employers will automatically enrol workers between the age of 22 years and the state pension age, [...]
Emergency household repairs company Homeserve is taking longer than expected to get back on track after its operations were suspended last October. The company expected customer numbers to fall by 5% this year but it has increased this estimate to 8% and announced the loss of 200 jobs. It estimates that renewal revenue in 2013 [...]
Sale rumoured for Yorkshire and Clydesdale banks
There is growing speculation that National Australia Bank (NAB) may sell Yorkshire Bank and Clydesdale Bank after the Australian parent company announced a strategic review of the two banks’ operations. The Australian economy is performing well and NAB reported strong profits for the final quarter of 2011 but with the UK economy at a virtual [...]
More women experiencing debt difficulties
Women in Debt, which offers female-focused debt advice, has warned that the number of UK women facing serious debt has grown significantly over recent years. The organisation believes that more women will need advice on solving debt problems in the future because they are building up an unsustainable level of indebtedness. Women in Debt’s director, [...]
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