People declared bankrupt may have to use some of their untaken pensions to pay their debts, following a High Court ruling.
When a person is declared bankrupt, the courts will assess their income and decide how much they can afford to pay their creditors each month, usually for a period of three years until the bankruptcy [...]
The number of businesses facing critical levels of financial distress was 24% higher in the last quarter of 2011 than in same period in 2010.
The statistics are contained in the Red Flag Alert compiled by Begbies Traynor.
The Professional Services sector was the worst affected showing a rise of 61%. Travel and Tourism was 56% higher [...]
Many businesses are failing to take simple steps that could protect them against late payers, according to research by the Institute of Credit Management (ICM).
A survey of ICM members found that a quarter of them don’t use the payment performance data provided by B2B credit reference reports.
Researchers also found that two thirds of businesses don’t [...]
A new document has been drawn up to provide official guidance on the production of debt collection letters.
The document has been produced jointly by the Office of Fair Trading (OFT), the Credit Services Association (CSA) and the Debt Buyers and Sellers Group (DBSG).
The purpose of the document is to provide guidance on issues of [...]